In what could trigger another interest rate war, the Punjab National Bank has announced an array of concessions under its festival bonanza including 0.50 per cent cut in housing loans at 7.75 per cent.
Under PNB Festival Bonanza, the bank is giving concessions in rate of interest, processing fee and documentation charges to all customers who avail loans from October 15 to December 3. PNB is offering 0.50 per cent rebate in housing loans repayable in 20 years while giving the same discount in rate of interest for its consumer, doctors, gold and personal loan schemes, the bank said in a release.
The bank is offering complete waiver of processing fee and documentation fee under eight schemes- housing, car, consumer, traders (up to Rs 2.5 million), doctors, gold, pensioner and personal loan schemes.
PNB is offering the potential housing borrowers a choice to avail full waiver of upfront fee and documentation fee or free housing insurance cover for 10 years and 75 per cent waiver in up-front fee or free consultancy services for the interior decoration of flat.
The prospective housing customers will also have an opportunity to own one small size locker only at 50 per cent of the locker rent for the first two years. The 'PNB Festival Season Bonanza' is continuation of several measures initiated by the bank in the recent past to meet public demands in its various retail lending schemes and make the schemes more customer-friendly, it said.
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