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- Home
- Home Loan
- MCLR
- 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 |
---|---|

3 years | 8.30% |

1 year | 8.05% |

6 months | 7.85% |

3 months | 7.65% |

1 month | 7.50% |

Overnight | 7.50% |

As per the latest marginal cost ofÂ fund basedÂ lending rate (MCLR) updates, the MCLR for overnight tenures stands atÂ 7.50%. The MCLR for one-month and three-month tenures stands atÂ 7.50% and 7.65%Â respectively. For six-month tenures, the MCLR currently is atÂ 7.85%. The MCLR for one-year tenure stands atÂ 8.05%Â while the MCLR for three-year tenure isÂ 8.30%.Â

**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 |
---|---|---|---|---|---|---|

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. |

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