Canara Bank Revises 2-Year & 3-Year MCLR Rates Effective March 12, 2026
Bengaluru, March 11, 2026: Canara Bank has announced a revision in its Marginal Cost of Funds Based Lending Rate (MCLR) for certain loan tenors, effective March 12, 2026. The update affects the 2-year and 3-year MCLR rates, while other tenors remain unchanged.
Revised MCLR Rates
| S No | MCLR Tenor | Existing Rate (%) | New Rate w.e.f 12.03.2026 (%) |
|---|---|---|---|
| 1 | Overnight MCLR | 7.85 | 7.85 |
| 2 | One Month MCLR | 7.90 | 7.90 |
| 3 | Three Month MCLR | 8.15 | 8.15 |
| 4 | Six Month MCLR | 8.50 | 8.50 |
| 5 | One Year MCLR | 8.70 | 8.70 |
| 6 | Two Year MCLR | 8.85 | 8.95 |
| 7 | Three Year MCLR | 8.90 | 9.00 |
The revised rates indicate a 10 basis point increase for the 2-year MCLR and a 10 basis point rise for the 3-year MCLR, reflecting the bank’s strategy to align lending rates with current market conditions.
What This Means for Borrowers
Borrowers with loans linked to the 2-year and 3-year MCLR may experience slightly higher EMIs from March 12, 2026. Shorter-term loans such as overnight, one-month, three-month, six-month, and one-year MCLR loans will remain unchanged.
Bank Statement
Santosh Kumar Barik, Company Secretary of Canara Bank, stated in the official notification to stock exchanges:
“The Marginal Cost of Funds Based Lending Rate (MCLR) of the Bank with effect from 12.03.2026 has been revised for 2-year and 3-year tenors. This is for your information and records.”
About Canara Bank
Founded in 1906, Canara Bank is one of India’s leading public sector banks, providing a wide range of financial services across the country. The bank is listed on both the BSE (Scrip Code: 532483) and NSE (Scrip Code: CANBK).