NEWS & ADVICE : PERSONAL LOAN
PNB cuts PLR by 50 basis points to 11.5%
By Vaibhav Aggarwal
Feb 3, 2009
Print    Email    RSS   

State-run Punjab National Bank (PNB) has announced a cut in its prime lending rate (PLR) by 50 basis points. The bank ha reduced the PLR to 11.5% with effect from February 1st, 2009.

The reduction is likely to cheapen the home and auto loans disbursed by the bank. Amongst the sectors that are likely to be benefited by this cut are automobiles, home loans, education loans, agriculture and micro, small and medium enterprises (SME). "All loans related to our benchmark prime lending rates would get cheaper," said PNB's Chairman, K C Chakrabarty.

"From February 1, we have decided to cut the Prime Lending Rate (PLR) by 50 basis points, thereby making home, car, education, and personal loans cheaper. With this revision, the fixed rate housing loan would range from 9.25 percent to 11 percent and floating rate loans from 9 percent to 10.25 percent, depending on tenors and amounts. The revised interest rates on floating housing loan will be applicable for existing and new customers," he added.

At the same time, deposit rates offered by the bank are also going to be revised downwards. The deposit rates would come down by 25 to 50 basis points across various maturities with effect from next month, said Mr. Chakrabarty. The peak deposit rate will be cut from 8.5% for 1-3 years to 8% for 1-5 years.

Meanwhile the bank has also released its third quarter report which registered a growth of 86% in net profit at Rs 1,006 crore as compared to Rs 541 crore for the corresponding quarter a year ago. In addition, the bank's income rose by 51.47% to Rs 6,239.91 crore during the third quarter, from Rs 4,119.57 crore during the same period in the last fiscal.

The reports suggest that PNB has become the first bank in the industry to make a profit of over Rs 1,000 crore in a single quarter.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
How to decide on a loan for business?
How far can new banking licenses be banked...
Pros and Cons of Personal loans
BPLR or Base rate?? Which is better…?
Guidelines to apply for NRI Personal Loans


HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive