This government bank has increased the interest rates, now the installments will increase

Punjab National Bank has raised its marginal cost of funds-based lending rates, or MCLR, by 0.05 per cent or 5 basis points across all tenors with effect from Thursday, August 1. This will make most consumer loans costlier. The benchmark one-year tenor MCLR is used to price most consumer loans such as auto and personal, PNB said in a regulatory filing. The new rate will now be 8.90 per cent as against the previous rate of 8.85 per cent.

This bank has also changed

The country's largest private bank HDFC Bank has also announced changes in several rules from August 1. This rule is related to credit cards. Now if you pay house rent using the bank's credit card on third party fintech or payment apps like Credit, Paytm, Mobikwik and Freecharge, then the bank will charge you a surcharge of one percent.

This new order has come into effect from today itself.

The three-year MCLR is 9.20 per cent with a 5 basis point increase. For one month, three months and six months, the rates will be between 8.35-8.55 per cent. The overnight MCLR will be 8.30 per cent instead of 8.25 per cent. The new rates are effective from August 1, 2024. Another public sector lender Bank of India also announced a 5 basis point increase in one-year MCLR to 8.95 per cent on Wednesday.