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Thursday November 5, 12:10 PM
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Punjab Nat'l Bk extends low-rate home loans till Dec
NEW DELHI (Reuters) - State-run Punjab National Bank on Thursday said it was extending till end-December an offer of cheaper rates on some home and car loans.
India's No. 3 lender had earlier offered home loans below 3 million rupees at a fixed interest rate of 8.5 percent for the first three years and up to 2.5 percent below the benchmark prime lending rate for the remaining tenor.
An earlier cut in car loan rates by 50 basis points would also run till the year end, PNB said in a statement.
Media have reported banks like PNB and larger peer State Bank of India (SBIN.NS : 2242.9 -11.75
) plan to withdraw by the year end such special schemes as interest rates look set to harden.
(Reporting by C.J. Kuncheria; Editing by Harish Nambiar)
(For more news on Reuters Money visit http://www.reutersmoney.in)
