Mumbai: Leading nationalized bank in the country, Punjab National Bank (PNB) has hiked the Marginal Cost Of Fund Based Lending Rates (MCLR) rate across tenures. The new rates will come into effect from today, December 1.
The overnight MCLR has been hiked from 7.40% to 7.45%, one-month MCLR hiked from 7.45% to 7.50%, the three-month MCLR hiked from 7.55% to 7.60%, six-month MCLR hiked to 7.75% to 7.80%, 1-year MCLR goes up from 8.05% to 8.10% and 3-year MCLR goes up from 8.35% to 8.40%.
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After this rate hike, the equated monthly instalments (EMIs) of all retail loans including car, personal and home will go up.
MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.
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