Punjab National Bank cuts rates by 50bps

Punjab National Bank has reduced the benchmark prime lending rate (PLR) by 50 basis points (bps) from the existing level of 13% per annum to 12.50% per annum effective March 1, 2008.

According to a release issued by the bank to the BSE today, the bank has also reduced interest rates by 50 bps on loans not linked to PLR such as housing loans above Rs 20 lakh where the interest rates will now be in the range of 9.5-10.5% (against the existing rates ranging of 10-11%).

The interest rate on loans for a second house has also been reduced by 50 bps.

The bank has also reduced interest rates on car loans and consumer loans (personal loans) by 50 bps & 100 bps, respectively.