Allahabad Bank and this bank raised lending rate by up to 10 basis poi – InterviewSolution

InterviewSolution

1.	Allahabad Bank and this bank raised lending rate by up to 10 basis points.
Answer» Allahabad Bank and PNB (Punjab National Bank) raised their marginal cost of funds-based lending rate (MCLR) by up to 10 basis points, with effect from July 1, 2018. One basis point equals one-hundredth of a percentage point. ? For loan of a six-month tenor, the borrowing rate will be costlier by 0.10 per cent to 8.40 per cent. ? For one year loan term, the new rates are up by 0.05 percent to 8.45 percent.

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