Punjab National Bank slashes loan interest rates by 25 bps

Government-backed Punjab National Bank announced a reduction in interest rates by up to 25 basis points on retail loans, including housing and auto loans, following the RBI rate cut. Following this, shares of Punjab National Bank rose 2.77% higher at Rs 95.43 apiece on the NSE.

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 statement.

Following the rate cut, PNB has revised the home loan rate to 8.15% under various schemes. Customers can benefit from a complete waiver of upfront processing fees and documentation charges till March 31, 2025, it said.

The traditional home loan scheme offers a rate of interest starting from 8.15% per annum with an EMI of Rs 744 per lakh, it said. Concerning auto loans, it said, that for financing both new and used cars, the rate starts from 8.50% per annum with EMIs as low as Rs 1,240 per lakh.

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To promote sustainable mobility, PNB is offering a 0.05% concession in the interest rate, which starts from 8.50% per annum. The starting EMI is Rs 1,240 per lakh. Customers can benefit from an extended repayment tenure of up to 120 months and enjoy 100% financing of the ex-showroom price. 

For education loans, the minimum card rate has been reduced to 7.85% per annum. Customers can apply for personal loans of up to Rs 20 lakh through a seamless digital process, eliminating the need for branch visits or paperwork. The revised interest rates for personal loans start from 11.25%. 

These new rates are effective from February 10, according to PNB.

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