Punjab National Bank: The lending rates across all tenures are increased by 5 bps

On August 31, the state-owned Punjab National Bank (PNB) increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points across all tenures, starting on September 1, 2023.

The MCLR is the lowest interest rate a bank may charge a customer for a loan.

The bank increased the overnight MCLR from 8.10% to 8.15% by 5 basis points. The one-month, three-month, and six-month MCLRs have all increased from 8.20% to 8.25%, 8.30% to 8.35%, and 8.50% to 8.55%, respectively.

Additionally, the one-year MCLR has increased from 8.60% to 8.65%, while the three-year MCLR has increased from 8.90% to 8.95%.

Source: Media Reports