PNB, Bank of India cut MCLR rates: Check details
Punjab National Bank (PNB) and Bank of India have lowered their Marginal Cost of Funds-based Lending Rates (MCLR) for September 2025.
This means if you've got a home or business loan linked to these banks' MCLR, your interest payments should drop a little.
PNB's rates are down by about five basis points; Bank of India trimmed their one-month, three-month, and six-month MCLR by 10 basis points.
PNB's MCLR rates for September
PNB's overnight MCLR is now 8% (down from 8.15%).
One-month and three-month loans get small cuts too—now at 8.25% and 8.45%.
Longer-term borrowers see six-month loans at 8.65%, one-year at 8.80%, and three-year at 9.10%.
If your loan is tied to these rates, expect slightly easier repayments ahead.
Bank of India's updated MCLR for September
Bank of India's overnight MCLR drops to 7.95%.
One- and three-month terms are now set at 8.30% and 8.45%, while six months is at 8.70%, one year at 8.85%, and three years trimmed to an even 9%.
These tweaks mean lower EMIs for anyone with loans linked to BoI's updated MCLR system—always good news for your monthly budget!