New Delhi: State-owned Punjab National Bank (PNB) Wednesday launched ‘Festival Bonanza Offer’ for its customers to give a push to subdued loan demand due to the COVID-19 crisis.
Despite interest rates being the lowest in recent months, there is a moderation in credit growth.
Under the ‘Festival Bonanza Offer’, the bank will waive all upfront or processing fees and documentation charges on some of its major retail products like housing loans and car loans.
“Customers can avail of the exciting offer – available till December 31, 2020 – through any of the PNB’s 10,897 branches around the country or via digital channels,” the bank said in a statement.
To enhance the availability and affordability of credit to customers, PNB has also slashed the processing fees on fresh as well as takeover loans.
“On home loans, customers are now exempted from paying the processing fees i.e. 0.35 per cent of the loan amount, maximum Rs 15,000, besides the documentation charges. On car loans, customers can now save up to 0.25 per cent of the total loan amount, while on myProperty loans (loan against property), it could be up to Rs 1 lakh depending on the loan amount,” it said.
The bank now offers an attractive interest rate at 7.10 per cent on home loans and 7.55 per cent on car loans effective September 1, 2020, it said.
“Despite the impact of the pandemic on both credit offtake and the customer sentiment, the bank is confident that this festive season will see an encouraging revival in the overall consumer spending thereby boosting its credit portfolio further besides positively impacting the economic recovery,” it said.
The bank is committed to its customers by offering them timely incentives, tailor-made products and ease of banking services in this unprecedented period, it added.
(PTI)