New Delhi: Punjab National Bank on Wednesday revised upwards the marginal cost of funds based lending rate (MCLR) for select tenors by 0.05-0.10%, effective Thursday, a move that will lead to costlier loans for consumers.
“The bank has decided to revise the marginal cost of funds based lending rate (MCLR) with effect from 1 June 2018," PNB said in a regulatory filing.
For loan of a six-month tenor, the borrowing rate will be costlier by 0.05% to 8.30%. While for one, three and five-year loan terms, the new rates are up by 0.10% each to 8.40%, 8.55% and 8.70%, respectively.
For overnight, one-month and three-month tenor loans, there has been no change in MCLR rates. The state-owned lender said that the base rate has also been revised to 9.25% from 9.15% with effect from 1 June 2018.
Stock of PNB closed 2.96% down at Rs83.60 apiece on BSE.