PNB lowers interest rates by decreasing MCLR
PNB has cut the 1-year Marginal Cost of Funds Based Lending Rate (MCLR) by 0.05% to 7.30%, effective June 1. The new MCLR rates took effect on June 1, 2021, according to PNB’s regulatory filing.
You may now acquire a better home loan to purchase your dream home. Punjab National Bank Home Loans have become more affordable since June 1, when the bank lowered its MCLR interest rates.
The 1-year Marginal Cost of Funds Based Lending Rate of PNB has been decreased by 0.05% to 7.30%. The new Marginal Cost of Funds Based Lending Rate took effect on June 1, 2021, according to PNB’s regulatory filing.
The six-month and three-month tenor Marginal Cost of Funds Based Lending Rate has also been cut by 0.10% by the bank. The one-month, overnight, and three-year MCLRs, on the other hand, remained unchanged.
The bank’s overnight Marginal Cost of Funds Based Lending Rate TENOR is 6.65 % per year, with one-month Marginal Cost of Funds Based Lending Rate TENOR at 6.70 % and three-month Marginal Cost of Funds Based Lending Rate TENOR at 6.80 %.
From an India.com article, the bank has reduced the six-month Marginal Cost of Funds Based Lending Rate TENOR to 7.00 % and the one-year Marginal Cost of Funds Based Lending Rate TENOR to 7.30 %. The three-year MCLR TENOR has been fixed at 7.60 % by PNB.
According to a report by Zee News, the bank’s Home Loan Base Rate has remained unchanged at 8.65 %, with the RLLR at 6.80 %.
On April 1, 2016, the Reserve Bank of India (RBI) introduced the Marginal Cost of Funds Based Lending Rate methodology to set lending interest rates.
