Festive offer: PNB lowers gold loan rates by 1.45 percentage points

During the festive season, PNB is likewise providing a full waiver of service charges/processing cost on the loans against gold jewellery and SGB, comparable to mortgage and lorry loans announced recently.

PTI

October 13, 2021 / 05:56 PM IST

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State-owned Punjab National Bank (PNB) on Wednesday slashed the interest rate on loans versus gold jewellery and Sovereign Gold Bond by 145 basis points or 1.45 portion points as part of its festive offer.PNB now uses loans against Sovereign Gold Bond(SGB )at 7.20 percent and loans versus gold jewellery at 7.30 per cent, the bank stated in a statement.Additionally, it stated, PNB has slashed

the mortgage rate which now begins from 6.60 per cent, while customers can avail vehicle loans beginning from 7.15 per cent and personal loans from 8.95 percent, one of the most affordable in the industry.During the festive season, PNB is also offering a full waiver of service charges/processing cost on the loans against gold jewellery and SGB, comparable to mortgage and car loans announced recently.The bank has likewise slashed the margin on mortgage and the debtor can now get loans up to

80 percent of the residential or commercial property’s value with no upper ceiling on the loan amount, it stated.