Middle-Class Relief! After SBI, PNB Slashes Loan Rates, No Processing Fee Till March 31

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After India’s largest government bank, SBI, now the second-largest, PNB, has also made loans cheaper for customers. On Thursday, Punjab National Bank (PNB) reduced interest rates on retail loans by up to 25 basis points. This decision comes after the Reserve Bank of India (RBI) cut the repo rate.

PNB has lowered interest rates on home loans, car loans, education loans, and personal loans. In a statement, the bank said this step aims to provide customers with better financial options.

After five years, the RBI reduced the repo rate by 25 basis points to 6.25% on February 7. The repo rate is the interest rate at which banks borrow from the RBI. When banks get cheaper loans, they pass on the benefits to customers.

PNB Slashes Loan Interest Rates

PNB has announced lower interest rates on several types of loans, effective February 10th. Here’s a breakdown:

  1. Home Loans: Interest rates start at 8.15% per year. The monthly payment (EMI) will be Rs 744 for every Rs 1 lakh borrowed. This applies to their standard home loan plan.
  2. Car Loans: Interest rates for both new and used cars start at 8.50% per year. The EMI is Rs 1,240 per lakh. If you’re buying an eco-friendly car, you get an extra 0.05% discount, making the rate 8.45%.
  3. Personal Loans: You can borrow up to Rs 20 lakh for a personal loan online. The interest rate starts at 11.25% per year.

No Processing Fee, No Documentation Charges

PNB has announced that customers can avail loans without any paperwork. The bank has waived processing fees and documentation charges till March 31, 2025. These new interest rates will be applicable from February 10, 2025. It is worth noting that before PNB, the State Bank of India (SBI) had also reduced interest rates on retail loans, including home loans, by 25 basis points this month.

About the Author

Avijit Das

A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard...

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AvijitDas@tb.com Author at TimesBull TimesBull
A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard football fan, proud Madridista, and loyal Juventus Tifoso, I have turned my passion into my profession. For me, sports aren't just entertainment; they are a way of life and a story worth telling every day. For inquiries, contact me at timesbull@gmail.com.
Avijit Das - Author at TimesBull
About the Author

Avijit Das

Avijit Das - Author at TimesBull

A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard...

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