Punjab & Sind Bank cuts interest rate on new home, auto loans
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Last Updated: Tuesday, September 15, 2009, 21:34
  
New Delhi: State-run lender Punjab & Sind Bank has announced lower interest rates for home and auto loans ahead of the festival season.

The new interest rate for new home loans of up to Rs 20 lakh is 8.25 per cent for the first 24 months, 9 per cent for the next 36 months and thereafter it would be minus 2.5 per cent of the prime lending rate but subject to a minimum of 10 per cent, the bank said in a statement.

Earlier, the average interest rate of the bank was priced between 10 and 11 per cent.

For new auto loans, the bank has reduced interest rates by 50 basis points for loans up to Rs 10 lacs.

The revised rates will be applicable for all fresh home and auto loans with effect from September 21, 2009, onwards and shall remain in force till the end of this calendar year, the statement added.

"Where collateral security is available, these loans shall attract still lower rates starting from 9.75 per cent per annum onwards linked to Bank's BPLR," the bank said.

Bureau Report


First Published: Tuesday, September 15, 2009, 21:34


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