PNB’s interest rates on home loans will be lower
The PNB 1-year MCLR has been cut by 0.05% to 7.30%. According to a bank’s regulatory filing, the new rates are effective today (June 1, 2021).
Those who have or are considering taking up a home loan from Punjab National Bank (PNB) should be happy. The public sector bank has lowered the MCLR interest rates, which are a crucial determining element in house loan interest rates.
The PNB 1-year MCLR has been cut by 0.05% to 7.30%. According to the bank in a regulatory filing, the higher rates went into effect today (June 1, 2021).
The six-month and three-month tenor MCLRs were reduced by 0.10% each, 7% and 6.80%, respectively. The overnight, one-month, and three-year MCLRs have remained constant.
The following is the Marginal Cost of Funds Based Lending Rate (MCLR) as of June 1, 2021:
| MCLR TENOR | Existing | Revised as of 01.06.2021 |
| Overnight | 6.65% | 6.65% |
| One month | 6.70% | 6.70% |
| Three month | 6.90% | 6.80% |
| Six month | 7.10% | 7.00% |
| One year | 7.35% | 7.30% |
| Three years | 7.60% | 7.60% |
According to Punjab National Bank, the base rate (now 8.65 %) and the RLLR (currently 6.80 %) will remain unchanged.
The Marginal Cost of Funds-based Lending Rate (MCLR) system, which went into effect on April 1, 2016, ensures that banks or lenders cannot charge interest rates that exceed the margin set by the RBI.
