Punjab National Bank (PNB) lowers rates on home, car loan. State-owned Punjab National Bank (PNB), on Monday, slashed interest rates on home and car loans by up to 0.5 percentage points.
In the housing loan segment, the rate has been reduced by 0.25 percentage point while interest rate on car loans has been slashed by 0.5 percentage points effective September 3.
The decision to lower rate comes within days of Finance Minister P. Chidambaram asking PSU banks to cut interest rates with a view to boosting sales of consumer goods and promoting growth. The Minister had cited the example of SBI on how EMI reduction boosted the sales of cars.