PNB increases benchmark lending rates for short-term loans by up to 0.2 percent

Punjab National Bank (PNB) Saturday increased its benchmark lending rates or MCLR for the short-term loans by up to 0.2 percent.

With the revision overnight Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.2 percent as against 7.9 percent, PNB said in a filing on stock exchanges. The MCLR for a one-month tenor increased to 8.10 percent from 8.05 percent earlier.

The new rates are effective from October 1.

The rate hike comes ahead of monetary policy review announcement on October 5.