Tag: Gold loan rates

As India nears its festive season, Punjab National Bank has cut its gold loan rates by 145 basis points, and is now offering loans against sovereign gold bond at 7.20% and against gold jewellery at 7.30%.

PNB is also offering a full waiver of service charges and processing fee on the loans against gold jewellery and sovereign gold bond, the bank said in a statement.

Earlier, the bank, as part of its festive offers, had announced a cut in home loan rate, which now starts from 6.60%, car loan rate, starting from 7.15%, and personal loan rate, from 8.95%.

The bank also slashed the margin on home loans. Home loan seekers can now avail of loans up to 80% of the property’s value without any upper ceiling on the loan amount.

With the reduction in interest rate and zero processing fee, funds are available at a very competitive rate on a range of retail loan products during this season, it said.