PNB announces revised interest rates on retail loans. Details here | Mint

Punjab National Bank (PNB) has revised interest rates in its retail loan book with effect from February 10, 2025. The revision aims to provide more competitive financial solutions and respond to changing market conditions as detailed in a press release by the bank on February 20, 2025. 

Further, the revised rates cover home loans, auto loans, education loans, and personal loans, providing customers with diversified and low-cost financing opportunities.

What are the changes in home loan rates?

PNB has updated its home loan rates ranging from 8.15% per annum. The borrowers can get loans of up to ₹5 crore without any prepayment penalties, without processing charges, and without documentation charges with the facility of PNB Digi Home Loan. The PNB Gen-Next home loan scheme for young professionals gets loans of a maximum of 1.25 times the applicant’s eligibility, and the repayment tenure stretches to 30 years.

PNB Max Saver – Home Loan Scheme: This is a scheme for upper-income salary earners. It also enables the customers to avail an overdraft facility with a view to lowering their cost of interest to at least 8.30% per year. All such home loan schemes offer waiver of processing and document charges up to March 31, 2025.

What are the changes in car loan rates?

PNB has revised its car loan deals with a minimum rate of 8.50% per annum. Further, PNB Digi Car Loan for online customers provides loans of ₹20 lakh at an EMI of ₹1,240 per lakh. Green customers can avail the PNB Green Car Loan with an extra 0.05% discount.

What are the changes in education loans for students?

This particular loan product of the bank aims to fund higher education, PNB’s Digi Education Loan is 7.85% per annum, offering collateral-free loans. Whereas the PNB Saraswati and PNB Udaan schemes, facilitating students studying in India and abroad, offer the loans at 9% interest and no processing charge.

What are the enhancements in personal loans and overdraft facilities?

PNB has also enhanced its retail loan business through pre-approved personal loans at 11.25% per annum. The PNB Swaagat facility provides for ₹10 lakh loan with a quick, OTP-based approval process. Overdraft on fixed deposits is also available as an option for customers, providing liquidity without any penalty of early withdrawal.

How to get complete details about the PNB interest rates and retail loans?

Loan applicants can get details of the changes and updates for these schemes at their local PNB office or by visiting the official website of the bank. For any other queries you should reach out to the customer support team of the bank.

(Note: Raising a loan comes with its own risks. So, due caution is advised)