Following the decision to link home loans to Repo Rate , Banks are in rush to reduce interest rates on home loans. Recently SBI, Bank of Baroda slashed the interest rates and now it’s the turn of Punjab National Bank(PNB)
What is “Repo Rate”?
Repo Rate is the rate at which RBI lends to the bank for credit. Recently, RBI has advised all the banks to link home loans to Repo Rate of which loan borrowers who choose floating rate would benefited.
Punjab National Bank(PNB) offer on Personal and Home loans–
PNB has lowered its Repo Linked Lending Rate(RLLR)to 6.55% which was earlier 6.80%. With the reduction, loan borrowers would be benefited to the larger extent especially for floating rate loan borrowers.
The reduction of repo linked lending rate(RLLR) would come into immediate effect from September 17th where punjab national bank customers can avail instant personal and home loans with the above reduction rate.
Rush to your nearest Punjab National Bank(PNB) and avail the loan as per your eligibility!