On the first of August, the country’s second-largest public sector bank, PNB, gave a big shock to its crores of customers by deciding to increase the Marginal Cost of Fund Based Lending Rates (MCLR) by 5 basis points i.e. 0.05 percent. After this increase, the burden of loan EMI on the customers (PNB EMI Increased) will increase further. The new rates have come into effect from Thursday, August 1, 2024.

Learn about the most recent MCLR

Punjab National Bank has stated in the regulatory filing that the most recent one-year period’s MCLR (PNB MCLR Hike) has risen from 8.85 percent to 8.90 percent. The majority of personal loans and auto loans (EMI Hike) have a set one-year MCLR. Concurrently, the MCLR of the three years has been increased by 5 basis points and has increased from 9.15 percent to 9.20 percent. At the same time, the MCLR of one month, three-month, and six-month periods of the bank is between 8.35 percent to 8.55 percent. At the same time, overnight MCLR has also increased by 5 basis points and it has increased from 8.25 percent to 8.30 percent.

When will it be released?

Additionally, on Wednesday, the Bank of India announced an increase in its Marginal Cost of Fund Based Lending Rates (MCLR) before PNB (Bank of India Hikes MCLR). The bank raised its one-year MCLR by five basis points, bringing it to 8.95 percent. In addition, the MCLR for the remaining term has not changed. The bank’s new rates are effective as of July 31, 2024.

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