Common people must take bank loans daily for various small and big purposes. Just as it is necessary to take loans for expenses related to car, house purchase, education, and business, similarly people now take loans for various small purposes. Many people take loans for personal purposes. Many times the bank calls and asks if a loan is required. In this case, the bank lends money to the customers in exchange for a certain amount of interest.
Interest rates vary in different banks. Everyone should try so that less amount of interest is paid after taking the loan. If the interest rate is high then it becomes a cause of great concern for the customers. Now Canara Bank has taken such a step that can literally give sleepless nights to the middle class. This decision of the bank can have a big impact on the pockets of the general public.
Recently, Canadian banks have increased the interest rates on loans. Benchmark loan rates for various maturities have been increased by 0.05 percent. As a result, if you take a loan, you will have to pay more interest. It is known that the rate of fund-based loans i.e. MCLR for various tenures has been increased by 0.05 percent by Kanada Bank.
Currently one year MCLR is 1.71 percent. After increasing the loan rate, it will increase to 8.75 percent. One-day, one-month, three-month, and six-month MCLR increased by 0.05 percent. On the basis of this one-year MCLR, the bank decides the rate of consumer loans like car, home, and personal loans. The increased rate will be applicable from 12th November. Note that this bank gives loans for car, house purchases, education, and business-related expenses. Similarly, this bank also gives loans for various small personal purposes.