PNB hikes MCLR rates by 15 bps from today; check details here
The bank has hiked the MCLR for an overnight loan from 6.60 per cent to 6.75 per cent whereas the MCLR for a one-month loan now stands at 6.80 per cent.
- Jun 1, 2022,
- Updated Jun 1, 2022 12:38 PM IST
Punjab National Bank (PNB) has revised the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenors with effect from June 1, 2022, as per an exchange filing. With this increase, EMIs will go up for those borrowers who have availed loans on MCLR.
The bank has hiked the MCLR for an overnight loan from 6.60 per cent to 6.75 per cent whereas the MCLR for a one-month loan now stands at 6.80 per cent.
MCLR for three month, six month and one-year loans stand at 6.90 per cent, 7.10 per cent and 7.40 per cent, respectively. The lending rate for three-year loans, however, stands at 7.70 per cent.
Prior to this hike, MCLR rates stood at 6.60 per cent (overnight), 6.65 per cent (one month), 6.75 per cent (three month), 6.95 per cent (six month), 7.25 per cent (one year) and 7.55 per cent (three years).
There, however, is no change in Repo Linked Loan Rate (RLLR) and base rate. While the RLLR stands at 6.90 per cent, the base rate is pegged at 8.50 per cent.
The revision in MCLR rates follows an off-cycle hike by the Reserve Bank of India (RBI) in May. RBI increased the repo rate by 0.40 per cent to 4.40 per cent. Repo rate is the rate at which the RBI lends short-term money to banks.
Punjab National Bank (PNB) has revised the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenors with effect from June 1, 2022, as per an exchange filing. With this increase, EMIs will go up for those borrowers who have availed loans on MCLR.
The bank has hiked the MCLR for an overnight loan from 6.60 per cent to 6.75 per cent whereas the MCLR for a one-month loan now stands at 6.80 per cent.
MCLR for three month, six month and one-year loans stand at 6.90 per cent, 7.10 per cent and 7.40 per cent, respectively. The lending rate for three-year loans, however, stands at 7.70 per cent.
Prior to this hike, MCLR rates stood at 6.60 per cent (overnight), 6.65 per cent (one month), 6.75 per cent (three month), 6.95 per cent (six month), 7.25 per cent (one year) and 7.55 per cent (three years).
There, however, is no change in Repo Linked Loan Rate (RLLR) and base rate. While the RLLR stands at 6.90 per cent, the base rate is pegged at 8.50 per cent.
The revision in MCLR rates follows an off-cycle hike by the Reserve Bank of India (RBI) in May. RBI increased the repo rate by 0.40 per cent to 4.40 per cent. Repo rate is the rate at which the RBI lends short-term money to banks.