Public Sector – Punjab National Bank and Oriental Bank of Commerce have reduced lending rates on auto and consumer durable loans by up to 2.50 per cent to cash in on the festive demand. In astatement, the PNB said, rate of interest on car loans has been reduced by over a per cent to 10.65 per cent on fixed basis. Similarly for two-wheeler, the interest rate has been slashed to 12.25 per cent while rate of interest on personal loans for purchase of consumer durables has been brought downto 12.75 per cent on fixed basis. The statement said, these rates are lesser by 1 per cent to 2.50 per centfrom the existing floating rates. According to Oriental Bank of Commerce, interest rate on commercial financing of four wheelers has been reduced to 12 per cent from 12.25 per cent. Similarly, personal loans and consumer durable loans has been reduced by 0.25 per cent to 12.50 per cent for government employees while for other employees it has been brought down to 13.50 per cent. The new rates will be applicable from tomorrow.PNB said, there will be full waiver of upfront fee and documentation charges. In case of car loan, the bank will finance to the extent of 100 per cent of ex-showroom price of car. The festival offer is valid up to January 31.The SBI said, it is also looking into lowering lending rate for auto and consumer durable loans. The SBI, however, ruled out reducing interest rates on home loan.