PNB cuts floating interest rates on home, car loans
By Mumbai: | 22 Sep 2006
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Mumbai: Punjab National Bank (PNB) has announced a 0.25 per cent reduction in floating rates for home and car loans for the festival season. The bank has also reduced the processing charges on these loans by half while it has altogether done away with documentation charges. "A reduction of 0.25 per cent is offered under bank's housing loan scheme (floating option) for all tenors of repayments up to 20 years," PNB said in a statement
Under the revised rates, housing loan would now be available at 8.5 per cent, 8.75 per cent and nine per cent for tenors of up to five years, five to 10 years and 10 to 20 years, respectively.
Car loans with maturity of five to seven years would be charged at 8.5 per cent against the earlier 8.75 per cent, PNB said.
PNB, however, said the interest rate rebates are available only for a limited period. The bank had raised home loan rates by 0.5 per cent and prime lending rate by 0.25 per cent on August 1.
