Hold your hats, loan borrowers! Canara Bank just made borrowing sweeter by reducing its Marginal Cost of Funds Based Lending Rates (MCLR) by a neat 5 basis points (that's 0.05%) across all loan durations. Starting November 12, 2025, if you have a floating rate loan for your home, car, or personal needs with Canara Bank, expect your EMIs to shrink a bit — a true wallet relief! What’s MCLR, you ask? Simply put, it's the base interest rate banks use to decide how much interest you pay on floating loans like home or auto loans. When MCLR drops, your EMIs can go down or you might even finish your loan sooner. Here's the spice in the numbers: Canara Bank’s overnight MCLR has tumbled from 7.95% to 7.90%. The one-month MCLR dropped from 8% to 7.95%. The three-month rate shaved off 5 basis points to 8.15%. Six-month MCLR moved down from 8.55% to 8.50%, and the one-year rate fell from 8.75% to 8.70%. Even longer tenors like two-year and three-year MCLRs dipped 5 points, now at 8.85% and 8.90%, respectively. However, not everyone is joining this discount dance. Bank of Baroda has held its MCLR steady — no change from their rates like 7.85% overnight and 8.75% for one-year. Similarly, IDBI Bank also decided to keep their MCLRs as is, with overnight at 8.00% and one year at 8.75%, among other tenors. So, if you bank with Canara Bank and have a floating rate loan, time to smile as your EMIs might get a little lighter starting mid-November! But if you’re with Bank of Baroda or IDBI, it looks like no immediate interest rate relief. Stay tuned and keep an eye on your loan statements to enjoy these savings or prepare accordingly. Canara Bank’s cut just might be the boost your budget needed this season!