New Delhi: State-owned Punjab National Bank on Saturday raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by 0.05-0.10%.

“The bank has decided to revise the marginal cost of funds based lending rate (MCLR) with effect from 1 July 2018," PNB said in a regulatory filing.

For loan of a six-month tenor, the borrowing rate will be costlier by 0.10% to 8.40%. While for one, three and five-year loan terms, the new rates are up by 0.05% each to 8.45%, 8.60% and 8.75%, respectively.

For overnight, one-month and three-month tenor loans, borrowing will be costlier by 0.10% each to 7.90%, 8.05% and 8.20%, respectively.

Another state-owned lender Allahabad Bank revised upwards the MCLR for select tenors by 0.10%, effective tomorrow. The bank’s one year, two years, and three years MCLR will be 8.45%, 8.65% and 8.75%, respectively. Its overnight, one month, three months and six months MCLR will be 7.95%, 8.05% and 8.25%, respectively.

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