PNB Loan Rate Hike: Public sector Punjab National Bank on Thursday increased the marginal cost of funds based lending rate (MCLR) by 0.05 percent or five basis points for all periods. This made most consumer loans expensive. PNB said in a notice to the stock market that the standard MCLR for one year period will now be 8.90 percent, which was earlier 8.85 percent. It is used in the evaluation of most consumer loans like motor vehicle and personal.
3-year MCLR increased by 5 basis points
3-year MCLR has increased by five basis points to 9.20 percent. Apart from others, the interest rate for one month, three months and six months period will be in the range of 8.35-8.55 percent. The MCLR for one-day period will be 8.30 percent instead of 8.25 percent. The new rates became effective from August 1, 2024.
Bank of India has also increased rates
Bank of India also announced on Wednesday to increase the MCLR by 0.05 percent to 8.95 percent for a period of one year. However, the rates for the remaining period remain unchanged.
