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Punjab National Bank to hike MCLR by 0.05% across tenors from Sep 1

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has raised the marginal cost of funds-based lending rate (MCLR) by 0.05 per cent across tenors from September 1, making most of the costlier.


The benchmark one-year tenor MCLR, which is used to price most such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, said in a regulatory filing on Wednesday.


The three-year MCLR stands at 8 per cent, up by 0.05 per cent.


Among others, the rate of one-month, three-month and six-month tenor will be in the range of 7.10-7.40 per cent. The MCLR on overnight tenor will be 7.05 per cent against 7 per cent.


Earlier this month, the state-owned lender increased the repo-linked lending rate to 7.90 per cent, up by 0.50 per cent, with effect from August 6 following the increase in repo rate by the RBI.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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