State-owned lender Punjab National Bank (PNB) announced that it has waived service charges and processing fees on all retail products as part of a festive season offer.

The lender said in a press release that its festive offer is aimed at ensuring the availability and affordability of credit to customers.

PNB currently offers an interest rate starting from 6.80 per cent on home loans and 7.15 per cent on car loans, the bank added in its statement.

The bank said it will waive all services charges/processing fees and documentation charges on its retail products such as home loans, vehicles loans, personal loans, myProperty loans, pension loans and gold loans.

It is worth mentioning that PNB is offering low-interest rate personal loans starting from 8.95 per cent. The bank also announced that it is offering top-up on home loans at an “attractive” interest rate.

PNB informed that customers will be able to opt for its festive offers till December 31, 2021.

The bank’s festive offer to boost credit availability comes days after Finance Minister Nirmala Sitharaman urged banks to boost loan disbursals.

Other banks are also expected to announce offers in an effort to boost credit availability for customers ahead of the upcoming festive season.