Punjab National Bank (PNB) has revised its retail loan interest rates with effect from February 10, 2025, to offer more competitive financial solutions. This revision includes changes to home loans, car loans, education loans, and personal loans. By offering lower rates and waivers on various charges, PNB aims to make financing more accessible for customers.
Key Revised Interest Rates:
| Loan Type | Interest Rate (Starting From) | Special Benefits |
|---|---|---|
| Home Loan | 8.15% per annum | No prepayment penalties, zero processing charges |
| Car Loan | 8.50% per annum | EMI of ₹1,240 per lakh; Green Loan discount of 0.05% |
| Digi Education Loan | 7.85% per annum | Collateral-free loans, no processing fees |
| Personal Loan (Swaagat) | 11.25% per annum | Quick approval with OTP, loans up to ₹10 lakh |
What Are the New Home Loan Offers from PNB?
PNB’s updated home loan rates start at 8.15% per annum, offering significant benefits to prospective homeowners. Customers can avail of loans up to ₹5 crore with:
- Zero prepayment penalties
- No processing charges
- No documentation fees (up to March 31, 2025)
Popular Home Loan Schemes:
- PNB Digi Home Loan: Quick online application with hassle-free processing.
- PNB Gen-Next Home Loan: For young professionals, offering loans up to 1.25 times the applicant’s eligibility with a tenure of up to 30 years.
- PNB Max Saver: Provides an overdraft facility for upper-income salaried individuals at rates starting from 8.30% per annum.
What Are the Updated Car Loan Rates at PNB?
With the revised rates, PNB car loans now start at 8.50% per annum. Customers seeking to purchase a new vehicle can enjoy:
- PNB Digi Car Loan: Loans up to ₹20 lakh with an EMI of ₹1,240 per lakh.
- PNB Green Car Loan: Additional 0.05% discount for environmentally friendly vehicle purchases.
These competitive rates make it easier for customers to own their dream cars while enjoying cost-effective repayment options.
How Have Education Loan Rates Changed at PNB?
PNB has revamped its education loan offerings to support students’ higher education goals:
- PNB Digi Education Loan:
- Interest rate starting at 7.85% per annum
- Collateral-free loans with simplified documentation
- PNB Saraswati & PNB Udaan Schemes:
- Loans at 9% interest for studies in India and abroad
- No processing charges applied to these schemes
These loans aim to provide financial relief for students pursuing education both domestically and internationally.
What Are the Enhancements in PNB Personal Loans and Overdraft Facilities?
PNB’s personal loans have been designed to cater to urgent financial needs with flexible terms:
- PNB Swaagat Personal Loan:
- Interest rate starting at 11.25% per annum
- Loans up to ₹10 lakh with OTP-based quick approval
- Overdraft Facility on Fixed Deposits:
- Provides immediate liquidity without early withdrawal penalties
These options are ideal for customers seeking fast and convenient financial solutions.
How Can You Apply for PNB’s Revised Retail Loans?
Applying for these revised loan schemes is straightforward. Here’s how you can get started:
- Visit the nearest PNB branch for face-to-face consultation.
- Apply online via the official PNB website for faster processing.
- Contact the PNB customer support team for any clarifications or application assistance.
Ensure you have essential documents ready, such as identity proof, address proof, and income details, to speed up the application process.
FAQs
When do the revised PNB interest rates take effect?
The new interest rates are effective from February 10, 2025, with announcements made on February 20, 2025.
What is the minimum interest rate for PNB home loans now?
PNB’s home loan rates now start at 8.15% per annum, with added benefits like no processing charges and zero prepayment penalties.
Can I get a discount on car loans for buying an eco-friendly vehicle?
Yes, PNB offers a 0.05% discount under its Green Car Loan scheme for customers purchasing environmentally friendly vehicles.
What are the benefits of the PNB Digi Education Loan?
The loan offers a 7.85% interest rate, requires no collateral, and charges no processing fees, making it ideal for students.
Is there a limit on how much I can borrow with PNB’s home loans?
Yes, customers can avail of home loans up to ₹5 crore under certain schemes like the PNB Digi Home Loan.
How quickly can I get approved for a PNB personal loan?
With the PNB Swaagat facility, customers can get approval for loans up to ₹10 lakh through an OTP-based quick process.
Are there any charges waived under the new loan schemes?
Yes, PNB is waiving processing and documentation charges on certain loans until March 31, 2025.
Where can I find more details about PNB’s updated loan schemes?
Visit the official PNB website or head to your nearest branch for complete details and personalized assistance.
Click here to know more.
Aanchal is a passionate writer with a keen interest in storytelling, content creation, and creative expression. She enjoys exploring diverse topics and crafting engaging narratives that captivate readers.
