PNB slashes home, car loan rates

The public sector bank announces a 0.25% cut on floating home and car loan rates with effect from September 23.

State-owned Punjab National Bank (PNB) on Friday announced a 0.25 per cent cut on floating home and car loan rates for the festival season with effect from September 23.

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The bank has also halved the processing fees on home and car loans while waiving the documentation charges fully.

"A reduction of 0.25 per cent is offered under bank's housing loan scheme (floating option) for all tenor of repayments up to 20 years," PNB in a statement said.

Housing loan is now available at 8.5 per cent, 8.75 per cent and 9 per cent for repayment tenor of up to 5 years, above 5 years to 10 year and above 10 years to 20 years, respectively.

The bank has waived documentation charges fully on processing fees, a rebate to the extent of 50 per cent is available during the Festival Season Bonanza.

PNB has also reduced interest rates on car loans by 0.25 per cent to 8.5 per cent for maturities up to 5-7 years.

The rebates under the festival season bonanza are available for a limited period, the bank said.

With interest rates hardening, PNB had raised home loan rates by 0.5 per cent and prime lending rate by 0.25 per cent on August 1.