New Delhi: Following State Bank of India's
footsteps, Punjab National Bank on Thursday slashed home and car
loans by 50 basis points.
The bank has launched 'PNB Festival Season Bonanza
Offer 2009' that offers attractive rates to people during the
festival season. PNB's campaign comes a week after SBI's
three-month-long home loan campaign, offering loans at 8 per
cent.
"Under the offer, housing loans up to Rs 30 lakh will
be available at discounted rate of interest of 8.50 per cent
under fixed interest rate option (fixed for three years)
across all repayment tenors, besides full waiver of processing
(upfront) fee and documentation charges", PNB said in a
statement.
Margin also stands reduced to 15 per cent for housing
loans up to Rs 20 lakh, it said.
On car loans, a rebate of 0.5 per cent is offered to
prospective borrowers under fixed option.
The offer will be valid from tomorrow till October 31,
it added. At present, the fixed rate of interest offered by
bank is 9 per cent.
This is in continuation of several measures initiated
by the bank in the recent past to make its retail lending
schemes customer-friendly, it said.
The SBI home loan campaign has several interesting
schemes like the SBI Hi-Five Home loan that offers up to Rs 5
lakh at 8 per cent interest (fixed) for five years.
After five years, the customer has an option to choose
between a floating rate of 2.75 per cent below the State Bank
Advance Rate (SBAR) or a fixed rate of 1.25 per cent below
SBAR for another five years.
Those who need loans up to Rs 50 lakh can avail SBI
Easy Home Loan where interest is fixed at 8 per cent during
the first year and 8.5 per cent per annum during the second
and third year.
Thereafter, the customer can choose between a floating
rate at 2.75 per cent below SBAR or a fixed rate at 1.25 per
cent below SBAR.
Bureau Report
First Published: Thursday, August 13, 2009, 22:22