New Delhi: The country’s second-largest public sector lender, Punjab National Bank (PNB), on Thursday slashed benchmark lending rate by 50 basis points (bps) to 11%, a move that will benefit millions home, consumer and corporate loan borrowers.
The benchmark prime lending rate (BPLR) has been slashed from 11.5% to 11% effective from 1 May 2009, the bank said in a statement.
The announcement comes after a week the RBI reduced short-term policy rates by quarter percentage.
The bank has cut interest rate on personal loan by 50 bps and floating home loan would become cheaper by 25 bps, it said.
Besides, the bank has also reduced its peak deposit rate by 50 bps to 7.5%.