PNB hikes MCLR by 0.05-0.10% for select tenors with effect from June 1

Punjab National Bank on Thursday revised upwards the marginal cost of funds based lending rate (MCLR) for select tenors by 0.05-0.10 per cent, effective from Friday, a move that will lead to costlier loans for consumers.

"The bank has decided to revise the marginal cost of funds based lending rate (MCLR) with effect from June 1, 2018," PNB said in a regulatory filing.

For loan of a six-month tenor, the borrowing rate will be costlier by 0.05 per cent to 8.30 per cent. While for one, three and five-year loan terms, the new rates are up by 0.10 per cent each to 8.40 per cent, 8.55 per cent and 8.70 per cent, respectively.

For overnight, one-month and three-month tenor loans, there has been no change in MCLR rates.

The state-owned lender said that the base rate has also been revised to 9.25 per cent from 9.15 per cent with effect from June 1, 2018.

Stock of PNB closed 2.96 per cent down at Rs 83.60 apiece on BSE.