PNB increases these loan interest rates by 10 bps: Check latest lending rates
PNB has raised its marginal cost of lending rates (MCLR) by 10 basis points (bps) across the board. The increased interest rates will go into effect on June 1, 2023.
By Sneha Kulkarni, ET Online | Updated:
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Punjab National Bank (PNB) has increased its marginal cost of lending rates (MCLR)by 10 basis points (bps) on all tenures. The new interest rates are effective from June 1, 2023.
According to the PNB website, “The MCLR should be revised monthly by considering some factors including the repo rate and other borrowing rates. Specifically the repo rate and other borrowing rates that were not explicitly considered under the base rate system.”
Latest PNB lending rates
According to the PNB website, the lender’s overnight benchmark marginal cost of lending has been increased to 8.10 percent from 8 percent, the rates for one month, three months, and six months have been raised to 8.20 percent, 8.30 percent, and 8.50 percent, respectively. The one-year MCLR is increased to 8.60 percent, while the three-year MCLR has been upped to 8.90 percent from 8.80 percent.
Source: Bank website
The Marginal Cost of Funds Based Lending Rate (MCLR) was created as an alternative to the base rate system, and it serves as a benchmark for banks to not lend below. The MCLR varies with tenor and might range from overnight to three years.
PNB RLLR
The RLLR has been changed from 8.75% to 9.00% {Repo Rate (6.50%) + Mark-up (2.50%)} w.e.f. 09-02-2023 for all customers. Along with RLLR BSP of 25 bps will be charged.
Bank of India
Bank of India has increased MCLR by 5 basis points on all tenures. The new rates are effective from June 1, 2023. According to the Bank of India website, the overnight MCLR is at 7.95. The one month MCLR is 8.15 percent and three months is 8.25 percent. The one-year MCLR is now 8.65 percent, and its six-month MCLR is 8.45%.
Source: Bank website
According to the PNB website, “The MCLR should be revised monthly by considering some factors including the repo rate and other borrowing rates. Specifically the repo rate and other borrowing rates that were not explicitly considered under the base rate system.”
Latest PNB lending rates
According to the PNB website, the lender’s overnight benchmark marginal cost of lending has been increased to 8.10 percent from 8 percent, the rates for one month, three months, and six months have been raised to 8.20 percent, 8.30 percent, and 8.50 percent, respectively. The one-year MCLR is increased to 8.60 percent, while the three-year MCLR has been upped to 8.90 percent from 8.80 percent.
| MCLR W.E.F. 01-06-2023 | ||
| MCLR TENOR | Existing W.E.F. 01.05.2023 | Revised W.E.F. 01.06.2023 |
| Overnight | 8.00% | 8.10% |
| One month | 8.10% | 8.20% |
| Three month | 8.20% | 8.30% |
| Six month | 8.40% | 8.50% |
| One year | 8.50% | 8.60% |
| Three years | 8.80% | 8.90% |
The Marginal Cost of Funds Based Lending Rate (MCLR) was created as an alternative to the base rate system, and it serves as a benchmark for banks to not lend below. The MCLR varies with tenor and might range from overnight to three years.
PNB RLLR
The RLLR has been changed from 8.75% to 9.00% {Repo Rate (6.50%) + Mark-up (2.50%)} w.e.f. 09-02-2023 for all customers. Along with RLLR BSP of 25 bps will be charged.
Bank of India
Bank of India has increased MCLR by 5 basis points on all tenures. The new rates are effective from June 1, 2023. According to the Bank of India website, the overnight MCLR is at 7.95. The one month MCLR is 8.15 percent and three months is 8.25 percent. The one-year MCLR is now 8.65 percent, and its six-month MCLR is 8.45%.
| Tenor wise MCLR | Rate effective from 01.05.2023 | |
| 1 | Overnight MCLR | 7.90% |
| 2 | 1 Month MCLR | 8.10% |
| 3 | 3 Month MCLR | 8.20% |
| 4 | 6 Month MCLR | 8.40% |
| 5 | 1 Year MCLR | 8.60% |
| 6 | 3 Year MCLR | 8.80% |
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Apart from PNB and Bank of India, ICICI bank has also revised its MCLR with effect from June 1, 2023.Download
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