Punjab & Sind Bank, on Tuesday, announced a cut in home and auto loans for new borrowers by up to 75 basis points.

“Punjab & Sind Bank has made drastic changes in the terms for auto and home loans for the benefit of people at large,” said bank's Chairman and Managing Director D. P. Singh in a statement issued here.

In home loan, interest rates have been reduced by 25-50 basis points while for auto loan it varies between 25 basis points and 75 basis points, depending on maturity and amount borrowed. The new rates have become effective from April 1.

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