PNB hikes lending rate by 5 bps across tenors

New Delhi: State-owned Punjab National Bank (PNB) on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 0.05 percent, or 5 basis points, across tenors, making most of the consumer loans costlier.

The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, will be at 8.90 percent against the earlier rate of 8.85 percent, PNB said in a regulatory filing.

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The three-year MCLR stands at 9.20 percent, up 5 basis points.

Among others, the rate of one month, three month and six month tenors will be in the range of 8.35-8.55 percent.

The MCLR on overnight tenor will be 8.30 percent against 8.25 percent.

The new rates are effective from August 1, 2024.

On Wednesday, another public sector lender Bank of India also announced an increase in MCLR by 5 basis points for one year tenor to 8.95 percent.

However, the rates were unchanged for the remaining tenors.

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