PNB Festival Offer: Home Loan Processing Fees & charges waived off!

Punjab National Bank has come up with a ‘Festival Bonanza Offer,’ and waived off processing charges, upfront fee and documentation charges for some of its major retail lending products like Home Loan and Car Loan.

As such discounts and fee waivers are a norm prior festival season in India, each year at this point in time. Yet PNB has become the first lender to offer such deal amid COVID 19 pandemic this year.

The PNB ‘Festival Bonanza Offer’ is launched to boost the subdued loan demand due to the COVID-19 crisis said the lender.

It is important to note here that lending rates have been historically low this year because of disruptions caused due to pandemic. Yet, despite the low of cost borrowing, credit growth has been largely in moderation across the board.

The waiver on processing fees and other charges is available till December 31, 2020. The scheme can be tapped through any of the 10,897 PNB branches across or via online loan application on PNB digital channels.

Offer for Home Loans, Car Loans and Loans Against Property

All new customers who Apply for PNB Home Loans before December 31 need not pay processing charges and documentation charges. Processing fees on PNB Home Loan is up to 0.35% of sanctioned amount, which is up to Rs 15,000.

As for Car Loan, customers will save up to 0.25% of loan amount in processing fee.

For Loan against property, i.e. PNB myProperty Loan the saving can up to Rs 1 lakh, as per the loan amount .

From September 1, 2020 PNB has slashed its lending rates. The current Home Loan Interest Rate is 7.10% p.a and 7.55% on Car Loans.

The bank’s statement said: Despite the impact of the pandemic on both credit offtake and the customer sentiment,…this festive season will see an encouraging revival in the overall consumer spending thereby boosting its credit portfolio further besides positively impacting the economic recovery.