Punjab National Bank (PNB), a leading public sector lender, has announced the revision of its Marginal Cost of Funds Based Lending Rates (MCLR) for the month of June 2023.
These new rates, effective from June 1, 2023, will serve as a benchmark for determining interest rates on various loans provided by the bank, including home loans.
| Tenures | MCLR |
|---|---|
| Overnight | 8.10% |
| One Months | 8.20% |
| Three Months | 8.30% |
| Six Months | 8.50% |
| One Year | 8.60% |
| Three Years | 8.90% |
Under the revised rates, PNB's overnight MCLR has increased from 8% to 8.10%, while the one-month MCLR has been raised from 8.10% to 8.20%.
The three-month MCLR now stands at 8.30%, up from the previous 8.20%.
Furthermore, the bank has increased its six-month MCLR from 8.40% to 8.50% and its one-year MCLR from 8.50% to 8.60%.
Additionally, PNB's three-year MCLR has been raised from 8.80% to 8.90%.
As the revised MCLR rates come into effect on June 1, 2023, individuals interested in availing of home loans are encouraged to reach out to Punjab National Bank's branches or visit their official website for detailed information regarding the revised rates and the home loan application process.
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