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Interests rates on loans against gold jewellery and Sovereign Gold Bond has been slashed by 145 basis points by Punjab National Bank (PNB) as a part for new range of deals and offers during the festive season.

The bank will be offering loans against Sovereign Gold Bond (SGB) at 7.20% and against gold jewellery at 7.30%. 

Apart from this, PNB has slashed 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 per cent, one of the lowest in the industry. 

PNB is also offering a full waiver of service charges/processing fees on the loans against gold jewellery and SGB, similar to home loans and vehicle loans announced recently, the release by the bank stated. 

“The bank has also slashed the margin on home loans. Hence, home loan seekers can now avail of loans up to 80 per cent of the property's value without any upper ceiling on the loan amount."

With the reduction in the interest rate and zero processing fee, funds are available at a very competitive rate on a range of retail loan products offered by PNB during this season.

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