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PNB Revises Interest Rates On Retail Loans: Take A Closer Look At What’s Changing

The newly adjusted rates (effective starting February 10, 2025) span over multiple loan products such as car, personal, education, and home loans. Check out the revised rates and any processing fees or pre-payment and documentation charges.

New Interest Rates

For borrowers looking to finance their dream home, car, education, or personal expenses, Punjab National Bank (PNB) has recently revised its interest rates on retail loans.

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The newly adjusted rates (effective starting February 10, 2025) span over multiple loan products such as car, personal, education, and home loans. This rate revision has been announced to meet evolving market conditions, the public sector bank states in an official release.

Let’s review PNB’s newly adjusted interest rates across categories;

1) Home loan

PNB has revised its home loan interest rates starting from 8.15 per cent per annum and waived key charges for the following products;

PBN Digi Home Loan: With the rate of interest starting from 8.15 per cent per annum, home buyers can get a loan up to Rs 5 crore under this offering. It can be availed digitally anywhere and the EMI starts from Rs 744 per lakh. Additionally, this loan offering comes with zero pre-payment charges, processing fees, and documentation charges.

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Those looking to avail of this loan can visit PNB’s online platform by logging in here.

PNB Home Loan: This is a traditional home loan scheme that offers a rate of interest starting at 8.15 per cent per annum. With EMI starting at Rs 744 per lakh, this loan also can benefit customers with a waiver of upfront processing fees and documentation charges if availed till 31 March 2025.

Moreover, borrowers can also get an overdraft of up to Rs 25 lakh or a term loan of up to Rs 1 crore for their personal needs. Till March 31, 2025, this loan is offering around 50 per cent waiver on legal and valuation charges for home loan takeovers.

PNB Gen-Next Home Loan Scheme: Created for young salaried professionals such as IT and government employees, this home loan scheme offers up to 1.25 times the eligibility amount, with a 60-month moratorium period and repayment tenure of up to 30 years.

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PNB Max Saver: For high-income earners, this overdraft-based scheme allows borrowers to park surplus funds in their loan accounts to reduce interest liability. Interest rates start at 8.30 per cent per annum for this loan scheme.

Full waivers on processing fees and documentation charges are available for both Gen-Next Home Loan Scheme and Max Saver till 31 March 2025.

2) Car Loans

Extending a variety of auto loan schemes, PNB has revised interest rates for the following car loans;

PNB Digi Car Loan: Designed as a completely digital option, this scheme offers an interest rate starting from 8.50 per cent per annum, with an EMI of Rs 1,240 per lakh. The maximum loan amount being offered is Rs 20 lakh.

Borrowers can apply for this loan via the online platform by logging in here.

PNB Car Loan: This scheme is available for both new and used cars and the rates start from 8.50 per cent per annum. With EMIs starting from Rs 1,240 per lakh borrowers can avail of this loan up to Rs 100 lakh, with 100 per cent financing of the ex-showroom price (for used cars).

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PNB Green Car Loan: As the name suggests, this loan offer is extended keeping sustainability business in mind. The bank is giving a 0.05 per cent concession on electric vehicle loans, with a starting interest rate of 8.50 per cent per annum and a repayment tenure of up to 120 months.

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