The country’s second largest government bank PNB (PNB-Punjab National Bank) has made a big announcement for its customers. The bank has reduced the loan interest rates before the festivals.
Punjab National Bank (PNB-Punjab National Bank) has reduced the interest rates based on the repo rate. The bank has reduced the interest rates from 6.80 percent to 6.55 percent. In a statement issued by the bank, it has been said that the new rates have come into effect from Friday, September 17. At the behest of RBI, many banks have started linking their home loans to the repo rate. With this step, the borrowers get the benefit immediately when the repo rate is reduced. Repo rate is the rate at which banks borrow from RBI.
PNB gave a gift to its customers
Many banks are reducing interest rates before Dussehra and Diwali. After SBI, now PNB has also taken this decision. From Friday, the interest rates of loans based on the repo rate have come down to 6.55 percent. This will give great benefit to the customers. Home loan EMI will be reduced by 0.25%.
These banks also made loans cheaper
The country’s largest government bank SBI has also waived processing fees under the festive loan offer. SBI had announced a reduction of 0.05 percent on loan interest rates. Now the new interest rates of SBI have become 7.45 percent. Apart from this, the bank has also announced a reduction of 5 basis basis points in the lending rate (PLR), after which it will be 12.20 percent.
Bank of Baroda (BoB) has also cut 25 basis points (0.25 per cent) on home loans and auto loans. After this, home loan will be offered at 6.75 percent and auto loan at 8 percent. Apart from this, Bank of Baroda has completely waived processing fees on home loans.
Private sector big bank Kotak Mahindra Bank has cut the interest rate of home loan by 0.15 percent. The bank is now providing home loan at the rate of 6.50 percent.
Home loans at this rate are offered during festivals and will be available only for two months till November 8. The loan at this reduced rate will be given to the customers with the highest credit score coming from the salaried class.
