Punjab National Bank, the second-largest state-owned lender, on Thursday announced reduction in interest rates by up to 25 basis points on retail advances, including housing and auto loans, following the 25-bps repo rate cut by the Reserve Bank of India (RBI). The revised rates come into effect from February 10.
“The rate adjustment aligns with the bank’s commitment to providing competitive financial solutions while adapting to evolving market conditions. The revised rates apply to a wide range of products, including home loans, car loans, education and personal loans, ensuring that customers continue to receive diverse financing options,” PNB said in a release.
After the revision, the interest rate on its home loans starts from 8.15% per annum. Customers can benefit from a complete waiver of upfront processing fees and documentation charges till March 31, the lender said.
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As far as auto loans are concerned, for financing both new and used cars, the rate starts from 8.50% per annum.
In order to encourage sustainable mobility, the lender is now offering a 0.05% lower rate beginning at 8.50%.
In case of education loans, the minimum card rate has been reduced to 7.85%. Customers can avail of personal loans of up to Rs 20 lakh through a seamless digital process, it said, adding that the revised rate starts from 11.25%.
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