State-owned Punjab National Bank today raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by 0.05-0.10 per cent.
"The bank has decided to revise the marginal cost of funds based lending rate (MCLR) with effect from July 1, 2018," PNB said in a regulatory filing.
For loan of a six-month tenor, the borrowing rate will be costlier by 0.10 per cent to 8.40 per cent. While for one, three and five-year loan terms, the new rates are up by 0.05 per cent each to 8.45 per cent, 8.60 per cent and 8.75 per cent, respectively.
TRENDING NOW
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.
Another state-owned lender Allahabad Bank revised upwards the MCLR for select tenors by 0.10 per cent, effective tomorrow.
The bank's one year, two years, and three years MCLR will be 8.45 per cent, 8.65 per cent and 8.75 per cent, respectively.
Its overnight, one month, three months and six months MCLR will be 7.95 per cent, 8.05 per cent and 8.25 per cent, 8.30 per cent, respectively.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
09:46 pm
Mcap of four of top 10 most-valued firms rises by Rs 65,671 crore
India's space economy set to reach USD 40 billion by 2040: Union Minister Jitendra Singh 
Germany's economy shrank, and it's facing a spending crisis that's spreading more gloom 
Japan's economy contracts as recession risks grow
China's 2023 growth target within reach - China bank governor