Punjab & Sind Bank Cuts Interest Rates on Home And Auto Loans

Punjab & Sind Bank has reduced the rate of interest on all fresh home loans and auto loans with a view to meet the growing demand of consumers during the festive season. The reduced rate of interest for all new home loans upto Rs. 20.00 lakhs would be 8.25% p.a. for first 24 months, 9% p.a. for next 36 months and thereafter BPLR-2.5% p.a. subject to minimum of 10% p.a. Similarly, for all fresh home loans above Rs. 20.00 lakhs and upto Rs. 30.00 lakhs, the rates are revised to 8.5% p.a. for first 24 months, 9.5% p.a. for the next 36 months and thereafter to BPLR-2% p.a. with a minimum of 10.75% p.a. For home loans above Rs. 30.00 lakhs, the revised rates are 10% p.a. for first 24 months, 10.75% for next 36 months and BPLR-1.5% p.a. with a minimum of 11.5% p.a. thereafter.

For new auto loans, the bank has reduced interest rates by 50 basis point upto loans of Rs. 10.00 lakhs. Where collateral security is available, these loans shall attract still lower rates starting from 9.75% p.a. onwards linked to Bank’s BPLR.

The revised rates will be applicable for all fresh Home & auto loans with effect from 21st September, 2009 onwards and shall remain in force up to 31.03.2010.

PUNJAB & SIND BANK SIGNS MOU WITH TATA MOTORS FOR FINANCING COMMERCIAL VEHICLES

Punjab & Sind Bank has signed MOU with Tata Motors Ltd. on 15th February, 2010 for financing commercial vehicles . Under the tie up scheme, Bank will be preferred financier to finance commercial vehicles of Tata Motors in the northern states of India at liberal margin of 15% and at competitive interest rates i.e. 11.50% p.a. to 12.50% p.a. linked with Bank’s BPLR. Additional incentive of 0.50% in interest will be offered at the time of final payment to those borrowers who repay the instalments regularly as per repayment schedule. In addition to above, a concession of 50% in processing fee is available for advance covered under priority sector. Cases covered under CGTMSE ( without collateral and / or third party guarantee ) shall have the benefit of lower rate of interest.

J.S.CHOUDHARY
Chief Manager

Sundeep Sharma –Regional Manager Tata Motors

G.S.Bindra – GM ( Priority Sector)