Punjab National Bank slashed home and car loan rates by 50 basis points where the bank has launched ''PNB Festival Season Bonanza Offer 2009'' that offers attractive rates to people during the festival season. However, PNB''s campaign is said to come a week after SBI''s three-month-long home loan campaign, offering loans at 8%.
However, it is said that under the offer, housing loans up to Rs 30 lakh will be available at discounted rate of interest of 8.50% under fixed interest rate option across all repayment tenors, besides full waiver of processing fee and documentation charges whereas margin also stands reduced to 15% for housing loans up to Rs 20 lakh.
As for car loans, a rebate of 0.5% is offered to potential borrowers under fixed option and is said to be valid from tomorrow till October 31 while att present, the fixed rate of interest offered by bank is 9%.
However, it is said that under the offer, housing loans up to Rs 30 lakh will be available at discounted rate of interest of 8.50% under fixed interest rate option across all repayment tenors, besides full waiver of processing fee and documentation charges whereas margin also stands reduced to 15% for housing loans up to Rs 20 lakh.
As for car loans, a rebate of 0.5% is offered to potential borrowers under fixed option and is said to be valid from tomorrow till October 31 while att present, the fixed rate of interest offered by bank is 9%.
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