Punjab National Bank (PNB) the second largest public sector bank on 19 April 2012 reduced lending rates by lowering their benchmark rates by 25 basis points.
The bank reduced its base rate and prime lending rate (PLR) by 25 bps from 10.75% to 10.50% in the case of base rate and from 14.25% to 14% in the case of PLR. In addition to the cut in the base rate, PNB also lowered interest rates on home and car loans. Home loans of up to 75 lakh rupees will carry interest of 10.75% and for loans above 75 lakh rupees the rate is pegged at 11%. Car loans will be priced at 12%. This reduction will apply to new and existing customers.
The bank’s move came in the backdrop of the RBI’s decision to cut down the key policy rates. The RBI on 17 April 2012 had slashed the repo rate and reverse repo rate by 50 basis points.
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