PNB reduces PLR, lending rates

Punjab National Bank (PNB) today announced a reduction in its prime lending rate (PLR) by 50 basis points (bps).

The rate has been reduced from the existing level of 13 per cent to 12.5 per cent. The new rate is effective from March 1, 2008.

PNB has also reduced interest rates on consumer loans (personal loans) and car loans in the 50 bps to 1 per cent range.