New Delhi, Nov 4 (IANS): Lending major Punjab National Bank (PNB) will reduce home loan rates with effect from November 8, 2021.

Accordingly, the home loan rates will start from 6.50 per cent.

Besides, PNB will slash the interest rate on financing EVs and CNG vehicles to 6.65 per cent. "To meet the customers' demand during the ongoing festival season, the interest rate on Personal Loans is reduced by 5 basis points (bps) to 8.90 per cent," the lender said in a statement.

"Additionally, the limit on personal loans has been revised upwardly to Rs 20 lakh with a repayment period of 72 months." Furthermore, PNB will give an additional discount of up to 5 bps on home loan and 10 bps on car loan to customers applying through PNB's various digital channels.

"The customers onboarding through various digital channels like Internet Banking, PNB One Mobile App, etc, can avail of this benefit, thereby enhancing their online banking experience."

In addition, on the occasion of Diwali, PNB will offer a full waiver of service charges or processing fees on home, vehicle, personal, gold, and property loans.

"With the reduction in the interest rate and zero processing fee, funds are available at a very competitive rate on a range of retail loan products for PNB customers."