MCLR Hike: This PSU Bank has made loans expensive, increased MCLR, new rates will be applicable from June 3

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MCLR Hike: This PSU Bank has made loans expensive, increased MCLR, new rates will be applicable from June 3
MCLR Hike: This PSU Bank has made loans expensive, increased MCLR, new rates will be applicable from June 3

MCLR Hike: PSU banks have increased their marginal cost of lending rates (MCLR) by 5 basis points. After this increase, the EMI burden on customers will increase.

Indian Bank Hikes MCLR: There is big news for the customers of government bank Indian Bank. The PSU bank has increased its Marginal Cost of Lending Rates (MCLR) by 5 basis points (Indian Bank MCLR Hike). After this increase, the EMI burden on the customers will increase.

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Apart from this, the bank has also announced an increase in its Treasury Bill Benchmark Lending Rate (TBLR). It has been increased by 10 basis points. The new rates will be applicable from June 3, 2024.

Indian Bank MCLR Rates

According to the exchange filing, there is no change in overnight and 1-month MCLR. It is stable at 8.15% and 8.35% respectively. Three-month MCLR has increased by 5 basis points to 8.55%. 6-month MCLR has increased to 8.75% and 1-year MCLR has now increased to 8.90%. The bank has increased the marginal cost lending rates by 5 basis points.

Apart from this, the bank has also announced an increase in its Treasury Bill Benchmark Landing Rate (TBLR). The bank’s TBLR is between 6.95% to 7.05%. The bank said, no change has been made in other benchmark rates like Policy Repo Rate, RBLR, Base Rate and BPLR. Due to the increase in rates for these periods, now if you take a loan for this period from Indian Bank, then it will cost you a little more than before.

PNB’s loan also became expensive

Let us tell you that the government bank Punjab National Bank (PNB) has also increased its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points. The increase is different for different periods. The bank has changed the MCLR rates for a period of 3 months to 3 years.

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