New Delhi: State-run Punjab National Bank on Friday said it will cut benchmark lending rate by 50 basis points to 11.50% and reduce housing, car and education loan rates by same percentage points effective 1 February.
“We have decided to cut prime lending rate (PLR) by 50 basis points (bps) beginning next month,” PNB chairman and managing director K.C. Chakrabarty said.
The bank has also decided to cut housing loan rate by up to 50 basis points. At the same time, car loans, education loans and personal loans would be cheaper by 50 bps from 1 February, he said.