(GNP) has announced that it has reduced interest rates on loans against gold jewelery and sovereign gold bonds (SGBs) by 145 basis points (bps); This is part of its festive season offerings.

According to a press release issued by PNB, the bank is now offering loans against Sovereign Gold Bonds (SGBs) at 7.20% and against gold ornaments at 7.30%.

“Additionally, PNB has reduced the home loan rate which now starts from 6.60%, while customers can avail car loans starting from 7.15% and personal loans from 8.95%,” the release said. .

During the festive season, PNB is offering complete waiver of service charges/processing charges on loans against gold jewelery and SGBs, similar to the recently announced home loans and vehicle loans.

“The bank has also reduced the margin on home loans. Hence, home loan seekers can now avail loans up to 80% of the value of the property without any upper limit on the loan amount,” the bank said.