Punjab National Bank has revised upwards the marginal cost of funds based lending rate (MCLR) for select tenors by 0.05% - 0.10%, effective from 1^st June 2018. The move 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 a loan of a six-month tenor, the borrowing rate will be costlier by 0.05% to 8.30%. For one, three and five-year loan terms, the new rates are up by 0.10% each to 8.40%, 8.55%, and 8.70%, respectively.

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

PNB also said that the base rate has been revised to 9.25% from 9.15% with effect from June 1, 2018.

Source