Punjab National Bank cuts MCLR by 10 to 15 basis points

PNB’s overnight MCLR has been revised the most i.e. by 15 basis points


Banks review the marginal cost of lending based rates on a monthly basis. Photo: Mint
Banks review the marginal cost of lending based rates on a monthly basis. Photo: Mint

New Delhi: Public lender Punjab National Bank has revised down marginal cost based lending rates by 0.10% to 0.15% for various maturities effective on Monday.

The maximum of 0.15% has been effected for overnight marginal cost of funds based lending rate (MCLR) tenure to 8.05%.

For one, three and six months as well as one, three and five years, the new MCLRs have been revised down by 0.10% each.

The new MCLR for one-year tenure is 8.35% and for three years, 8.50%. For the six-month tenure, the new rate is 8.30%, the bank said in a release.

Lakshmi Vilas Bank has also revised down the one-year MCLR by 0.05% to 9.70% per annum, with effect from on Monday.

Banks review the MCLR rates on a monthly basis.

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