New Delhi : Punjab National Bank (PNB) is one of the popular public sector banks in the country. This festive season, PNB brings good news to its customers. PNB has decided to reduce the interest rate on gold loans. According to the bank, if a person takes a loan against gold jewelery and sovereign gold bonds, then he will be given a rebate of 145 basis points or 1.45 percentage points.
According to PNB:
After reducing the interest rate, loans are being given on sovereign gold bonds at 7.20% and gold jewelery at 7.30 percent. Along with this, PNB also said that the interest rates on home loans have also been reduced, which is currently starting from 6.60 percent. The bank has also given information about the rates of other loans. According to PNB, customers are being provided car loans at the rate of 7.15 percent and personal loans at the rate of 8.95 percent. PNB has said that the rate at which the loan is being provided at present is the lowest rate in the market.
Other types of loans:
In view of the festive season, PNB has made many other announcements. Punjab National Bank has said that service charge and processing fee on Gold Jewelery and Sovereign Gold Gold has been waived off to enhance customer delight during the festive season. Similar discounts are also being given on recently announced home loans and auto loans.
Customers can avail these loans without paying any service charges and processing fees. PNB has also reduced the home loan margin under which customers can take up to 80% of their property value as a loan. The maximum loan amount is not fixed, the creditor can take as much loan as he wants.
Earlier this rate was:
The rate of PNB gold loan used to start from 8.50 per cent and its tenure ranged from 1 month to 12 months. PNB offers various facilities in giving loan against jewellery, such as EME scheme, bullet repayment scheme, overdraft scheme etc. PNB Agriculture also gives Gold Loan. That is, gold is lent for agriculture and its interest is less than the regular customer. Earlier, processing fee was charged on gold loan by adding 0.70 percent plus tax. The loan amount ranges from 1,000 to 10 lakhs. There is no repayment charge for this. Now loan is being given on gold jewelery at the rate of 7.30 percent.