Description
About the bank
The full form of PNB is Punjab National Bank. The bank started its operations in the year 1895 and presently it has more than 5000 branches and over 6000 ATM’s in various cities across the country. PNB is a state-owned corporation known for offering personal, social, agricultural, international and corporate banking services. It has received several prestigious awards like “golden peacock business excellence award”, “most valuable Indian brand” etc.
Punjab National Bank Personal Loans
Among its many services, Punjab National bank is known for offering the best Personal Loan to satisfy the personal needs of all the individuals. Personal loans at PNB are available for salaried, self-employed individuals including defense personnel and professionally qualified doctors having a relationship with the bank and pensioners drawing their pension through any of the PNB branches in the country. The bank also offers personal loan to LIC agents who receive a regular commission from LIC of India and maintain accounts with the branch of PNB. So, if you are looking for funds for home renovation, family’s vacation or for meeting personal financial requirements like marriage expenses, foreign travel or any other miscellaneous expenses, PNB personal loans will fulfill every financial need of yours.
- Punjab National Bank Education Loan
- Punjab National Bank Home Loan
- Punjab National Bank Busienss Loan
Why Choose PNB Personal Loans?
You should choose a PNB personal loan due to the below-mentioned advantages associated with it-
- Multipurpose loans: You can use the personal loan PNB amount pretty much for any genuine purpose.
- Minimum Documentation: The PNB personal loan requires only a few basic documents to approve your much-needed personal loan.
- No security/collateral: You do not need to pledge a security /collateral to avail a PNB personal loan.
- Easy repayment options: You can decide to pay PNB personal loan emi with easy and multiple payment options as per your convenience. These options include auto debit, online payment, ECS, PDCs and so on.
Interest Rate & Charges of PNB Personal Loan
| Punjab national bank personal loan interest rates, 2019 | |
|
General-Interest Rates |
For salaried :- 12% to 16% |
|
Tenure |
12 to 60 months |
|
Processing Fee |
1.80% of the total loan amount for salaried and self-employed applicants |
|
Prepayment charges |
NIL |
|
Document charges |
For upto Rs. 2 lakhs it is Rs. 270 Above Rs. 2 Lakhs it is Rs. 450 For pensioners it is Rs.500 |
Special Note: Rates are subject to periodic change . Personal loan interest rates in Punjab National Bank and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Punjab National bank etc.
PNB Personal Loan Eligibility Criteria
PNB Personal Loan Eligibility Criteria
Any Indian citizen having a residual income and the ability to repay the loan is eligible for Punjab National Bank personal loans. Eligibility of personal loans in PNB depends upon various factors as follows:
- All permanent Defense Personnel including officials of Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibetan Border Police, etc. are eligible for PNB personal loans. However, Defense Personnel, who are due for retirement within the next 24 months, may not be eligible.
- Confirmed/permanent employees of Central/State Govt. /PSUs and all reputed companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals/Nursing Homes, who are either drawing their salary through accounts maintained with PNB branches are eligible candidates for Punjab national bank personal loan.
- Professionally qualified practicing Doctors viz., MBBS, BDS having an annual income of Rs.4 lakhs and above and have been paying tax since 3 years are also eligible to get a loan from PNB.
- Quantum of Punjab National Bank personal loan:
- Minimum loan amount Rs.50,000
- The maximum loan amount for all borrowers is Rs. 4 lakhs or 20 times the monthly net salary whichever is lower subject to the minimum net monthly salary as under:
- Metro Centers : Rs.15,000
- Urban Centers : Rs.12,500
- Semi-Urban/ Rural Centers : Rs.10,000
- And Rs. 5 lakhs or 20 times monthly net salary whichever is lower for those Salaried persons having completed service of 3 years in the present organization and drawing a net monthly salary of not less than Rs.30,000 per month.
- For employees drawing salary through Punjab national bank and completed 3 years of service in the present organization: Max. Rs.10 lakhs or 20 times of net monthly salary for a loan up to Rs.5 lakhs and 15 times of the net monthly salary for loan above Rs.5 lakh and up to Rs.10 lakh Subject to a Minimum Net monthly salary as under:
- Metro Centers : Rs.50,000
- Urban Centers : Rs.40,000
- Semi-Urban/Rural Centers : Rs.30,000
- For teachers and Defense personnel minimum net monthly income should be Rs.7,500 at all Centers.
- For pensioners, the minimum loan amount that can be availed is Rs.25,000
- Maximum Loan amount:
- Age up to 70 years: Rs. 10 lakhs or 18 times of net monthly Pension (For Defense pensioners, 20 times net monthly pension), whichever is lower.
- Age above 70 years and up to 75 years: Rs 7.50 lakhs or 18 times their net monthly Pension (20 times in case of Defense Pensioners), whichever is lower;
- Age above 75 years: Rs. 5 lakhs or 12 months of pension amount, whichever is lower
- Age limit: Required age of the salaried applicant for PNB personal loan application is 21 years to the maximum of 58 years at the time of loan maturity whereas for self-employed individuals the age bracket ranges from 21 to 65 years.
- Years in job/profession: Salaried and Self-employed individuals should have minimum of 2 years of job or professional continuity.
- Guarantor: For salaried and self-employed individuals suitable third party guarantee is acceptable whereas, for pensioners, a guarantee of spouse eligible for a family pension to be obtained or guarantee of earning children (preferably Government Employee) or third party guarantee with net means equal or more than loan amount is acceptable by Punjab National Bank.
- Eligibility and EMI calculator: Now, you can easily evaluate and calculate your Punjab National bank personal loan eligibility and Punjab National bank personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
- CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
Documents Required for PNB Bank Personal Loan
For obtaining the maximum amount of personal loan from Punjab National Bank, a borrower should produce the following documents according to their business profiles as follows:
| Documents required for Punjab national bank personal loan | |
|
Salaried applicant |
Self-Employed applicant |
|
Loan application form with passport size photographs |
Loan application form with passport size photographs |
|
Id proof with a unique identification number in case of military/ Paramilitary personnel |
Id proof with a unique identification number in case of military/ Paramilitary personnel |
|
Educational qualification proof |
Educational qualification proof |
|
Age proof |
Age proof |
|
Proof of official address and residential address |
Proof of official address and residential address |
|
Income proof |
Income proof |
|
Latest salary slip |
IT returns for the last three financial years |
|
Form 16, duly authenticated by the employer |
Latest bank statement |
Features and Benefits of PNB personal loan
Punjab National Bank has attractive features and benefits from easy loan approval to higher loan amount with flexible loan tenure. Punjab National Bank provides personal loans with unmatched features and benefits as follows:
- No restriction on end use of the loan amount as it is a MULTIPURPOSE LOAN
- Attractive rate of interest
- Flexible repayment option
- Loan can be availed for various personal requirements
- Minimal paperwork
- Quick processing & disbursal
- No hidden charges
- Discounted schemes for existing customer’s
PNB Personal Loan Fees and Charges
The processing fee charged for an Punjab National personal loan is 1.8 % of the loan amount , plus the applicable taxesThe PNB personal loan interest rates start from MCLR+3.55 %
- No prepayment charge is levied if you want to make prepayments for an PNB personal loan
- Punjab National Bank personal loan facilitates flexible loan repayment tenures starting from 12 to 60 months.
- You can avail a PNB personal loan of as low as Rs 50000.
Please note that the figures mentioned above are subject to periodic changes, as deemed fit to the bank.
PNB Personal Loan EMI Calculator
PNB personal loan EMI calculator at Afinoz.com can be a great help if you want to know your PNB personal loan emi accurately. An EMI calculator is a useful tool that assists a borrower to calculate the personal loan EMI, the breakup and the amortization table. An evaluation of these important parameters provides a transparent picture to you and empowers you to make an informed decision regarding the affordability of your PNB personal loan. By feeding the inputs (loan amount, loan tenure and PNB personal loan interest rate) properly on the Afinoz personal loan EMI calculator, you can even decide on an exact EMI amount that you can repay comfortably over your loan tenure. This saves you from straining yourself financially and helps you to avoid financial distress later on.
Punjab National Bank Personal Loan Customer Care
In case of any query you have at any stage of your PNB personal loan application process, the well-trained and experienced customer support team of Punjab National Bank Personal Loan will be there for you any time you want, round the clock. You can call at the PNB Personal Loan Toll Free No 1800 180 2222 or 1800 103 2222 at your own convenience. The PNB personal loan customer care number is just what you need in case of any doubt and no visit to the bank is required at all on your part. All your queries will be answered by the experts at PNB Customer Care.