Punjab National Bank has raised the marginal cost of funds-based lending rate (MCLR) by 0.05 percent across tenors from September 1, making most of the consumer loans costlier.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto, and personal, will be at 7.70 percent against the existing 7.65 percent, PNB said in a regulatory filing on Wednesday.
The three-year MCLR stands at 8 percent, up by 0.05 percent.
Among others, the rate of one-month, three-month, and six-month tenor will be in the range of 7.10-7.40 percent. The MCLR on overnight tenor will be 7.05 percent against 7 percent.
Earlier this month, the state-owned lender increased the repo-linked lending rate to 7.90 percent, up by 0.50 percent, with effect from August 6 following the increase in repo rate by the RBI.
