ICICI Bank and Punjab National Bank (PNB) increase marginal cost-based lending rates (MCLR), EMIs to rise
Punjab National Bank (PNB) have hiked their marginal cost-based lending rates (MCLR), even though the Reserve Bank of India (RBI) retained the policy rate on August 10. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer loans are tied.
The new interest rates are effective from 1 September 2023, ICICI Bank has hiked MCLR by 5 basis points (bps) across all tenures. After the latest revision, ICICI Bank's overnight, one-month MCLR is 8.45 percent. The three-month, and six-month MCLRs were at 8.50 percent, and 8.85 percent, respectively.
The one-year MCLR is 8.95 percent. Overnight 8.45% One Month 8.45% Three Months 8.50% Six Months 8.85% One Year 8.95% Punjab National Bank (PNB) has also increased its marginal cost of lending rates (MCLR) by 5 bps on all tenures. As per the PNB website, the bank’s overnight benchmark marginal cost of lending has been increased to 8.15 per cent from 8.5 per cent.
The rates for one month, three months, and six months have been hiked to 8.25 per cent, 8.35 per cent, and 8.55 per cent, respectively. The one-year MCLR has increased to 8.65 per cent, while the three-year MCLR has been hiked to 8.95 per cent from 8.90 per cent. Overnight 8.15% One month 8.25% Three months 8.35% Six months 8.55% One year 8.65% Three years 8.95% You may consider prepaying your home loan, depending on your financial condition “If you have a large quantum of a home loan or the bank is charging you a higher home loan rate, then it may be a good idea to prepay your home loan.
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