Punjab National Bank (PNB) has announced that it has reduced interest rates on loans against gold jewellery and Sovereign Gold Bond (SGB) by 145 basis points (bps); this is part of its festive season offerings.
According to a press release issued by PNB, the bank is now offering loans against Sovereign Gold Bond (SGB) at 7.20% and loans against gold jewellery at 7.30%.
"Additionally, PNB has slashed the home loan rate which now starts from 6.60%, while customers can avail car loans starting from 7.15% and personal loans from 8.95%," stated the release.
During the festive season, PNB is also offering a full waiver of service charges/processing fee on the loans against gold jewellery and SGB, similar to home loans and vehicle loans announced recently.
"The bank has also slashed the margin on home loans. Hence, home loan seekers can now avail of loans up to 80% of the property's value without any upper ceiling on the loan amount," the bank stated.
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