PNB hikes lending rate by 5 bps across tenors

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
Alt="Punjab National Bank"
PNB hikes lending rate by 5 bps across tenorsPSU Watch
Published on

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.

PSU Watch is now on Whatsapp Channels. Click here to join

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.

Alt="Punjab National Bank"
PNB shares jump nearly 6% after recording highest-ever quarterly profit

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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com