- PNB Personal Loan
- Personal financial requirements
- Marriage expenses
- Foreign travel
- Health or medical treatment related expenses
- Any other miscellaneous expenses
- Why choose PNB Personal Loan?
- Features of Punjab National Bank Personal Loan
- PNB Personal Loan Interest Rates
- PNB Personal Loan Eligibility
- Punjab National Bank Personal Loan FAQs
- Am I eligible for Punjab National Bank personal loan?
- How do I repay Punjab National Bank Personal loan?
- What is the maximum loan one can get from Punjab National Bank?
- What is the tenure for Punjab National Bank personal loan?
Punjab National Bank, also known as PNB, is one of the most popular Indian public sector banks offering personal loans along with other core banking services across India. Personal loans at PNB are available for salaried, self employed, as well as pensioners drawing their pension through any of the PNB branches in the country. PNB personal loans are offered to eligible individuals to offset any immediate financial requirement or need without any security or collateral requirements. The money made available to the borrower through a PNB Personal Loan can be used as per the personal requirements of the individual without any restrictions. PNB Personal Loans are useful for any of the following:
PNB offers personal loans at low interest rates making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make PNB personal loans a popular choice with salaried, self employed, working professionals and pensioners.
PNB offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs with repayment tenure of 60 months. Instalment for repayment of any personal loan offered by PNB commences one month after disbursement of the loan, making it convenient for the borrower.
PNB is the bank of choice when it comes to personal loans for a wide range of loan applicants as the bank offers a number of intrinsic advantages including:
Attractive Rate of Interest: Punjab National Bank charges very nominal interest rate for its personal loans, making it one of the most popular banks when it comes to personal loan requirements.PNB is one of the few public sector banks that calculates the interest on personal loan on a daily recurring balance basis, thereby ensuring maximum benefit is transferred to the loan borrower.
Availability of Various Discounted Schemes: PNB is one of the few banks that offer personal loans at discounted rates under various loan schemes at different times of the year. PNB offers discounted schemes for various individuals including government employees, doctors and other working professionals.
No Hidden Charges: PNB is known for its transparent services and PNB personal loan comes with no hidden charges. The lack of any hidden charges makes PNB the first choice for a majority of personal loan borrowers.
Zero Prepayment Charges: PNB does not charge any prepayment penalty, allowing loan borrowers the freedom to prepay their loan as per their convenience. The lack of any prepayment fee makes PNB personal loans more attractive than other banks and NBFCs.
Quick Loan Approval: Punjab National Bank is one of the few public sector banks that have streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. PNB personal loans follow a quick approval mechanism for both urban and rural centres.
Availability of Online Loan Request: PNB offers an online loan submission tool, making it easier for people of all walks of life to apply for a personal loan while sitting in the comfort of their home or office, without having to physically visit the nearest bank branch.
PNB is a popular choice for personal loans as the bank offers personal attention to each loan applicant with a quick loan approval and disbursal mechanism in place. Some of the prominent features of PNB personal loan include:
Low Interest Rates: PNB offers competitive interest rates for its personal loans on a daily reducing basis, making it one of the best personal loan service providers in India. PNB reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion. Currently, PNB personal loan is available at 3% above base rate floating currently 16.25% per annum.
High Quantum of Loan: PNB offers a high quantum of personal loans, making it one of the most preferred banks for a large number of self employed, salaried, working professionals and pensioners. Punjab National Bank offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs.
Specialized Loan Schemes: Punjab National Bank offers discounted personal loan schemes during major festivals and at other times, making it a popular choice for both rural and urban applicants. Punjab National Bank schemes offer attractive discounts on PNB Personal Loan Interest Rates for working professionals, government employees and others from time to time.
Quick Loan Disbursal: PNB has streamlined its personal loan division, allowing for quick loan approval and disbursal. PNB personal loan is now approved almost instantly with a disbursal rate comparable with most international banks.
24/7 Customer Support: PNB offers a dedicated customer support that is available 24/7 catering to the needs of all personal loan applicants and their queries.
Punjab National Bank is known for its attractive interest rates offered on all loans. The bank offers personal loans at interest rates ranging from 13.25% to 16.25%, whereas the base rate is 10%. If you have your salary account at PNB, you are likely to be offered an interest rate as low as 13.25%. For defence personnel and government employees, PNB Personal Loan Interest Rates can be as low as 13.25%. Self-employed non-professionals are likely to get a comparatively higher interest rate considering the risk involved in it. Personal loans from PNB are offered for a tenure of up to 5 years and borrowers have the freedom to choose any tenure within this time frame.
| Minimum Loan Amount | Rs. 50,000 |
| Maximum Loan Amount | Minimum amount of loan will be Rs.50,000/- and maximum amount of loan Rs.4,00,000/- or 20 times monthly net salary, whichever is lower, depending upon the repaying capacity |
| Tenure: | 12 to 60 Months |
| Processing Fee: | 1.8% of the loan amount + Service Tax & Education Cess |
| Prepayment Charges: | Nil |
| Interest Rates: | For Loans up to Rs.10 Lakhs: Individuals whose salary is being disbursed through PNB branches only (including Defence Personnel) : Base Rate+3% (13.25%) For Loans up to Rs.5 Lakhs:Individuals availing the loan under check-off facility (including Defense Personnel):Base Rate + 5% (15.25%) For others up to Rs.5 Lakhs: Base Rate +6% (16.25%) |
PNB is one the few banks that has a very flexible eligibility criteria for providing personal loans. The bank offers personal loans for salaried as well as self-employed individuals with a criterion that the minimum age of the age applicant should be 21 years. Personal loans of Punjab National Bank can be availed till you reach 58 years for salaried individuals. The bank offers a flexible tenure of up to 60 months for personal loans, but while applying, you will have to consider your age. For instance, if you are 55 years old and applying for PNB. Personal Loan, the maximum tenure for which you can avail the loan is 3 years, considering you will reach the maximum age limit of 58 in 3 years. Self-employed individuals can avail a loan up to the age of 65 years.
The main attraction of Punjab National Bank Personal Loan is that the bank is one of only few to offer personal loan for pensioners, who have their pension account with them.
For an assurance of prompt repayment, the bank also puts forth that working professionals applying for loan should be at least 2 years in the job while applying for a PNB Personal Loan.
PNB Personal Loan Eligibility Criteria for Salaried Individuals| Age | Minimum: 21 Years Maximum: 58 Years |
| Minimum Income | Salaried individuals with minimum monthly income of Rs10,000 per month for eligible customers at Semi-Urban and Rural Centers, Rs2,500 per month for eligible customers at Urban Centers and Rs.15,000 per month for eligible customers at Metro Centers. |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |
| Age | Minimum: 21 Years Maximum: 65 Years |
| Minimum Income | Self-Employed individuals or working professionals earning a minimum of Rs. 20,000 per month |
| Total years in Profession | 2 Years |
| Age | All types of pensioners who are drawing their pension through our branches are eligible. |
| Minimum Income | NA |
| Loan Amount | For Pensioners above the age of 70 years and up to 75 years, the maximum amount of loan would be Rs.1,50,000/- or 18 times net monthly pension, whichever is lower. For Pensioners above the age of 75 years, the maximum amount of loan would be Rs.70, 000/- or 12 times net monthly pension, whichever is lower. |
Punjab National Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Punjab National Bank personal loan is Rs. 15,000 per month. If you fall into this group, you can definitely apply for a Punjab National Bank personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Punjab National Bank offers personal loans as high as Rs. 4 Lakhs or 20 times monthly net salary for successful applicants depending on their financial record and repayment history.
Punjab National Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
This blog post is a valuable guide for those looking to explore their personal loan options with a well-established financial institution. Thanks for sharing this informative content!
ReplyDelete