Public sector lenders Punjab National Bank and Bank of India will raise their marginal cost of funds based lending rate (MCLR) effective December 1 by 5 basis points across tenors and for two tenors respectively.
A move bound to have a bearing on consumer loans, the benchmark one year MCLR is being increased by PNB from 8.95% to 9%. The new MCLR on overnight tenor will be 8.35% (from the existing 8.30%); one month 8.45% (8.40%); three months 8.65% (8.60%); six months 8.85% (8.80%); and three years 9.30% (9.25%), the bank said in a filing on Saturday.
Bank of India, in a filing, said its MCLR for one month tenor will increase to 8.45% (8.40%) and three months to 8.60% (8.55%). The overnight, six months, one year and three year tenors will be maintained at the November 1 rates of 8.20%; 8.85%; 9% and 9.10% respectively.
Published – November 30, 2024 08:59 pm IST
