BAD NEWS for Loan borrowers! EMIs to go up as ICICI, PNB, Bank of India hike MCLR rates from today 01 December

New Delhi: Major banks ICICI Bank, Punjab National Bank (PNB) and Bank of India have hiked marginal cost of funding-based lending rate (MCLR) across all tenors. The new MCLR rates will be applicable from today, 01 December 2022.

While ICICI has hiked the MCLR rates by 10 basis points, PNB and Bank of India have hiked rates by 5 and 25 basis points. A 100 basis point is equal to 1 percent. (Also read: YES BANK discontinuing subscription based SMS balance alert facility for customers from today, 01 December 2022)

ICICI Marginal Cost Of Funds-Based Lending Rates (MCLR) effective from December 1, 2022 are as follows:

Sl.No	Tenor wise MCLR	Rate effective from 01.12.2022
1	Overnight MCLR	8.15%
2	1 Month MCLR	8.15%
3	3 Months MCLR	8.20%
4	6 Months MCLR	8.35%
5	1 Year MCLR	8.40%

PNB Marginal Cost Of Funds-Based Lending Rates (MCLR) effective from December 1, 2022 are as follows:

Sl.No	Tenor wise MCLR	Rate effective from 01.12.2022
1	Overnight MCLR	7.45%
2	1 Month MCLR	7.50%
3	3 Months MCLR	7.60%
4	6 Months MCLR	7.80%
5	1 Year MCLR	8.10%
6	3 Year MCLR	8.40%

Bank of India Marginal Cost Of Funds-Based Lending Rates (MCLR) effective from December 1, 2022 are as follows:

Sl.No	Tenor wise MCLR	Rate effective from 01.12.2022
1	Overnight MCLR	7.30%
2	1 Month MCLR	7.65%
3	3 Months MCLR	7.70%
4	6 Months MCLR	7.90%
5	1 Year MCLR	8.15%
6	3 Year MCLR	8.35%

The move comes ahead of RBI's upcoming Monetary Policy decision. Reserve Bank of India had on September 30 raised the key interest rate by 50 basis points to 5.90 percent. This was the fourth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June and August. In all, RBI has raised benchmark rate by 1.90 per cent since May this year. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided in favour of the rate hike.