Canara Bank raises MCLR 5 bps across tenors; Bank of Baroda holds at 8.70%
Canara Bank lifts MCLR by 5 basis points across all tenors effective 12 May 2026, with 1-year moving to 8.75% from 8.70%. Floating-rate home, auto and personal loan EMIs will rise at next reset. Bank of Baroda keeps its 1-year MCLR unchanged at 8.70%, holding the line for existing borrowers.
What happened
Canara Bank raises MCLR by 5 bps across all tenors effective 12 May 2026, lifting EMIs on floating-rate home, auto and personal loans at reset. Bank of Baroda
Key facts
- Canara overnight MCLR 7.85%->7.90%
- 1-month 7.90%->7.95%
- 3-month 8.15%->8.20%
- 6-month 8.50%->8.55%
- 1-year 8.70%->8.75%
- 2-year 8.95%->9.00%
- 3-year 9.00%->9.05%
- +5 bps across tenors
- effective 12 May 2026
- BoB 1-year MCLR 8.70% unchanged
Why this matters
Diverging MCLR moves between Canara (+5 bps) and BoB (flat) open a short window for rate-shopping refinancing pitches and lender-switch partnerships in retail lending.