PNB MCLR Rates, PNB Base Rate – Mar 2017

PNB MCLR Rate – Current Rate, Past Trend

Last Updated 23rd Mar 2017
PNB MCLR, Base Rate Tenure
8.20% Overnight
8.25% 1 Month
8.35% 3 Month
8.40% 6 Month
8.45% 1 Year
8.60% 3 Year
8.75% 5 Year
Base rate - 9.60% Past Trend
Current MCLR of PNB ranges from 8.20% to 8.75% depending on the reset frequency of the loan. Rates are revised every month.
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PNB Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 10.90% * Floating Detail
Personal Loan Interest Rates 12.25% * Detail
Fixed Deposit Interest Rates 4.25% to 7.00% * Detail

Past Trend MCLR Rate of PNB

PNB MCLR Rate History
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Mar 17
8.20%
8.25%
8.35%
8.40%
8.45%
-
8.60%
8.75%
01st Feb 17
8.20%
8.25%
8.35%
8.40%
8.45%
-
8.60%
8.75%
01st Jan 17
8.20%
8.25%
8.35%
8.40%
8.45%
8.60%
8.75%
-
01st Dec 16
8.90%
8.95%
9.05%
9.10%
9.15%
-
9.30%
9.45%
01st Nov 16
9.00%
9.05%
9.15%
9.20%
9.25%
-
-
-
01st Oct 16
9.05%
9.10%
9.20%
9.25%
9.30%
-
9.45%
9.60%
01st Sep 16
9.10%
9.15%
9.25%
9.30%
9.35%
-
9.50%
9.65%
01st Aug 16
9.10%
9.15%
9.25%
9.30%
9.35%
9.50%
9.65%
-
01st Jul 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
9.70%
01st Jun 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
9.70%
01st Apr 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
-

PNB MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, PNB decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. PNB has different MCLR base rates ranging from 8.20% to 8.75% for different tenures

Changes in MCLR of PNB

  • MCLR rate can be revised by PNB every month
  • Note that it is not mandatory for PNB to revise its rate every month and it may choose to retain the same rate for a longer period

PNB home loan interest rate and MCLR

  • Every floating rate loan sanctioned by PNB is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from PNB will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of PNB will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.40%. This loan will initially be priced at 9.9%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.15%, the loan will be priced at 9.65% for the next year

Past trend of PNB Base Rate vs RBI Repo Rate

Date Base Rate
08th Feb 17: 0% repo none by RBI
07th Dec 16: 0% repo none by RBI
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
01st Oct 15 9.60% decreased by 0.4%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
07th May 15 10.00% decreased by 0.25%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.75%
26th Jul 11: 0.5% repo hike by RBI
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Feb 11 9.50% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 9.00% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00%

PNB Base Rate Vs. RBI Repo Rate Trend

About PNB

  • PNB is a Public Sector Bank in India with 6,559 branches, 8,348 ATM's and 68,290 employees across the country.
  • PNB's registered office is located at 7, Bhikhaiji Cama Place, New Delhi-110607.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 16,556 crs. and Standalone net profit of Rs. 3,062 crs. PNB reported total deposits of Rs. 501,379 crs and total advances of Rs. 380,534 crs.
  • PNB's management is led by its CEO Ms. Usha Ananthasubramanian.
  • Its current Base Rate is 9.60%, which was last revised on 01st Oct 15.
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News - Mar 2017
24th Mar 17 PNB enters into one time settlement deal with Mawana Sugars Ltd for NPA debt
Punjab National Bank has entered into one time settlement deal with Mawana Sugars Ltd for clearing the NPA debt. As per bank sources, the company owes an outstanding business loan of Rs. 109 crores to the company which is now settled at a consolidated amount of Rs. 79 crores payable over 15 months without any interest.
24th Mar 17 Punjab National Bank launches new branch in Jammu district
PNB with its aim to spread across the rural areas has successfully inaugurated a new branch at Khour, the border town of Jammu. Chief official of the bank has assured the local population of the city to provide best banking services including the loan facilities including personal loans for agricultural and allied activities. With the new branch, the bank has reached to total of 105 branches in the state of Jammu and Kashmir.
23rd Mar 17 New subsidy scheme on home loans to bring down EMI by Rs. 2,000
Prominent banks including ICICI, SBI etc and leading housing finance companies such as PNB and HDFC Ltd have signed memorandum of association (MoU) with National Housing Bank for the implementation of new interest subsidy scheme for home loans under PM Awas Yojna (PMAY). As per new scheme, home loan borrowers is likely to see a decline of Rs. 2,000 in home loan EMIs for the home purchased under PM Awas Yojna and if their annual household income is up to Rs. 18 lakh. Under the new subsidy scheme, government will offer an interest subsidy of up to 4 percent on loans of up to Rs. 9 lakh and above to the middle class borrowers of urban areas.
10th Mar 17 PNB plans to sell bad loans of Rs. 1,800 crore to ARC in March, 2017
Punjab National Bank has identified non- performing loan accounts of Rs. 1,800 across various loan segments such as property loan, personal loan and business loans and is planning to sell these assets to Asset Reconstruction Companies (ARCs) in March 2017. The bank had recovered Rs. 1,600 crore by selling bad debts to ARCs during 2016- 17. PNB has also managed to recover dues of Rs. 937 crore in cash after its asset quality management exercise during the third quarter of FY17.
08th Mar 17 PNB disburses loans of Rs. 157 crore to farmers and self help groups in FY17
Punjab National Bank has disbursed fresh loans of Rs. 157 crore to 1,476 farmers and Self Help Groups (SHG) across the country during FY17. As per sources, loans were disbursed through PNB Farmers Welfare Trust and PNB Centenary Rural Development Trust that were established by the bank with an objective of maximising farmer welfare and skill development of youth. PNB has opened 11 Farmers Training Centres across the country.
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