State-run bank Punjab National Bank (PNB) has introduced the festival offer. It has reduced the interest rates on gold loans. Home loans and car loans have also been made cheaper.
PNB reduces interest rates on loans
- PNB reduced interest rates on loans against gold jewelery and sovereign gold bonds.
- PNB has also cut interest rate on home loans.
- The bank claims that this is one of the lowest rates in the industry.
New Delhi : State-run Punjab National Bank (PNB) on Wednesday reduced the interest rate on loans against gold jewelery and sovereign gold bonds by 1.45 per cent as part of its festive offer. The bank said in a statement that PNB will now offer loans against Sovereign Gold Bonds (SGBs) at 7.20 percent interest and against gold ornaments at 7.30 percent interest.
Apart from this, PNB has also cut interest rate on home loans. It now starts at 6.60 per cent, while customers can avail car loans at 7.15 per cent and personal loans at 8.95 per cent interest. The bank claims that this is among the lowest rates in the industry.
During the festive season the bank is offering complete waiver of service charges/processing charges on gold jewelery and SGB loans, similar to home loans and vehicle loans. The bank has also reduced the margin on home loans. Loan borrowers will now be able to take loans up to 80 percent of the property value.
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