Punjab National Bank (PNB) raised interest rates on its retail loan portfolio on February 10, 2025, in response to changing market dynamics and to increase competitiveness. The bank announced this development in a press release dated February 20, 2025.
The updated rates offer consumers a range of affordable financing options for a number of loan products, such as personal loans, education loans, car loans, and home loans.
Home Loan Rates
PNB has revised its home loan interest rates, which now begin at 8.15% per year. Eligible borrowers can obtain loans of up to Rs 5 crore through the PNB Digi Home Loan facility with no prepayment penalties, processing charges, or documentation fees.
Furthermore, the PNB Gen-Next home loan scheme provides loans to young professionals worth up to 1.25 times their eligibility, with repayment terms of up to 30 years.
PNB Max Saver Home Loan Scheme is designed for high-income earners, allowing them to access an overdraft facility while lowering their annual interest rate to a minimum of 8.30%. Furthermore, all home loan schemes offered through this program include a waiver of processing and document fees until March 31, 2025.
PNB provides a variety of home loan options with competitive interest rates and unique benefits. The PNB Digi Home Loan, at 8.15% p.a., has a fully digital process, no processing fees, and no prepayment charges. The PNB Home Loan, also at 8.15% p.a., includes a waiver of processing and documentation fees until March 31. The PNB Gen-Next Home Loan allows salaried individuals up to 40 years of age to borrow up to 1.25 times at the same annual interest rate of 8.15%. Meanwhile, the PNB Max Saver Home Loan, with an interest rate of 8.30% per annum, includes an overdraft facility to help borrowers reduce their interest liability.
Car Loan Rates
With an annual interest rate of 8.50%, PNB has modernized its auto loan products. Additionally, PNB Digi Car Loan, which offers loans up to Rs 20 lakh with an EMI of Rs 1,240 per lakh, is advantageous to online buyers. The PNB Green Car Loan, which offers an extra 0.05% discount, is available to customers who care about the environment.
With competitive interest rates of 8.50% annually across all schemes, PNB has updated its auto loan offerings to accommodate a range of needs. A fully digital process and a maximum loan amount of ₹20 lakh are provided by PNB Digi Car Loan. PNB Car Loan provides loans up to ₹1 crore for financing both new and used cars.
Educational loans
The bank provides a specialized loan product to support higher education. PNB's Digi Education Loan offers a competitive annual interest rate of 7.85% and requires no collateral. Furthermore, students pursuing education in India or abroad can benefit from the PNB Saraswati and PNB Udaan schemes, which offer loans at 9% interest with no processing fees.
PNB provides a diverse range of education loans to help students pursue their academic goals. The PNB Digi Education Loan, with an annual interest rate of 7.85%, offers a fully digital process and collateral-free options to select institutes. Similarly, students enrolled in 860 Quality Higher Education Institutes (QHEIs) pay no processing fees under the PM Vidyalaxmi scheme, which has an annual interest rate of 7.85%. The PNB Pratibha loan, also at 7.85% p.a., is reserved for deserving students from over 80 prestigious institutions. The PNB Saraswati loan is available to non-premier institutes at 9.00% p.a., with loans up to ₹4 lakh and no margin requirement. The PNB Udaan scheme offers 9.00% p.a. loans up to ₹4 lakh with no margin for students studying abroad.
Personal loans
Customers can now easily obtain an online personal loan of up to Rs 20 lakh without having to visit a branch or complete paperwork. With competitive annual interest rates starting at 11.25%, the PNB Swaagat facility offers instant OTP-based approval for loans up to Rs 10 lakh.
PNB offers convenient personal loan options with an annual interest rate of 11.25%, catering to a variety of customer needs. The Pre-Approved Personal Loan offers a fully digital process with loan amounts up to ₹20 lakh, providing quick and hassle-free access to funds. The PNB Swaagat scheme offers loans up to ₹10 lakh to new bank customers, with a simple OTP-based approval process that simplifies borrowing.
