Punjab National Bank, Bank of Baroda reduce lending ratesDecember 29th, 2008 - 2:31 pm ICT by IANS
New Delhi, Dec 29 (IANS) Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.PNB’s revised BPLR shall be applicable for all existing and new accounts for loans and advances.
PNB also reduced its peak deposit rate from 9.5 percent annually to 8.5 percent for deposits of one year to less than three years. Accordingly, interest rates in the time periods having maturities of 46 days and above have also been reduced by 25 basis points to 125 basis points from Jan 1.
Additionally, PNB also reduced interest rates on various retail lending schemes like floating rate housing loans and car and education loans by 50 basis points. The interest rates on fixed rate housing loans have been reduced up to 175 basis points.
Further, the bank has introduced a new housing loan scheme - the PNB special housing loan scheme - for new accounts from Jan 1 till June 30.
Under this scheme, interest at 8.5 percent will be charged under a fixed housing loan up to Rs.500,000 for up to 20 years, and 9.25 percent interest for fixed rate housing loans of above Rs.500,000 to Rs.2 million (Rs.20 lakh) for a maximum period of 20 years.
The interest rate for the scheme will be reset July 1, 2014.
- More state-owned banks reduce lending rates (Lead) - Dec 29, 2008
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- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- PNB reduces lending rate by 50 basis points - Apr 30, 2009
- SBI reduces educational loan rates by up to 1 percent - Feb 27, 2012
- Small home loan borrowers to get 1 percent interest subsidy - Oct 25, 2011
- Union Bank raises interest rates - Dec 18, 2010
- Punjab National Bank cuts lending rates - Jan 30, 2009
- Indian Overseas Bank raises lending rate - Jul 01, 2011
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- India's central bank cuts rates to push growth (Lead) - Apr 17, 2012
- SBI to hike lending rates, loans get dearer - Apr 19, 2011
- Indian Overseas Bank hikes base rate - Jul 30, 2011
- UCO Bank raises prime lending rate by 25 basis points - Aug 09, 2010