Punjab National Bank lowered its interests rates on loans against gold jewellery and Sovereign Gold Bond (SGB) by 145 basis points, as part new range of offers for customers amid the festive season. The public-sector lender will now offer loans against sovereign gold bonds at 7.20 per cent and loans against gold jewellery at 7.30 per cent, according to news agency ANI.
Punjab National Bank has also reduced the home loan rate, which now starts from 6.60 per cent, while customers can avail car loans starting from 7.15 per cent and personal loans from 8.95 per cent. The bank is also offering a full waiver of service charges or processing fees on the loans against gold jewellery and SGB - similar to home loans and vehicle loans announced recently.
The country's second-largest public sector bank also slashed the margin on home loans. Customers seeking home loans can now avail of loans up to 80 per cent of the property's value without any upper ceiling on the loan amount, according to Punjab National Bank's home loan offer.
On Wednesday, October 13, shares of Punjab National Bank settled 0.48 per cent higher at Rs 41.45 on the BSE. Punjab National Bank opened on the BSE at Rs 41.40, touching an intra day high of Rs 42.05 and an intra day low of Rs 41.30 throughout the trading session today.
Meanwhile, State Bank of India- the country's largest lender, also reduced home loan interest rates to 6.7 per cent in its special festive season offer, for customers seeking affordable loans. The bank's home loans consist of low interest charges, zero processing charges and is a credit score linked home loan.