ICICI Bank and Punjab National Bank (PNB) have both revised their marginal cost-based lending rates (MCLR), with PNB raising rates across tenures and ICICI Bank reducing rates on some tenures while increasing others. ICICI Bank has lowered the one-month MCLR to 8.35% and the three-month MCLR to 8.40%, while increasing the six-month and one-year MCLR to 8.75% and 8.85%, respectively. Meanwhile, PNB has increased its MCLR rates by 10 basis points across tenures, effective from June 1, 2023. The revised rates will impact borrowers who took out loans against the MCLR. It is important to do the math before considering prepaying loans, as there may be prepayment charges and losing tax benefits to consider.
ICICI Bank and Punjab National Bank Adjust MCLR Rates Impacting Loan EMIs
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