Punjab National Bank raises MCLR by 0.05 pc across tenors from today

Punjab National Bank has raised the marginal cost of funds-based lending rate (MCLR) by 0.05 per cent across tenors from September 1, making most of the consumer loans costlier.

The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday.

The three-year MCLR stands at 8 per cent, up by 0.05 per cent.

Among others, the rate of one-month, three-month and six-month tenor will be in the range of 7.10-7.40 per cent. The MCLR on overnight tenor will be 7.05 per cent against 7 per cent.

Source: Economic Times

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