Good News! PNB waives processing fee for home, car loans till Sept 30

Zee Media Bureau

New Delhi: In a first in the current fiscal, Punjab National Bank has waived processing fee and documentation charges for new housing and car loans till September 30 as a part of its three-month 'monsoon bonanza' offer.

In a statement, the state-owned bank said the three-month 'monsoon bonanza' offer would end in September 30.

With an aim to focus on retail, especiallly housing and car, in the current financial year, the bank has put up the offer.

During the period the bank will be offering full waiver of upfront/processing fees and documentation charges for housing and car loans sanctioned from July 1 to September 30, it said.

Recently, the bank also slashed fixed deposits rates by 0.25 percent on select maturities.

For the quarter ended March 2016, PNB posted a record high quarterly loss by any public sector lender at Rs 5,367 crore. The second-largest public sector bank reported a net profit of Rs 306.56 crore in the corresponding period of 2014-15.

Provision for NPAs rose more than three-fold to Rs 11,380 crore in the fourth quarter as compared to Rs 3,281 crore in the same period a year ago.

The Gross Non-Performing Assets (NPAs) rose significantly to 12.9 per at the end of March 2016, from 6.55 percent a year ago. The net NPAs too rose to 8.61 percent against 4.06 percent at March 2015.

With PTI Inputs