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PNB and ICICI Bank MCLR: Private sector lender ICICI Bank and public lender Punjab National Bank (PNB) both have revised their Marginal Cost Based Lending Rates (MCLR). ICICI Bank has cut the interest rate for some tenures, while Punjab National Bank has increased its interest rate for all tenures.
ICICI Bank Loan
ICICI Bank’s MCLR rates are effective from June 1. The new interest rates have been uploaded by the lending bank on its website. ICICI Bank has reduced the one-month MCLR from 8.50 per cent to 8.35 per cent and it has reduced the three-month MCLR by 15 basis points (bps) from 8.55 per cent to 8.40 per cent.
ICICI Bank increased interest on these tenures
Apart from this, the bank has also increased the MCLR for some tenures. At the same time, the bank has increased the MCLR by 5 bps to 8.75 percent and 8.85 percent on the tenure of six months and one year. This means that the bank cannot give you a loan at rates lower than this.
PNB increased interest
Punjab National Bank has also increased the interest rates for all its tenures. MCLR has been increased by 10 bps. The new interest rates are effective from 1 June 2023. According to the bank’s official website, the bank’s overnight benchmark marginal cost of lending has been increased from 8 per cent to 8.10 per cent. The rates for one month, three months and six months have been increased to 8.20 per cent, 8.30 per cent and 8.50 per cent respectively. The one-year MCLR has been increased to 8.60 per cent, while the three-year MCLR has been increased to 8.90 per cent from 8.80 per cent.
What will be the effect on your EMI
If you have taken a home loan on the MCLR tenure extended by the banks, then your EMI will increase. At the same time, the interest will decrease during the tenure on which ICICI Bank has cut.
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