PNB
cuts floating interest rates on home, car loans
22
September 2006
Mumbai:
Punjab National Bank (PNB) has announced a 0.25 per
cent reduction in floating rates for home and car loans
for the festival season. The bank has also reduced the
processing charges on these loans by half while it has
altogether done away with documentation charges.
"A
reduction of 0.25 per cent is offered under bank's housing
loan scheme (floating option) for all tenors of repayments
up to 20 years," PNB said in a statement
Under
the revised rates, housing loan would now be available
at 8.5 per cent, 8.75 per cent and nine per cent for
tenors of up to five years, five to 10 years and 10
to 20 years, respectively.
Car
loans with maturity of five to seven years would be
charged at 
8.5
per cent against the earlier 8.75 per cent, PNB said.
PNB,
however, said the interest rate rebates are available
only for a limited period. The bank had raised home
loan rates by 0.5 per cent and prime lending rate by
0.25 per cent on August 1.
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