Punjab National Bank has reduced interest rates on loans against gold jewelery and sovereign gold bonds (SGB) by 145 basis points as part of a new offer for customers during the festive season. According to news agency ANI, the public sector lender will now offer loans at 7.20 per cent against sovereign gold bonds and 7.30 per cent against gold jewellery.
Punjab National Bank has also reduced the home loan rate, which now starts from 6.60 per cent, while customers can avail car loans from 7.15 per cent and personal loans from 8.95 per cent. The bank is offering complete waiver of service charges or processing charges on loans against gold jewelery and SGB – similar to the recently announced home loan and vehicle loan.
The country’s second largest public sector bank has also reduced the margin on home loans. As per Punjab National Bank’s home loan offer, home loan borrowers can now avail a loan of up to 80 per cent of the value of the property without any ceiling on the loan amount.
On Wednesday, October 13, shares of Punjab National Bank closed 0.48 per cent higher at Rs 41.45 on the BSE. Punjab National Bank opened at Rs 41.40 on BSE during the entire trading session today, touching an intraday high of Rs 42.05 and intraday low of Rs 41.30.
Meanwhile, the country’s largest lender State Bank of India has also slashed home loan interest rates to 6.7 per cent in its special festive season offer for customers seeking affordable loans. The bank’s home loan includes low interest charges, zero processing charges and is a credit score linked home loan.