PNB cuts loan rates: Check new interest rate for home, car, & personal loan

Interest rates for various loan products are effective from February 10

Punjab National Bank (PNB) has revised interest rates for its home, car, education and personal loans, effective February 10.

 

Home loans

  The new home loan offerings include:

 

PNB Digi home loan: Customers can avail of loans up to Rs 5 crore at an interest rate starting from 8.15 per cent per annum, with an EMI of Rs 744 per lakh. The fully digital scheme offers zero prepayment charges, processing fees and documentation charges, said the bank.

 

PNB home loan: This scheme also offers a starting interest rate of 8.15 per cent per annum with an EMI of Rs 744 per lakh. It includes a full waiver on upfront processing fees and documentation charges till March 31, 2025. Additionally, borrowers can access an overdraft facility of up to Rs 25 lakh.

 

  PNB Gen-Next home loan scheme: Designed for young professionals up to 40 years of age, this scheme offers 1.25 times the usual loan eligibility with an interest rate of 8.15 per cent per annum. It also provides a repayment tenure of up to 30 years and a moratorium period of up to 60 months.

  PNB Max saver – home loan scheme: Tailored for high-income groups, this scheme allows borrowers to reduce interest liability by parking excess funds in their loan account to reduce interest liability. Interest rates start at 8.30 per cent per annum.

 

Car loans

 

PNB has also revised its car loan offerings:

 

PNB digi car loan: Digital customers can avail of this loan with a starting interest rate of 8.50 per cent per annum and an EMI of Rs 1,240 per lakh. The maximum loan amount available is Rs 20 lakh.

 

PNB car loan: This scheme finances both new and used cars, offering an interest rate of 8.50 per cent per annum with 100 per cent financing of the ex-showroom price.

 

PNB green car loan: To encourage eco-friendly mobility, PNB offers a 0.05 per cent interest concession on electric vehicle loans, with a starting rate of 8.50 per cent per annum and flexible repayment tenure of up to 120 months.

 

Education loans

 

PNB Digi education loan: The digital scheme has a starting interest rate of 7.85 per cent per annum, offering collateral-free financial support to students admitted to top institutions in India.

 

PM Vidyalaxmi & PNB Pratibha: These schemes offer education loans at a starting rate of 7.85 per cent per annum, with zero processing fees and documentation charges.

 

PNB Saraswati: Designed for students pursuing higher education in non-premier institutes in India. This scheme offers education loan up to Rs 4 lakh with nil margin and above Rs 4 lakhs with margin of 5 per cent. Starting ROI is 9.00 per cent, with no processing fees and documentation charges.

 

PNB Udaan: This scheme provides financial support to students planning to study abroad. This scheme offers education loans up to Rs 4 lakhs with nil margin and above Rs 4 lakh with margin of 15 per cent. Starting ROI is 9.00 per cent, with no processing fees and documentation charges.

 

Personal loans

 

Pre-Approved Personal Loan: Digital users can avail loans of up to Rs 20 lakh at an interest rate of 11.25 per cent per annum, without visiting a branch.

 

PNB Swaagat: Designed for new-to-bank customers, this scheme offers loans up to Rs 10 lakh with quick OTP-based approval, starting at 11.25 per cent per annum.

 

Overdraft against fixed deposit

 

PNB also offers an online overdraft facility against fixed deposits, allowing customers to secure an overdraft of up to Rs 50 lakh at 1 per cent above the applicable deposit rate. This facility enables instant access to funds without incurring premature withdrawal penalties.