Punjab National Bank raises MCLR

Punjab National Bank on Friday, revised upwards the marginal cost of funds based lending rate (MCLR) for select tenors by 0.05-0.10 per cent. It will be effective from today. It is said to be a move that will lead to costlier loans for consumers. For loan of a six-month tenor, the borrowing rate will be costlier by 0.05 % to 8.30 %. For one, three and five-year loan terms, the new rates are up by 0.10 per cent each to 8.40%, 8.55% and 8.70%, respectively. For overnight, one-month and three-month tenor loans, there has been no change in MCLR rates. The state-owned lender said that the base rate has also been revised to 9.25 per cent from 9.15 per cent with effect from June 1, 2018.