Archive · 2 Sep 2025
PNB and Bank of India Cut Lending Rates for September
Banks like Punjab National Bank (PNB) and Bank of India (BOI) are lowering their interest rates.
These banks use something called MCLR to decide how much interest they charge on loans.
MCLR is like a minimum rate.
Because of this change, loans like home, personal, and business loans that are linked to MCLR will likely have lower interest rates.
Personal loans with fixed rates won't be affected.
PNB and BOI have changed their interest rates, with the overnight MCLR rates from PNB falling from 8.15 percent to 8 percent.
Punjab National Bank and Bank of India have reduced their MCLR-based lending rates.
MCLR is the minimum rate banks use to calculate interest on loans.
PNB's overnight MCLR has been cut to 8 percent.
Bank of India has also revised its MCLR across different loan tenures.
Changes affect loans linked to MCLR, such as home, personal, and business loans.
- Who
- Punjab National Bank and Bank of India
- What
- Have cut their MCLR-based lending rates.
- When
- September
- Where
- Not specified.
- Why
- To adjust interest rates on loans.
- Banks
- PNB, Bank of India
- Rate Type
- MCLR
- PNB Overnight MCLR (Old)
- 8.15%
- PNB Overnight MCLR (New)
- 8%
- BOI 1-Month MCLR (New)
- 8.30%