Unlock Savings with PNB’s Revised MCLR — Effective November 1!

Punjab National Bank (PNB) has revised its one-year MCLR downward by 5 basis points, bringing it to 8.75% from 8.80%, effective from November 1, 2025. This adjustment reflects ongoing efforts by banks to align lending rates with changing market conditions and ensure competitive financing options for borrowers.

Key Highlights:

The one-year MCLR, a benchmark for various floating-rate loans, including home, personal, and vehicle loans, has been reduced to 8.75% from 8.80%.

Reduction in MCLR typically results in lower EMI payments for borrowers whose loan rates reset periodically based on MCLR movements.

PNB’s rate cut is part of a broader banking sector trend responding to market liquidity and the Reserve Bank of India’s monetary policy stance.

The reduction is expected to enhance loan affordability and provide some financial relief to existing borrowers.

While new floating-rate loans are now often linked to the External Benchmark Lending Rate (EBLR), customers can switch from MCLR-based loans to EBLR-based loans for potentially better rates.

The move reinforces PNB’s commitment to customer-centric policies amidst fluctuating economic conditions.

Borrowers with loans linked to PNB’s one-year MCLR stand to benefit from this cut starting November, reflecting a positive shift in credit cost dynamics.

Sources: Punjab National Bank official notice, Economic Times, News18