PNB loans to get cheaper as bank cuts MCLR rates from May 1

Revised lending rate will be 8.35% for one-year credit, as against 8.45% currently

Public sector lender Punjab National Bank has decided to cut its marginal cost of funds-based lending rate (MCLR) by 10-15 basis points across different maturities from May 1.

The revised MCLR, the internal benchmark for pricing loans, will be 8.35 per cent for one-year credit from May 1, as against 8.45 per cent prevailing in April 2017.

The rate for overnight credit will be cheaper by 15 basis points at 8.05 per cent in May, down from 8.20 per cent in April. For five-year loans, the new rate will be 8.65 per cent as against 8.75 per cent