Punjab & Sind Bank slashes lending rates from 10.25 % to 9.99%

New Delhi-headquartered, Public-sector lender Punjab & Sind Bank has slashed the minimum lending rates by 0.26 per cent to 9.99 per cent, to be effective from August 01.

The bank has reduced its base rate to 9.99 per cent from 10.25 per cent, in a move which will lower the EMIs, said Punjab & Sind Bank said in a statement.

"Pursuant to decrease in base rate of the bank, the EMI on housing loans has come down to Rs 877 per lakh for a loan of 30 years and for auto loans the EMI has dropped to Rs 1686 per lakh for a loan of 7 years," Punjab & Sind Bank Chairman and Managing Director D P Singh said in a statement.

He further added that the change in the base rate shall immensely benefit the borrowing clientele of the bank.

Read more about: punjab sind bank
Story first published: Monday, July 22, 2013, 9:23 [IST]
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