PNB waives processing fee for home, car loans till Sep 30

During this financial year, bank's focus is on retail, particularly housing, car and education segment

State-owned Punjab National Bank has waived processing fee and documentation charges for new housing and car loans till September-end.

The three-month 'monsoon bonanza' offer would end on September 30, the bank said in a statement.

During the period the bank will be offering full waiver of upfront/processing fees and documentation charges for housing and car loans sanctioned from July 1 to September 30, it said.

During this financial year, it said, the focus of the bank is on retail, particularly housing, car and education segment.

PNB is the first bank which has introduced the above attractive offer to customers during the current financial year, it claimed.

Recently, the bank also slashed fixed deposits rates by 0.25% on select maturities.

For the quarter ended March 2016, PNB posted a record high quarterly loss by any public sector lender at Rs 5,367 crore. The second-largest public sector bank reported a net profit of Rs 306.56 crore in the corresponding period of 2014-15.

Provision for NPAs rose more than three-fold to Rs 11,380 crore in the fourth quarter as compared to Rs 3,281 crore in the same period a year ago.

The Gross Non-Performing Assets (NPAs) rose significantly to 12.9% at the end of March 2016, from 6.55% a year ago. The net NPAs too rose to 8.61% against 4.06% at March 2015.