Loan EMIs Change: these banks MCLR Rates Effect from June 1, 2023

ICICI Bank, a private sector lender, and Punjab National Bank (PNB), a public lender, have made revisions to their Marginal Cost Based Lending Rates (MCLR), a significant factor affecting loan interest rates. Loan EMIs Change: these banks MCLR Rates Effect from June 1, 2023.

Notably, ICICI Bank has implemented a reduction in interest rates for certain tenures, while PNB has chosen to increase its rates across all tenures. This adjustment in rates has been put into effect as of June 1, 2023.

ICICI MCLR Rates with Effect from June 1, 2023:

ICICI Bank has reduced the one-month MCLR from 8.50 per cent to 8.35 per cent and brought down the three-month MCLR by 15 basis points (bps) from 8.55 per cent to 8.40 per cent, according to the bank website Also, the bank has hiked MCLR on six-month and one-year tenures by 5 basis points to 8.75 per cent and 8.85 per cent respectively.

Overnight: 8.35 per cent

One Month: 8.35 per cent

Three Months: 8.40 per cent

Six Months: 8.75 per cent

PNB MCLR Rates with Effect from June 1, 2023:

State-run Punjab National Bank (PNB) has also increased its marginal cost of lending rates (MCLR) by 10 basis points across tenures. The new interest rates are effective from June 1, 2023. The bank’s overnight benchmark marginal cost of lending has been hiked to 8.10 per cent from 8 per cent, as per the bank website.

The rates for one month, three months, and six months have been hiked to 8.20 per cent, 8.30 per cent, and 8.50 per cent, respectively. The one-year MCLR is increased to 8.60 per cent, while the three-year MCLR has been hiked to 8.90 per cent from 8.80 per cent.

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Overnight 8.10 per cent

One month 8.20 per cent

Three months 8.30 per cent

Six months 8.50 per cent

One year 8.60 per cent

Three years 8.90 per cent

In the pricing of most of the consumer loans such as auto, personal, and home loans, the benchmark one-year MCLR is used. This revision in MCLR rates will impact those borrowers who have taken loans against the MCLR.