PNB Home Loan EMI To Shoot Up! Bank Hikes MCLR Rates Effective From Today, 1 August 2024

The PNB MCLR rates, effective from 1st August 2024, have been hiked by 5 basis points.

New Delhi: Public sector lender Punjab National Bank (PNB) has announced its latest marginal cost of funds-based lending rate (MCLR), whereby the bank has raised it by 5 basis points or 0.05 percent.

The PNB MCLR rates are effective from August 1, 2024, according to the bank's website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.

MCLR W.E.F. 01-08-2024
MCLR TENOR	Existing w.e.f. 01.07.2024	Revised w.e.f. 01.08.2024
Overnight	8.25%	8.30%
One month	8.30%	8.35%
Three month	8.50%	8.55%
Six month	8.70%	8.75%
One year	8.85%	8.90%
Three years	9.15%	9.20%

 India's largest public sector lender State Bank of India (SBI) last month announced its latest marginal cost of funds-based lending rate (MCLR). The SBI MCLR rates are effective from 15 July 2024.