Taking cues from the country's largest lender, SBI, public sector lender Punjab National Bank today announced a cut in car loans by 50 basis points with effect from tomorrow.
The car loan would come down to 10.5-11 per cent from the existing 11-11.5 per cent, PNB said in a statement.
Earlier this month, SBI had announced to freeze interest rate for one year at 10 per cent on new car loans availed on or before May 31.
SBI will freeze interest rate on new car loans at 10 per cent and farm loans at 8 per cent for a period of one year, after which the rates will be revised to the card rates on respective schemes.
The new rates is applicable to all customers availing loans between February 23 and May 31, 2009.
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