State-owned Punjab National Bank informed on Wednesday that it has revised its repo-linked lending rate to 6.50 per cent from 6.55 per cent, effective November 8. The development implied that loans under all categories viz., home, car, education and loans would become cheaper.
The bank had last cut its repo-linked lending rate on September 17 from 6.80 per cent to 6.55 per cent.
The state-owned lender's net profit spiked by 78 per cent to Rs 1,105 crore in the September-end quarter. In the year-ago period, net profit stood at Rs 621 crore. In the retail segment, housing loans increased 5.95 per cent on a year-over-year basis to Rs 73, 738 crore. Vehicle loans in the same period rose 18.12 per cent on a year-over-year basis to Rs 10, 378 crore. Personal loans spiked 15.5 per cent to Rs 10,483 crore on a year-over-year basis.
Several private and state lenders in the recent past announced slashing their home loan rates ahead of the festive season. State Bank of India, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank and ICICI Bank are offering home loan rates at 6.7 per cent. The list includes Punjab National Bank, as well.
Last week, Union Bank of India had announced that it would offer home loans at an all-time low rate of 6.40 per cent.
