Punjab National Bank slashes rates by 50 basis points

February 25th, 2008 - 9:54 pm ICT by admin  

Mumbai, Feb 25 (IANS) Following the latest trend in the public banking sector, the Punjab National Bank (PNB) announced Monday that it has reduced the benchmark prime lending rate (BPLR) by 50 basis points (bps) from the existing level of 13 percent to 12.50 percent per annum. In a filing with the Bombay Stock Exchange (BSE), the bank said the revised interest rate would come into effect from March 1, 2008.

The bank has also selectively reduced its interest rates by 50 bps on loans, which are not linked to BPLR such as housing loans above Rs.2 million ($50,043) where interest rate will be in the range of 9.5 percent to 10.5 percent (against the existing rates ranging from 10 percent to 11 percent).

Further, the interest rates in respect of loans granted for second house have also been slashed by 50 bps and similarly, car and consumer loans (personal loans) will also witness reduction by 50 bps to 100 bps.

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