Getty ImagesPunjab National Bank () has raised its marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenors, with effect from July 1, 2022. With this hike, EMIs for borrowers with MCLR-linked loans will rise.
Following the change, the one-year MCLR has been increased from 7.40 to 7.55 percent. The overnight, one-month, and three-month MCLR have been hiked by 15 basis points to 6.90, 6.95, and 7.05 percent, respectively.
The six-month MCLR has been increased to 7.25 percent, and the three-year MCLR to 7.85 percent.
According to a regulatory filing by PNB, the bank has also increased the Base Rate from 8.50 to 8.75 percent and the revised rate is effective from July 1, 2022.
On June 1, 2022, PNB increased its lending rate based on marginal cost of funds by 15 basis points.
The Marginal Cost Of Funds Based Lending Rate (MCLR) was established as an alternative to the base rate system, and it acts as a benchmark for banks not to lend below. The MCLR changes with tenor and might range from overnight to three years.
The repo rate was increased by the Reserve Bank of India by 50 basis points (bps), to 4.90 percent. As a result of geopolitical tensions and inflationary concerns, interest rates are predicted to increase in the coming months.
Following the change, the one-year MCLR has been increased from 7.40 to 7.55 percent. The overnight, one-month, and three-month MCLR have been hiked by 15 basis points to 6.90, 6.95, and 7.05 percent, respectively.
The six-month MCLR has been increased to 7.25 percent, and the three-year MCLR to 7.85 percent.
According to a regulatory filing by PNB, the bank has also increased the Base Rate from 8.50 to 8.75 percent and the revised rate is effective from July 1, 2022.
On June 1, 2022, PNB increased its lending rate based on marginal cost of funds by 15 basis points.
The Marginal Cost Of Funds Based Lending Rate (MCLR) was established as an alternative to the base rate system, and it acts as a benchmark for banks not to lend below. The MCLR changes with tenor and might range from overnight to three years.
The repo rate was increased by the Reserve Bank of India by 50 basis points (bps), to 4.90 percent. As a result of geopolitical tensions and inflationary concerns, interest rates are predicted to increase in the coming months.
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