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Canara Bank hikes MCLR by 5 bps effective May 12 raising EMIs for many borrowers now
Economy
Published on 12 May 2026
A 5 bps change could lift your monthly EMI
Canara Bank has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all loan tenors, effective May 12, 2026. For borrowers with MCLR-linked loans, this means new interest charges that may translate into higher EMIs. In contrast, Bank of Baroda’s MCLR rates are unchanged.
- Canara Bank raises MCLR by 5 bps for all tenors
- New rates take effect from May 12, 2026
- MCLR-linked borrowers may face higher EMIs
- Bank of Baroda keeps MCLR unchanged
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times