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- PNB Bank MCLR & Base Rate PNB Bank MCLR & Base Rate

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 |
---|---|

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% |

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%.

**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:

- 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.

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.

- 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.

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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- Home Loan Interest Rates
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- ICICI Home Loan Interest Rates

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### MCLR rates for different tenures announced by Punjab National Bank

The Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01 August 2018 has been announced by the Punjab National Bank. The overnight MCLR stands at 7.90%. Whereas, MCLRs for one-month, three-month and six-month tenure stands at 8.05%, 8.20% and 8.40% respectively. The MCLR rates have also been revised for higher tenures. For a one-year period, the MCLR has been raised to 8.45%. Though the MCLR rate for three years has been continued at 8.60%, the MCLR rate for five years has been discontinued according to the announcement.

*2 August 2018*### PNB Increases Their Lending Rate By 10 Basis Points

One of the biggest banks in the country, Punjab national Bank (PNB), has recently increased their lending rates by 5 - 10 basis points, depending on the tenors. The six-month tenor now stands at 8.40%, a 0.10% increase. The one, three, and five year tenors have all increase by 0.05%, and stand at 8.45%, 8.60%, and 8.75% respectively. For overnight, one-month and three-month tenor loans, borrowing will be costlier by 0.10 per cent each to 7.90 per cent, 8.05 per cent and 8.20 per cent, respectively.

*4 July 2018*### PNB Increases MCLR For Selected Tenors

Punjab National Bank (PNB) increases their MCLR by 0.05% - 0.10% on selected tenors effective from 1st June 2018. This will result in costlier loans for borrowers. The MCLR for a loan with a six-month tenor will increase by 0.05% to 8.30% p.a. The MCLR for one, three, and five year tenors have increase by 0.10% to 8.40%, 8.55%, and 8.70% respectively. The overnight tenor has, however, not been affected by the MCLR change.

In addition, the base rate has also been revised from 9.15% to 9.25%.

*15 June 2018*### PNB increases MCLR for selected tenors

Punjab National Bank (PNB) increases their MCLR by 0.05% - 0.10% on selected tenors effective from 1st June 2018. This will result in costlier loans for borrowers. The MCLR for a loan with a six-month tenor will increase by 0.05% to 8.30% p.a. The MCLR for one, three, and five year tenors have increase by 0.10% to 8.40%, 8.55%, and 8.70% respectively. The overnight tenor has, however, not been affected by the MCLR change.

In addition, the base rate has also been revised from 9.15% to 9.25%.

*1 June 2018*

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