India’s 2nd largest public sector bank: Punjab National Bank has decided to slash interest rate on home loan, auto loan and other loans.
How will this impact the end user?
Keep reading to find out more!
PNB Slashes Interest Rate On Home, Auto
As a Diwali gift for millions of their consumers, Punjab National Bank has decided to slash interest rate for a wide spectrum of loans.
As per the information shared, PNB has decided to reduce the interest rates by 5 basis points to 6.50% now.
Besides, the Repo Linked Lending Rate (RLLR) has also been reduced from 6.55% to 6.50%.
With these current interest rates, PNB is now offering one of the cheapest home loan and auto loan.
PNB said, “With effect from November 8, 2021, PNB to provide one of the lowest interest rates on car loans at 6.65% and further reduced home loan rates, which now start from 6.50%, making its banking service more attractive than ever before,
How Will It Impact Consumers?
For the consumers who are about to opt for home loan or auto loan, they can now get loans at a cheaper rate, and will be able to save more money.
Home loan at 6.5%, and auto loan at 6.65% is definitely one of the cheapest right now, especially when compared to private sector banks and NBFCs.
Note here, that the interest rate for electric cars and CNG cars is set at 6.65%, which is lower than 6.75% interest rate for other cars.
This special incentive for electric cars have been introduced under Centre’s push for electric mobility.
Interest rate on Personal loan too has been reduced by 5-basis point, and is 8.9% currently.
If a consumer takes personal loan, then the limit has been enhanced to Rs 20 lakh, and re-payment tenure increased to 72 months.
We will keep you updated, as more details come in.