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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.