Punjab National Bank on Wednesday cut its benchmark loan rates by five basis points, making the bank’s home, auto and other loans cheaper. The bank has cut the benchmark lending rate by five basis points and now it has come down to 6.50 percent. The new rates will be applicable from 8 November 2021.
Repo linked lending rate cut
PNB’s regulatory filing said that the Repo Linked Lending Rate (RLLR) has come down from 6.55 per cent to 6.50 per cent. These rates will be applicable from November 8, 2021. With the reduction in RLLR, all loans of PNB including home, car, education, personal will become affordable. On September 17, the bank had reduced the RLLR from 6.80 per cent to 6.55 per cent.
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Cheapest car loan claim
The bank has said in its statement that from November 8, 2021, PNB will give the cheapest car loan. The home loan rate will also be further reduced, which now starts at 6.50 per cent. Further, to boost the government’s efforts towards adoption of electric and green vehicles, PNB has reduced the interest rate on e-vehicles and CNG vehicles to 6.65 per cent, while it starts from 6.75 per cent for other cars. Is.
The bank has reduced the personal loan rate by 5 basis points (bps) to 8.90 percent. Additionally, the personal loan limit has been increased to Rs 20 lakh with a repayment period of 72 months. Has been done. RLLR was introduced in October 2019. It is a floating rate-based personal or retail loan, linked to an external benchmark, such as the Reserve Bank of India (RBI) repo rate.
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