New Delhi, February 20 (HS): Public sector Punjab National Bank (PNB) has announced a reduction of 0.25 percent in interest rates on retail loans including housing and vehicle loans. After this reduction, the rate of housing loan under various schemes of PNB has come down to 8.15 percent. The new rates of the bank are effective from February 10.

Punjab National Bank said in a statement issued on Thursday that the bank has revised the rate of housing loan under various schemes to 8.15 percent. The bank said that the revised rates will be applicable to various types of products including home loan, car loan, education and personal loan. PNB said this will ensure that customers will continue to get diverse financing options while the new rates are effective from February 10, 2025.

The bank said in a statement, Customers can avail full waiver of advance processing fee and documentation fee till March 31, 2025. The interest rate in the traditional home loan scheme starts from 8.15 per cent per annum, with an EMI of Rs 744 per lakh.

Along with this, the interest rate for financing new and old (both cars) motor vehicle loan will start from 8.50 per cent per annum, with an EMI of Rs 1,240 per lakh.

Earlier this month, State Bank of India (SBI) had reduced the interest rate on retail loans including housing by 0.25 per cent in line with the Reserve Bank of India's (RBI) policy rate repo rate cut by 0.25 per cent.

Hindusthan Samachar / Jun Sarkar