PNB slashes Car loan rates to 10.5%

India’s second largest public sector lender Punjab National Bank (PNB) has cut interest rates on car loans by half a percentage to 10.5% for new advances beginning March 1.

2 Weeks ago, Country’s biggest lender State Bank of India (SBI) had announced car loans with a fixed interest rate of 10% for the first year of advances availed on or before May 31.

PNB has also reduced the term deposit rates from 7.5% to 7%, for deposits of up to 1 year.

So the PNB Car loan rates would be available at rates of 10.5-11%, down from the existing 11-11.5%.