Punjab National Bank (PNB) has increased its Marginal Cost of funds based Lending Rate (MCLR) by 0.05% with effect from 1st September 2022. With this change, now PNB’s MCLR will stand as below :
- Overnight is revised from 7.00% 7.05%
- One month is revised from 7.05% 7.10%
- Three month is revised from 7.15% to 7.20%
- Six month is revised from 7.35% to 7.40%
- One year is revised from 7.65% to 7.70%
- Three years is revised from 7.95% to 8.00%
This means majority of its consumer loan rates (personal loans/ car loans/ two wheeler loans etc. & other loans which are dependant on upto 3 year MCLR) will be going higher for its customers.
However, the bank has not done any changes in its Repo Linked Loan Rate (RLLR) and Base Rate which are continued at 7.90% and is 8.75% respectively. This indicates that long term loan rates such as home loans rates will not be impacted.