Punjab National Bank (PNB) has revised its interest rates for several loan products, including home, car, and personal loans. The revisions aim to "provide more equitable and competitive interest rates to PNB customers".
Here are the new interest rates for PNB’s loan products:
Home Loans:
- For a 20% deposit, the interest rate has been revised from 8.50% to 8.30% per annum, with a processing fee of 0.25% of the loan amount.
- For a 10% to 20% deposit, the interest rate has been revised from 8.75% to 8.50% per annum, with a processing fee of 0.35% of the loan amount.
- For a 0% to 10% deposit, the interest rate remains unchanged at 9.25% per annum, with a processing fee of 0.50% of the loan amount.
Car Loans:
- For a 20% down payment, the interest rate has been revised from 9.50% to 9.25% per annum, with a processing fee of 0.25% of the loan amount.
- For a 10% to 20% down payment, the interest rate has been revised from 10.00% to 9.75% per annum, with a processing fee of 0.35% of the loan amount.
Personal Loans:
- For a maximum loan amount of Rs.10 lakh, the interest rate has been revised from 12.50% to 12.25% per annum, with a processing fee of 1.50% of the loan amount.
- For a maximum loan amount of Rs.20 lakh, the interest rate has been revised from 12.75% to 12.50% per annum, with a processing fee of 1.75% of the loan amount.
The revised interest rates and processing fees are applicable to new loan applications received from October 1, 2022. Existing loan customers can also opt for the revised rates and fees on fresh disbursements.
According to PNB, the revised rates aim to provide more affordable and competitive borrowing options for its customers, making it easier for them to achieve their financial goals. The bank also claims that the revisions are in line with the current market trends and its commitment to providing "best-in-class lending solutions" to its customers.