Interest on Loan: This move by both banks will make home loans, car loans and personal loans more expensive. Bank has implemented new interest rates from 1st June 2023.
MUMBAI: Punjab National Bank (PNB) and Bank of India have hiked MCLR rates, making their loans more expensive. PNB has increased the MCLR by 0.10 percent. Bank of India has increased the MCLR by 0.5 percent. This move by both the banks will make home loans, car loans and personal loans more expensive.
PNB MCLR Rate
Punjab National Bank has increased the all-period Marginal Cost of Lending Rates (MCLR) by 0.10 percent. Bank has implemented new interest rates from 1st June 2023. The bank’s overnight benchmark MCLR has been raised to 8.10 per cent from 8 per cent. The rates for one month, three months and six months have been increased to 8.20 percent, 8.30 percent and 8.50 percent respectively. The MCLR for one-year tenure has been increased to 8.60 percent, while the three-year MCLR has been increased to 8.90 percent from 8.80 percent.
PNB Repo Linked Lending Rate
Currently the repo rate is 6.50 percent. Punjab National Bank has increased the Repo Linked Lending Rate (RLLR) from 8.75 percent to 9 percent.
Bank of India
Bank of India has increased the all-period MCLR by 0.5 percent. The bank has implemented the new rates from June 1, 2023. According to the Bank of India website, the overnight MCLR is 7.95. One month MCLR rate is 8.15 percent and three month MCLR is 8.25 percent. One-year MCLR is now 8.65 percent and six-month MCLR is 8.45 percent. Apart from PNB and Bank of India, ICICI Bank has also revised its MCLR from June 1, 2023.
