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7th Pay Commission Impact – PNB Makes Home, Auto Loans Attractive for Govt Employees.
To cash in on the 7th Pay Commission payout to government employees, state-owned Punjab National Bank (PNB) is offering them home and auto loans at attractive rates of 9.3-9.8 per cent beginning this month. Besides, the bank said it will offer loans to these segments without any processing or upfront fee and no documentation charges will be levied on them.
The rate of interest is with effect from October 1, 2016. The Delhi-based state lender said the objective of the drive — christened as ‘PNB Pride’ — is to “ensure availability of housing and vehicle loan at attractive rates and ensure a house and a car for all government employees”.
For housing loan, the floating interest rate has been fixed at marginal cost of lending rate (MCLR) for one year at 9.3 per cent. For those availing the housing loan on a fixed rate basis, it will be a floating one of interest plus 0.50 per cent (i.e, 9.8 per cent).
For car loan, customers will be charged MCLR of one year plus 0.25 per cent (9.55 per cent) on a floating basis. As for fixed interest rate with a reset clause of 3 years, it will be MCLR of one year plus 0.25 per cent, or 9.55 per cent.
Permanent employees of central and state governments, defence personnel and paramilitary forces will be able to avail of the benefits of lower rates under the PNB Pride scheme, PNB said.