From September 1, Punjab National Bank will increase its MCLR by 0.05% across all tenures

1 Sep 2022 , 08:07 AM

Since September 1, Punjab National Bank has increased the marginal cost of funds-based lending rate (MCLR) by 0.05% across tenors, increasing the cost of the majority of consumer loans.

The benchmark one-year tenor MCLR, which is used to price the majority of consumer loans such as automobile, auto, and personal, will increase from 7.65% to 7.70% on Wednesday, according to PNB’s regulatory filing.

The three-year MCLR is now at 8%, an increase of 0.05%.

The rates for the one-month, three-month, and six-month terms, among others, will vary from 7.10 to 7.40%. The overnight tenor’s MCLR will be 7.05% as opposed to 7%.

Following the RBI’s hike in the repo rate earlier this month, the state-owned lender raised the repo-linked lending rate earlier this month by 0.50%, taking effect on August 6.

For feedback and suggestions, write to us at [e-mail]