PNB Cuts Benchmark Lending Rate By 5 basis Points To 6.50%: Details Inside

The public sector lender Punjab National Bank (PNB) unveiled a 5 basis point reduction in its benchmark lending rate to 6.50 percent on Wednesday. According to the bank, the Repo Linked Lending Rate (RLLR) has been adjusted from 6.55 percent to 6.50 percent as of November 8. All loans, including home, car, education, and personal loans, would become affordable in the ongoing festive season as the RLLR has been reduced. On September 17, the bank reduced its RLLR from 6.80 percent to 6.55 percent.

"With effect from November 8, 2021, PNB will provide one of the lowest interest rates on car loans at 6.65% and further reduced home loan rates, which now start from 6.50%, making its banking service more attractive than ever before," PNB reported in an official statement. PNB, on the other hand, has reduced the interest rate on e-vehicles and CNG vehicles to 6.65%, and personal loan rates have also been lowered by 5 basis points (bps) to 8.90 percent.

For the convenience of its customers, PNB has also announced a new toll-free number using which they can apply for various types of loans with the best available deals. For the same PNB has Tweeted that "Give a missed call at 1800-180-5555 & let our customer service providers reach out to you with some of the best deals. You can also apply through various other banking channels."

Punjab National Bank has a range of 36851 delivery channels as of June 30, 2021, with a chain of 10641 domestic branches, 2 international branches, 13690 ATMs, and 12518 Business Correspondents. PNB is the country's second-largest public sector bank, with a worldwide overall business of Rs. 18,23,685 crore.