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  • PNB MCLR

    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.

    Current PNB MCLR Rate:

    Tenure PNB MCLR Rates
    5 years Discontinued
    3 years 8.65%
    1 year 8.45%
    6 months 8.35%
    3 months 8.15%
    1 month 8.10%
    Overnight 8.05%

    Latest Updates About Punjab National Bank MCLR Rates:

    As per the latest marginal cost of fund based lending rate (MCLR) updates, the MCLR for overnight tenures stands at 8.10%. The MCLR for one month and three-month tenures stands at 8.10% and 8.20% respectively. For six month tenures, the MCLR currently is at 8.40%. The MCLR for one-year tenures stands at 8.45% while the MCLR for three-year tenure is 8.65%.

    How to switch from Punjab National Bank Base Rate to Punjab National Bank MCLR Rate?

    In order to switch from Punjab National Bank Base Rate to Punjab National Bank MCLR Rate, two steps must be followed:

    • A written application must be sent to Punjab National Bank so that they may initiate the linking process for your home loan and MCLR.
    • After the linking between the marginal cost of funds based lending rate and PNB Home Loan is done, you must ask the bank to reduce the quantum of spread. You will have to pay a processing fee for the linking. After this the interest rates associated with your home loan will be refreshed as per MCLR.

    What Should the Existing Borrowers Do?

    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.

    PNB Home Loan Rate and MCLR:

    • The overnight loans, cash credit, etc. are shorter duration loans. They have been linked to the shorter period MCLR. The longer period loans like vehicle loan, housing loan, etc. have been linked to the longer duration marginal cost of funds based lending rates.
    • The applicable rate on the floating rate housing loans has two distinct parts. One is the applicable benchmark rate and the other one is the margin or spread on top of benchmark.
    • Floating rate housing loans that have been sanctioned by Punjab National Bank is benchmarked to MCLR with specific tenures like 6 months, 1 year, 3 years, etc.

    Punjab National Bank MCLR History:

    Revision Date Overnight MCLR 1 Month MCLR 3 Months MCLR 6 Months MCLR 1 Year MCLR 3 Years MCLR 5 Years MCLR
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. Discontinued
    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. 8.70% 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. 8.70% 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. 8.60% 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. 8.60% 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. 8.60% 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. 8.45% 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. 8.45% 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. 8.45% 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. 8.45% 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. 8.45% 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. 8.45% 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. 8.65% 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. 8.65% 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. 8.65% 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. 8.65% 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. 8.75% 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. 8.75% 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. 8.75% 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. 8.75% 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. 9.45% 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. 9.55% 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. 9.60% 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. 9.65% 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. 9.65% 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. 9.70% 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. 9.70% 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. 9.70% 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. 9.70% p.a.
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