PNB slashes interest rates by 50 basis points

Punjab National Bank PNB today reduced its BPLR by 50 bps that is to be effective from the 1st of March this year. The bank lowered its interest rates from 13 per cent to 12.50 per cent.

Apart from BPLR, the bank also reduced on its Housing loans interest rate for above Rs 20 lakhs which is to be in the range of 9.5 per cent to 10.50 per cent while the interest rates for housing loans below 20 lakhs continue to remain in the range of 9 to 10 per cent.

PNB believes that this measure shall benefit all borrowers who are availing loans linked to the BPLR, which shall be based on credit risk rating. The Maximum benefit shall be reaped by small borrowers including pensioners, small and medium enterprises, and those availing education loans, the bank said on Monday in its statment.