Personal Loans India : PNB slashes BPLR 11.5 per cent to 11 percent
Punjab National Bank slashed its benchmark prime lending rate by 50 basis points to 11 per cent.
The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 percent, the bank said in a statement.
The benefit of reduction in BPLR shall be applicable to all existing and new accounts linked with BPLR, wherever interest rates are charged at BPLR and above, it added.
For term deposits up to 45 days, the reduction is up to 100 basis points, while fixed deposits up to two years will be cheaper by 50 basis points.
Interest rates on car, education, reverse mortgage and personal loans have been reduced by 25-50 basis points.
The country’s second largest public sector lender also said the threshold under its special housing loan scheme (fixed) had been raised to Rs 50 lakh at a lower interest rate of 9 per cent, which will be reset at the end of five years. The scheme is valid up to June-end.
The Reserve Bank of India, while announcing its annual monetary policy, had urged banks to reduce the lending rates to spur demand in the economy.