PNB Hike MCLR: If you are a customer of Punjab National Bank (PNB), then there is important news for you. Punjab National Bank has announced an increase of 15 basis points (bps) in its fund-based lending rate (MCLR) with effect from July 1, 2022. Let’s know the update.
PNB Hike MCLR: After rising inflation, the common people have got another big setback. If you are a customer of Punjab National Bank (PNB), then you must read this news. In fact, Punjab National Bank has announced to increase its Fund-Based Lending Rate (MCLR) by 15 basis points (BPS) with effect from July 1, 2022. The bank has increased the lending rate from 8.50 to 8.75 percent, i.e. now your EMI will increase. The revised rates have become effective from today i.e. July 1, 2022. Let us now know the new interest rates.
Know how much MCLR increased
According to a regulatory filing of PNB, the one-year MCLR has been increased from 7.40 to 7.55 per cent.
Apart from this, the one-month and three-month MCLR has been increased by 15 basis points to 6.90, 6.95 and 7.05 percent respectively.
With this, the six-month MCLR has been increased to 7.25 percent and the three-year MCLR has been increased to 7.85 percent.
What is MCLR?
Marginal Cost of Funds Based Lending Rate (MCLR) is an alternative to the base rate system and acts as a benchmark for banks. That is, this is the rate below which the bank cannot lend you. MCLR changes from time to time. Its duration can be from overnight to three years. Let us tell you that recently the Reserve Bank of India increased the repo rate by 50 basis points (bps) to 4.90 percent. After this, almost all the banks started changing the one rates. Apart from this, banks have also started increasing FD rates.
