PNB Keeps MCLR Rates Unchanged Across All Tenors Effective August 1

NEW DELHI, India — Punjab National Bank (PNB) announced on July 31, 2026, that it will hold its Marginal Cost of Funds Based Lending Rates (MCLR) unchanged across all tenors, effective August 1, 2026.

The decision by India's second-largest public sector bank keeps benchmark borrowing rates steady following a minor rate revision applied in the previous month. The rate announcement provides borrowing clarity for retail and commercial borrowers whose loans are linked to the bank's internal benchmark metrics.

Benchmark Interest Rates Summary for August 2026

In an official regulatory filing sent to national stock exchanges, the bank confirmed that its existing rate structure will remain fully operational without adjustments for the upcoming month.

PNB MCLR Rate Structure

The Marginal Cost of Funds Based Lending Rates across all specified tenors remain set as follows:

The one-year MCLR rate—the crucial benchmark used to price most consumer loans, personal credit lines, and auto loans—remains held at 8.80%. Long-term commercial credit facilities benchmarked to the three-year MCLR remain at 9.10%.

Status Quo on External Benchmark Lending Rates

In addition to maintaining its MCLR structure, Punjab National Bank confirmed that its external benchmark-linked lending rates and older interest frameworks will experience no changes.

• Repo Linked Lending Rate (RLLR): Maintained at 8.10%, which includes a Base Spread Premium (BSP) of 0.35%.

• Base Rate: Retained at 9.50%.

Because major retail loans like home mortgages are typically benchmarked to external indicators like the Repo Linked Lending Rate (RLLR), borrowers with existing floating-rate mortgages tied to RLLR will see no change in their monthly equated monthly installments (EMIs).

Official Sources Section

The information was formally submitted to stock market regulators pursuant to listing disclosure obligations. The filing was submitted by Company Secretary Bikramjit Shom from the bank's head office in Dwarka, New Delhi.

Regulatory disclosures were filed directly with:

• BSE Limited

  (Scrip Code: 532461)

• National Stock Exchange of India Limited

  (Scrip Code: PNB)

• Official bank releases posted on the
  Punjab National Bank Portal

Quote Section

According to official regulatory filings signed by Bikramjit Shom, Company Secretary at Punjab National Bank:

"The Exchange is hereby informed that Marginal Cost of Funds Based Lending Rates (MCLR) with effect from 01.08.2026 remain unchanged... Further, Repo linked Lending Rate (RLLR) i.e. 8.10% (including BSP of 0.35%) and Base Rate i.e. 9.50% remain unchanged."

Why It Matters

The decision to maintain interest rates intact offers financial predictability for corporate entities and individual consumers navigating the prevailing macroeconomic climate. By holding the one-year MCLR at 8.80%, PNB prevents an immediate increase in interest burden for existing borrowers awaiting their annual loan reset dates. Furthermore, holding the RLLR steady at 8.10% ensures stable borrowing costs for home loan and vehicle loan applicants.

Key Facts at a Glance

• 1-Year MCLR: Unchanged at 8.80%.

• Overnight MCLR: Unchanged at 8.00%.

• Repo Linked Lending Rate (RLLR): Maintained at 8.10% (includes 0.35% BSP).

• Base Rate: Maintained at 9.50%.

• Effective Date: August 1, 2026.

FAQ Section

What is PNB's 1-year MCLR rate effective August 1, 2026?

PNB's 1-year MCLR rate stands at 8.80%, remaining unchanged from the July 2026 rate.

Has PNB changed its Repo Linked Lending Rate (RLLR)?

No, the Repo Linked Lending Rate (RLLR) remains unchanged at 8.10%, including a Basic Spread Premium of 0.35%.

How does this decision affect existing loan EMIs?

Existing borrowers with loans linked to MCLR or RLLR will experience no interest rate increase or EMI adjustment as a result of this announcement.

Source: Punjab National Bank Regulatory Filings | BSE Limited | National Stock Exchange of India Limited