PNB Hikes Lending Rates: Public sector bank Punjab National Bank has given a big shock to its crores of customers. On the first date of August, PNB announced an increase of 5 basis points i.e. 0.05 percent in the Marginal Cost of Fund Based Lending Rates (MCLR).
EMI of loan will be expensive
This will increase the EMI of the loan of the bank’s customers (PNB Loan EMI Increased). The bank said that these new rates are applicable from Thursday i.e. August 1, 2024.
What is the latest MCLR?
PNB said in a notice to the stock market that the MCLR (PNB MCLR Hike) for a period of one year will now be 8.90 percent, which was earlier 8.85 percent. It is mostly used in the evaluation of car-vehicle loans and personal loans.
At the same time, the MCLR for three years has increased by five basis points to 9.20 percent.
MCLR for overnight increased to 8.30 percent
Punjab National Bank said in a regulatory filing that the interest rate for one month, three months and six months tenure will be in the range of 8.35-8.55 percent. Apart from this, MCLR for one day i.e. overnight has increased from 8.25 percent to 8.30 percent.
Bank of India also increased MCLR by 0.05% for one year period
Let us tell you that Bank of India also announced on Wednesday to increase MCLR (Bank of India Hikes MCLR) by 0.05 percent to 8.95 percent for one year period. However, the rates have not been changed for the remaining period.
