Punjab National Bank and ICICI Bank have changed the marginal cost based lending rates. PNB has increased the interest rates for all tenures. With this decision of banks, the burden of EMI will increase on you. The new rates have come into effect from June 1. Banks have uploaded the new rates on their websites. Private sector bank ICICI Bank has reduced interest rates for some selected tenures. ICICI Bank has reduced the one month MCLR from 8.50 per cent to 8.35 per cent. At the same time, the three-month MCLR has been cut by 15 basis points.
ICICI Bank has increased the MCLR for certain tenures. The bank has increased the bps of 6 months and 1 year tenure by 5 basis points. The bank has increased the rate of 6 months loan to 8.75 percent. At the same time, the rate of one year loan will be 8.85 percent. Similarly, PNB has increased the interest rates for all tenures. PNB has increased the interest rates by 0.10 percent.
After this increase, the interest rate for one year loan of PNB has become 8.60 percent, the rate of three year loan has become 8.90 percent. Similarly, Bank of India has also made all its tenure loans costlier. The bank has increased the MCLR rate by 0.05 percent. After the increase, the interest rate of one year loan has now reached 8.65 percent.