New Delhi: Lending major Punjab National Bank (PNB) has decided to cut its benchmark lending rate by 5 basis points to 6.50 per cent, reported the livemint on Wednesday. With this step, all PNB loans including home, car, education, personal loans would become cheaper. “With effect from November 8, 2021, PNB to provide one of the lowest interest rates on car loans at 6.65% and further reduced home loan rates, which now start from 6.50%, making its banking service more attractive than ever before,” PNB said in a statement.
Besides, PNB will slash the interest rate on financing EVs and CNG vehicles to 6.65 per cent. “To meet the customers’ demand during the ongoing festival season, the interest rate on Personal Loans is reduced by 5 basis points (bps) to 8.90 per cent,” the lender said in a statement.
“Additionally, the limit on personal loans has been revised upwardly to Rs 20 lakh with a repayment period of 72 months,” it said. Furthermore, PNB will give an additional discount of up to 5 bps on home loan and 10 bps on car loan to customers applying through PNB’s various digital channels. “The customers onboarding through various digital channels like Internet Banking, PNB One Mobile App, etc, can avail of this benefit, thereby enhancing their online banking experience,” the statement added.
In addition, on the occasion of Diwali, PNB will offer a full waiver of service charges or processing fees on home, vehicle, personal, gold, and property loans. “With the reduction in the interest rate and zero processing fee, funds are available at a very competitive rate on a range of retail loan products for PNB customers,” it further said.
(With inputs from IANS)
