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PNB or Punjab National Bank is one of the leading banks in India that offers exciting financial services and products. Punjab National Bank has revised the MCLR (marginal cost of funds based lending rate), just like the other top banks in the country. This step has been taken as per the directive of the Reserve Bank of India in order to make home loans more affordable for the customers.
Tenure | PNB MCLR Rates |
---|---|
Overnight | 6.80% |
1 month | 6.80% |
3 months | 6.95% |
6months | 7.15% |
1 year | 7.35% |
3 years | 7.60% |
As per the latest marginal cost of fund based lending rate (MCLR) updates, the MCLR for overnight tenures stands at 7.50%. The MCLR for one-month and three-month tenures stands at 7.50% and 7.65% respectively. For six-month tenures, the MCLR currently is at 7.85%. The MCLR for one-year tenure stands at 8.05% while the MCLR for three-year tenure is 8.30%.
MCLR Rate By Top Banks
In order to switch from Punjab National Bank Base Rate to Punjab National Bank MCLR Rate, two steps must be followed:
Switching to marginal cost of funds based lending rate can reap great benefits. You can save a great deal of interest which you would have paid otherwise with base rate on your housing loan. The existing borrowers, however, will not be able to enjoy the benefits of MCLR right away. Most of the home loan agreements associated with marginal cost of funds based lending rate are borrowed after a year. The existing borrowers of PNB home loan will have to wait till their home loan rates are renewed. The new rate of interest on the dateof reset will be determined by MCLR rate cuts over the past half-year or one year.
Revision Date | Overnight MCLR | 1 Month MCLR | 3 Months MCLR | 6 Months MCLR | 1 Year MCLR | 3 Years MCLR |
---|---|---|---|---|---|---|
01 August 2020 | 6.80% | 6.80% | 6.95% | 7.15% | 7.35% | 7.60% |
01 July 2020 | 7.05% | 7.05% | 7.20% | 7.40% | 7.60% | 7.85% |
01 June 2020 | 7.05% | 7.05% | 7.20% | 7.40% | 7.60% | 7.85% |
01 May 2020 | 7.20% | 7.20% | 7.35% | 7.35% | 7.75% | 8.00% |
01 April 2020 | 7.20% | 7.20% | 7.35% | 7.35% | 7.75% | 8.00% |
01 March 2020 | 7.50% | 7.50% | 7.65% | 7.85% | 8.05% | 8.30% |
01 February 2020 | 7.50% | 7.50% | 7.65% | 7.85% | 8.05% | 8.30% |
01 January 2020 | 7.50% | 7.50% | 7.65% | 7.85% | 8.05% | 8.30% |
01 December 2019 | 7.75% | 7.80% | 7.85% | 8.05% | 8.15% | 8.35% |
01 November 2019 | 7.75% | 7.80% | 7.85% | 8.05% | 8.15% | 8.35% |
01 October 2019 | 7.85% | 7.90% | 7.95% | 8.15% | 8.25% | 8.45% |
01 September 2019 | 7.90% | 7.95% | 8.00% | 8.20% | 8.30% | 8.50% |
01 August 2019 | 7.90% | 7.95% | 8.00% | 8.20% | 8.30% | 8.50% |
01 July 2019 | 8.00% | 8.05% | 8.10% | 8.30% | 8.40% | 8.60% |
01 June 2019 | 8.05% | 8.10% | 8.15% | 8.35% | 8.45% | 8.65% |
01 May 2019 | 8.05% | 8.10% | 8.15% | 8.35% | 8.45% | 8.65% |
01 April 2019 | 8.05% | 8.10% | 8.15% | 8.35% | 8.45% | 8.65% |
01 March 2019 | 8.05% p.a. | 8.10% p.a. | 8.15% p.a. | 8.35% p.a. | 8.45% p.a. | 8.65% p.a. |
01 February 2019 | 8.15% p.a. | 8.20% p.a. | 8.25% p.a. | 8.45% p.a. | 8.55% p.a. | 8.70% p.a. |
01 January 2019 | 8.15% p.a. | 8.15% p.a. | 8.25% p.a. | 8.45% p.a. | 8.50% p.a. | 8.70% p.a. |
01 December 2018 | 8.15% p.a. | 8.15% p.a. | 8.25% p.a. | 8.45% p.a. | 8.50% p.a. | 8.70% p.a. |
01 November 2018 | 8.15% p.a. | 8.15% p.a. | 8.25% p.a. | 8.45% p.a. | 8.50% p.a. | 8.70% p.a. |
01 October 2018 | 8.10% p.a. | 8.10% p.a. | 8.20% p.a. | 8.40% p.a. | 8.45% p.a. | 8.65% p.a. |
01 September 2018 | 7.90% p.a. | 8.05% p.a. | 8.20% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 August 2018 | 7.90% p.a. | 8.05% p.a. | 8.20% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 July 2018 | 7.90% p.a. | 8.05% p.a. | 8.20% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 June 2018 | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.30% p.a. | 8.40% p.a. | 8.55% p.a. |
01 May 2018 | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.25% p.a. | 8.30% p.a. | 8.45% p.a. |
01 April 2018 | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.25% p.a. | 8.30% p.a. | 8.45% p.a. |
01 March 2018 | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.25% p.a. | 8.30% p.a. | 8.45% p.a. |
01 February 2018 | 7.65% p.a. | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 January 2018 | 7.65% p.a. | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 December 2017 | 7.65% p.a. | 7.80% p.a. | 7.95% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 November 2017 | 7.75% p.a. | 7.90% p.a. | 8.00% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 October 2017 | 7.75% p.a. | 7.90% p.a. | 8.00% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 September 2017 | 7.75% p.a. | 7.90% p.a. | 8.00% p.a. | 8.10% p.a. | 8.15% p.a. | 8.30% p.a. |
01 August 2017 | 8.00% p.a. | 8.10% p.a. | 8.20% p.a. | 8.30% p.a. | 8.35% p.a. | 8.50% p.a. |
01 July 2017 | 8.00% p.a. | 8.10% p.a. | 8.20% p.a. | 8.30% p.a. | 8.35% p.a. | 8.50% p.a. |
01 June 2017 | 8.00% p.a. | 8.10% p.a. | 8.20% p.a. | 8.30% p.a. | 8.35% p.a. | 8.50% p.a. |
01 May 2017 | 8.05% p.a. | 8.15% p.a. | 8.25% p.a. | 8.30% p.a. | 8.35% p.a. | 8.50% p.a. |
01 April 2017 | 8.20% p.a. | 8.25% p.a. | 8.35% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 March 2017 | 8.20% p.a. | 8.25% p.a. | 8.35% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 February 2017 | 8.20% p.a. | 8.25% p.a. | 8.35% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 January 2017 | 8.20% p.a. | 8.25% p.a. | 8.35% p.a. | 8.40% p.a. | 8.45% p.a. | 8.60% p.a. |
01 December 2016 | 8.90% p.a. | 8.95% p.a. | 9.05% p.a. | 9.10% p.a. | 9.15% p.a. | 9.30% p.a. |
01 November 2016 | 9.00% p.a. | 9.05% p.a. | 9.15% p.a. | 9.20% p.a. | 9.25% p.a. | 9.40% p.a. |
01 October 2016 | 9.05% p.a. | 9.10% p.a. | 9.20% p.a. | 9.25% p.a. | 9.30% p.a. | 9.45% p.a. |
01 September 2016 | 9.10% p.a. | 9.15% p.a. | 9.25% p.a. | 9.30% p.a. | 9.35% p.a. | 9.50% p.a. |
01 August 2016 | 9.10% p.a. | 9.15% p.a. | 9.25% p.a. | 9.30% p.a. | 9.35% p.a. | 9.50% p.a. |
01 July 2016 | 9.15% p.a. | 9.20% p.a. | 9.30% p.a. | 9.35% p.a. | 9.40% p.a. | 9.55% p.a. |
01 June 2016 | 9.15% p.a. | 9.20% p.a. | 9.30% p.a. | 9.35% p.a. | 9.40% p.a. | 9.55% p.a. |
01 May 2016 | 9.15% p.a. | 9.20% p.a. | 9.30% p.a. | 9.35% p.a. | 9.40% p.a. | 9.55% p.a. |
01 April 2016 | 9.15% p.a. | 9.20% p.a. | 9.30% p.a. | 9.35% p.a. | 9.40% p.a. | 9.55% p.a. |
The Punjab National Bank has revised the marginal cost of funds-based lending rate by 25 basis points and will be applicable for various tenures. This will result in the EMIs on various loans to be cheaper starting this month.
Effective from 1 August, the MCLR for the bank stands at 6.08% for overnight and tenure of one month compared to its previous rate of 7.05%.
For a tenure of 3 years, the MCLR will now be 7.60% compared to its previous rate of 7.85% and a tenure of 1 year will now have an interest rate of 7.35% compared to 7.60% earlier.
The MCLR has also changed for tenures of 3 months and 6 months to 6.95% and 7.15% respectively and according to the bank, there will be no changes in the Base Rate of 8.90% and RLLR of 6.65%.
05 August 2020
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