Punjab National Bank (PNB) has announced a revision in its Marginal Cost of Funds Based Lending Rate (MCLR) across various tenors, which will take effect from February 1, 2025. The new rates reflect slight increases across the board, impacting short-term and long-term borrowers.
According to the official statement, the updated rates are as follows:
- Overnight MCLR: Increased from 8.35% to 8.40%
- One-month MCLR: Increased from 8.45% to 8.50%
- Three-month MCLR: Increased from 8.65% to 8.70%
- Six-month MCLR: Increased from 8.85% to 8.90%
- One-year MCLR: Increased from 9.00% to 9.05%
- Three-year MCLR: Increased from 9.30% to 9.35%
The revision is expected to affect new and existing borrowers with floating rate loans linked to the MCLR. This change is part of PNB’s periodic rate adjustments in response to changing market conditions and funding costs.
Borrowers are advised to review their loan agreements and understand how the increase in MCLR could impact their EMI obligations.
For further details, customers can contact PNB’s customer service or visit the bank’s official website.
Disclaimer: The information provided is for informational purposes only. Please consult with financial advisors or the bank for personalized advice.
