Home Loan EMI has been increased in MCLR by ICICI Bank and Punjab National Bank. MCLR for all tenures has been increased by 5 basis points from both the banks. MCLR is directly linked to the interest rate of the loan. EMI increases as this increases..
Private sector ICICI Bank and Punjab National Bank have increased the MCLR i.e. Margin Cost-based Lending Rates. After this step, MCLR related loans of both the banks will become expensive.
Let us tell you, most of the loans given by the banks to the customers are linked to one year MCLR. The new MCLR rates have come into effect from September 1.
How much has ICICI Bank increased the MCLR?
ICICI Bank has increased the MCLR by 5 basis points or 0.05 per cent for all tenors. After this hike, the overnight and one-month MCLR stands at 8.45 per cent, three and six months at 8.50 per cent and 8.85 per cent and one-year MCLR at 8.95 per cent.
How much did PNB increase MCLR?
The MCLR of all tenors has been increased by 5 basis points from Punjab National Bank (PNB). According to PNB’s website, the overnight NCLR has increased from 8.15 per cent to 8.5 per cent. MCLR for one month, three months and six months now stands at 8.25 per cent, 8.35 per cent, 8.55 per cent. At the same time, the one-year MCLR has increased to 8.65 percent and the three-year MCLR has increased to 8.95 percent.
What is MCLR?
MCLR is the rate on the basis of which any bank determines the loan interest rate. The increase in this has a direct impact on the EMI of the customers and the EMI increases. At the same time, when a deduction is made by any bank, the EMI gets reduced.
