Punjab National Bank (PNB) updated interest rates on its retail loan portfolio effective February 10, 2025, in response to evolving market dynamics for enhanced competitiveness. This development was outlined in a press release issued by the bank on February 20, 2025.
The revised rates encompass a range of loan products including home loans, auto loans, education loans, and personal loans, offering customers a variety of cost-effective financing options.
Home loan rates
PNB has revised its home loan rates, starting from 8.15% per annum. Eligible borrowers can avail loans up to Rs 5 crore under the PNB Digi Home Loan facility without incurring any prepayment penalties, processing charges, or documentation fees.
Additionally, the PNB Gen-Next home loan scheme offers young professionals loans of up to 1.25 times their eligibility, with repayment terms extending up to 30 years.
PNB Max Saver Home Loan Scheme is designed for high-income earners, providing them with the opportunity to access an overdraft facility and reduce their annual interest rate to a minimum of 8.30%. Additionally, all home loan schemes under this program include a waiver of processing and document charges until March 31, 2025.
Scheme Interest rate (p.a.) Key benefits
PNB Digi Home Loan 8.15% Fully digital, zero processing fees, no prepayment charges
PNB Home Loan 8.15% Waiver on processing fees, documentation charges till March 31
PNB Gen-Next Home Loan 8.15% For salaried (up to 40 years), loan eligibility up to 1.25 times
PNB Max Saver Home Loan 8.30% Overdraft facility to reduce interest liability
Car loan rates
PNB has updated its car loan offerings with a starting interest rate of 8.50% per annum. Additionally, online customers can benefit from PNB Digi Car Loan, which offers loans up to Rs 20 lakh with an EMI of Rs 1,240 per lakh. Green-conscious customers are eligible for the PNB Green Car Loan, which includes an additional 0.05% discount.
PNB has adjusted its car loan rates:
Scheme Interest rate (p.a.) Key features
PNB Digi Car Loan 8.50% Fully digital process, loan up to Rs 20 lakh
PNB Car Loan 8.50% Financing for new and used cars, up to Rs 1 crore loan amount
PNB Green Car Loan 8.50% 0.05% concession for electric vehicles, up to 120 months tenure
Education loans
The bank is offering a specialised loan product designed to support higher education. PNB’s Digi Education Loan option features a competitive 7.85% annual interest rate and does not require any collateral. Additionally, students pursuing education in India or abroad can benefit from the PNB Saraswati and PNB Udaan schemes, which provide loans at a 9% interest rate with no processing fees.
Scheme Interest rate (p.a.) Key features
PNB Digi Education Loan 7.85% Fully digital, collateral-free for select institutes
PM Vidyalaxmi 7.85% No processing fees for students in 860 Quality Higher Education Institutes (QHEIs)
PNB Pratibha 7.85% Exclusive for meritorious students in 80+ premier institutes
PNB Saraswati 9.00% Available for non-premier institutes, loans up to Rs 4 lakh with nil margin
PNB Udaan 9.00% Supports students studying abroad, up to Rs 4 lakh loan with nil margin
Personal loans
Customers can now easily obtain an online personal loan of up to Rs 20 lakh without the need for branch visits or paperwork. With competitive interest rates starting at 11.25% per annum, the PNB Swaagat facility provides instant OTP-based approval for loans up to Rs 10 lakh.
Scheme Interest rate (p.a.) Key features
Pre-Approved Personal Loan 11.25% Digital process, loan up to Rs 20 lakh
PNB Swaagat 11.25% For new-to-bank customers, loan up to Rs 10 lakh with OTP-based approval