PNB makes home, auto loans attractive for government employees


To take advantage of the seventh Pay Commission payout to government representatives, state-possessed Punjab National Bank (PNB) is putting forth them home and car advances at alluring rates of 9.3-9.8 percent starting this month.

Besides, the bank said it will offer credits to these fragments with no handling or forthright expense and no documentation charges will be imposed on them.

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The rate of scheme is with impact from October 1, 2016.

The Delhi-based state moneylender said the target of the drive – initiated as ‘PNB Pride’ – is to “guarantee accessibility of lodging and vehicle advance at alluring rates and guarantee a house and an auto for all administration representatives”.

For housing loan, the floating interest rate has been fixed at marginal cost of lending rate (MCLR) for one year at 9.3 per cent. For those availing the housing loan on a fixed rate basis, it will be a floating one of interest plus 0.50 per cent (i.e, 9.8 per cent).
For car loan, customers will be charged MCLR of one year plus 0.25 per cent (9.55 per cent) on a floating basis. As for fixed interest rate with a reset clause of 3 years, it will be MCLR of one year plus 0.25 per cent, or 9.55 per cent.
Permanent employees of central and state governments, defense personnel and paramilitary forces will be able to avail of the benefits of lower rates under the PNB Pride scheme.
All other terms and conditions of the existing housing and car loan scheme will be applicable to the borrowers, PNB said.

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