PNB Interest Rates: A shocking development has occurred amid rising inflation. In case you are a PNB customer and you have taken a home loan or any other loan in the past, this news is very important to you.
After Punjab National Bank, now PNB Housing Finance (PNB Housing) has increased interest rates on loans. In this case, PNB Housing increased the interest rate by 35 basis points, i.e. 0.35 percent, on retail loans and home loans. Rate changes came into effect today, May 9.
Under PNB Housing, customers get a loan both for building and buying a home. It includes both retail and corporate stakes. Customers will now have to pay more EMI for this. In addition, new borrowers will have to pay higher interest rates. PNB Bank had also increased its interest rates earlier.
PNB Housing gave information
PNB Housing has provided detailed information about this. Accordingly, the new interest rates are applicable on different dates. From May 7, 2022, RLLR will apply to new customers. Additionally, the RLLR for existing customers will be 6.90 percent as of June 1, 2022.
The PNB also raised interest rates earlier. In this case, the interest rate has been increased by 0.40 percent to 6.90 percent. PNB has informed the stock market that from June 1, 2022, the RLLR for existing customers will increase from 6.50 percent to 6.90 percent.
RBI hikes repo rate
On May 4, the RBI increased the repo rate from 4 percent to 4.40 percent. Governor Shaktikanta Das noted that due to rising commodity prices and increasing pressure from other fuels, including petrol and diesel, a change in repo rates has become necessary. The interest rates have also been increased by banks since then. The repo-based interest rates of ICICI Bank, Bank of Baroda, and Bank of India have also increased as part of this sequence.