State-owned Punjab National Bank (PNB) announced that it has hiked its Repo Linked Lending Rate (RLLR) with effect from June 9, 2022. For existing and new clients, the RLLR has been changed from 6.90 percent to 7.40 percent.
According to PNB website, “The RLLR has been changed from 6.90% to 7.40% {Repo Rate (4.90%) + Mark-up (2.50%)} w.e.f. 09-06-2022 for existing and new customers. Along with RLLR BSP of 25 bps will be charged.”
According to a regulatory filing, the bank had earlier increased the Repo Linked Lending Rate (RLLR) from 6.5 percent to 6.9 percent, starting June 1, 2022.
From November 8, 2021 onwards, all new floating rate personal or retail loans (housing, auto, etc.) and floating rate loans to Micro, Small, and Medium Enterprise loans will be subject to a markup of 2.50 percent + 25 basis points (bps) from the BSP, which will be reset after three years from the date of sanction, as per the PNB website.
Existing customers
Existing borrowers with loans that are connected to RLLR sanctioned between October 1, 2019 and August 31, 2020 will continue to pay a 2.65% mark-up, which will be reset after three years from the date of sanction. However, in the case of upgrades, the existing mark-up of 2.80% will apply, as per the PNB website.
According to website, existing floating rate personal or retail loans (housing, auto, etc.) and floating rate loans to Micro, Small, and Medium Enterprise loans will be subject to a markup of 2.55 percent + 25 basis points (bps) from September 17, 2021 to November 7, 2021, and will be reset three years after the sanction.
“However, existing floating rate personal or retail loans such as housing, auto, etc. and floating rate loans to Micro, Small, and Medium Enterprise loans will continue to be marked up at 2.80% from September 1, 2020 to September 16, 2021, and will be reset after three years from the date of sanction,: stated the PNB website.
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