New Delhi: Punjab National Bank, which is owned by the state, increased the marginal cost of funds-based lending rate (MCLR) by 0.05 pc or 5 basis points for all loan periods, leading to higher costs for most consumer loans.
PNB announced in a regulatory filing that the one-year tenor MCLR, commonly utilized for pricing consumer loans like auto and personal, will increase to 8.90 percent from the previous rate of 8.85 percent. The three-year MCLR has increased by 5 basis points to reach 9.20 per cent. Included in the range of 8.35-8.55 per cent are the rates of one month, three month and six month tenors.
The MCLR for the overnight tenor has been increased to 8.30 per cent from 8.25 per cent. The updated prices will be in effect starting on August 1, 2024. Bank of India, another public sector lender, stated on Wednesday that they would be raising the MCLR by 5 basis points to 8.95 per cent for the one-year tenor. The rates for the other tenors remained the same.
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