Punjab & Sind Bank hikes lending rate by 10-20 basis points across tenures

The public sector bank Punjab & Sind Bank on Thursday, March 16, 2023, announced a hike of 10-20 basis points (bps) in the interest rates for different tenors. As per the guidelines of Reserve Bank of India (RBI), the bank has reviewed the Marginal Cost of Fund Based Lending Rate (MCLR) for different tenors, the bank said in a regulatory notification.

As a result, equated monthly installment (EMI) amount for the borrowers who have taken loans at these rates would go up.

For overnight, the lending rate (MCLR) has been revised to 7.70 percent from 7.50 percent while one month MCLR has been revised to 7.80 percent from 7.60 percent. The three month and six month MCLRs have been revised to 8.30 percent and 8.45 percent respectively. The MCLR for these two tenors earlier stood at 8.10 percent and 8.25 percent.