New Delhi: Public sector lender Punjab National Bank (PNB) has announced its latest marginal cost of funds-based lending rate (MCLR), whereby the bank has raised it by 5 basis points or 0.05 percent.
The PNB MCLR rates are effective from August 1, 2024, according to the bank’s website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.
MCLR W.E.F. 01-08-2024
MCLR TENOR
Existing w.e.f. 01.07.2024
Revised w.e.f. 01.08.2024
Overnight
8.25%
8.30%
One month
8.30%
8.35%
Three month
8.50%
8.55%
Six month
8.70%
8.75%
One year
8.85%
8.90%
Three years
9.15%
9.20%
India’s largest public sector lender State Bank of India (SBI) last month announced its latest marginal cost of funds-based lending rate (MCLR). The SBI MCLR rates are effective from 15 July 2024.
