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PNB Rate Hike: EMI burden increased on common people, PNB made loans expensive – News

PNB Rate Hike: Now paying EMI can become more expensive for common people. Veteran PSU bank Punjab National Bank (PNB) today Wednesday (June 1) announced an increase of 15 basis points (0.15 per cent) in loan rates based on the marginal cost of the fund. This increase will be for all term loans. This decision of the bank may increase the EMI for the borrowers. According to the information given in the regulatory filing, the new rates have become effective from June 1, i.e. today.

Now the rates will be so much

After the announcement of the hike, 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, due to which the installments of those loans will also increase now. After the announcement of the bank, the one-day MCLR has increased to 6.75 percent, one-month 6.80 percent and three-month 6.90 percent. Apart from this, the six-month MCLR has also increased to 7.10 percent and three-year 0.15 percent to 7.70 percent.

Rate hike after RBI announcement

In early May last month, the central bank RBI had announced a hike in policy rates. RBI had increased the repo rate by 0.40 percent to 4.40 percent. Since then many banks have announced rate hike. (Input: PTI)

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