Are you looking for a bank loan? If you planning on a loan, then this article is for you. Well, recently two banks have increase their Marginal cost-based lending rate by 5 basis points which will result in rise of interest rate for loans. While one is a private sector lender, the other one is a private sector bank.
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So, let’s find out which are the two banks that has increased its interest rates.
Punjab National Bank and ICICI bank have hiked their Marginal cost-based lending rate by 5 basis points and according to the websites of the banks, the increased interest rates will be effective from September 1, 2023. MCLR is the minimum lending rate below which a bank might decide not to lend money.
So, here are the new rates by both the banks
New Rates of ICICI Bank:- ICICI bank has hiked MCLR by 5 basis points (bps) across all tenures.
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According to the website of the bank, the overnight, one month MCLR rate has been hiked to 8.45 per cent from 8.40 per cent. The three-months, six months MCLRs at ICICI bank has been hiked to 8.50 per cent and 8.85 per cent respectively. The one-year MCLR has on the other hand been revised to 8.95 per cent from 8.90 per cent.
New Rates of Punjab National BankPunjab National Bank too has hiked the MCLR rates by 5 basis point the month of September. According to PNB Website, the overnight rate is at 8.15 per cent from 8.10 per cent and the one-month MCLR rate is 8.25 per cent from 8.20 per cent. The three-month, six months MCLRs at PNB stands at 8.35 per cent and 8.55 per cent respectively.
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On the other hand, the one-year MCLR is now at 8.65 per cent from 8.60 per cent and 8.95 per cent for three years after the 5bps hike.
