Punjab & Sind Bank cuts interest rate on new home, auto loans

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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