PNB reduces the loan rate to 6.50%; Home and car loans will become cheaper

PNB has indicated that it will offer one of the lowest interest rates on auto loans at 6.65%. Mortgage rates, under the bank, will start from 6.50%.

Public lender Punjab National Bank (PNB) announced that it had cut its benchmark lending rate by 5 basis points to 6.50% on November 4. With this decision, all PNB loans like education, home, car or personal loans would become comparatively cheaper amid the current holiday season. According to the bank, from November 8, the Repo Linked Lending Rate (RLLR) will be reduced from 6.55% to 6.50%. Earlier on September 17, the bank had reduced its RLLR from 6.80% to 6.55%.

PNB has indicated that it will offer one of the lowest interest rates on auto loans at 6.65%. Mortgage rates, under the bank, will start from 6.50%. According to PNB, the changes will make its banking services more attractive than ever. The big loan company also cut the interest rate on electric vehicles and CNG vehicles to 6.65%. The personal loan will now be available at 8.90%, with its rates also lowered by 5 basis points (bps).

Considering the convenience of its customers, PNB has announced a new toll-free number. Customers can use the number to apply for different types of loans with the best deals available. In a tweet, PNB wrote, “Give a missed call at 1800-180-5555 and let our customer service providers get back to you with some of the best deals. He also mentioned that customers can apply through various other banking channels.

As of June 30, 2021, Punjab National Bank has a range of 36,851 distribution channels. The public sector bank runs a chain of 10,641 domestic branches, 13,690 ATMs, two international branches and 125.18 business correspondents. It is the second largest public sector bank in the country and its overall (worldwide) business stands at Rs. 18,23,685 crores.

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