PNB Loan Costly: State-owned Punjab National Bank (PNB) has today increased its all-tenure benchmark lending rate, Margin Cost of Lending Rates (MCLR) by up to 0.15 per cent. This will increase the monthly installments payable to the borrowers. PNB said in the information given to the stock exchanges that this increase in marginal cost based lending rates has become effective from June 1, i.e. today.
Know how much has become the one year MCLR of the bank
Now the one-year MCLR of PNB has increased from 7.25 per cent to 7.40 per cent. Most of the bank’s loans are based on MCLR only, so the installments of those loans will also increase now.
Know the new MCLR of PNB for different tenures
Similarly, the one-day, one-month and three-month MCLR has increased by 0.15 per cent to 6.75 per cent, 6.80 per cent and 6.90 per cent respectively. At the same time, the MCLR for six months has increased to 7.10 percent. With this, the three-year MCLR has also increased by 0.15 percent to 7.70 percent.
Why PNB has increased MCLR
This decision of increasing the rate of interest charged by PNB on loans has been taken after the move of Reserve Bank of India to increase the repo rate. The RBI had announced in early May to increase the repo rate by 0.40 percent to 4.40 percent.
Most of all PNB loans will be expensive
It is worth noting that for many banks including PNB, the EMI of all the loans of banks is fixed on the basis of marginal cost of landing rates, so due to its increase, the loans of banks are also expensive. Today, due to increase in MCLR of PNB, its home loan, car loan, personal loan etc. will be expensive.