Loan Costly PNB And Bandhan Bank Hike MCLR Know Latest Lending Rates Across Tenure

PNB, Bandhan Bank Hike MCLR: Kolkata-based Bandhan Bank and Punjab National Bank have made the loan interest rate expensive. Bandhan Bank has announced an increase of 16 basis points in the marginal cost of funds based lending rate. This increase will be for all tenures and will be applicable from Tuesday i.e. 28 February 2023.

According to the website of Bandhan Bank, the MCLR rate for overnight is 6.71 per cent, while the interest for one month tenure will be 6.71 per cent. The MCLR rate has increased to 8.21 per cent for three months. At the same time, the MCLR for six months has become 8.21 percent.

Bandhan Bank MCLR rates on other tenures

On maturity of one year, the MCLR rate will increase to 10.96 percent. At the same time, the MCLR rate on the tenure of two and three years will be 10.96 percent. From Tuesday, if someone takes a loan for this tenure, then he will be offered a loan according to this MCLR.

Punjab National Bank also made loan expensive

Public sector Punjab National Bank (PNB) has also announced an increase in the lending rate, which will be applicable from March 1. The bank has increased the interest rate for all tenures. Earlier during February, the bank had increased by 10 basis points.

Many banks also increased loans

Many banks had increased the loan interest only after the RBI increased the repo rate for the sixth time. This includes other banks including HDFC, SBI, PNB and Bank of Baroda. The repo rate of the Reserve Bank is currently 6.50 percent.

What is MCLR

MCLR or Marginal Cost of Funds Based Lending Rate is the minimum interest at which banks lend to a customer. It was introduced by the Reserve Bank of India in 2016. This is such an interest that no bank can give loan to anyone at low interest. Its increase means that the EMI of your loan will be affected.

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