Punjab and Sind Personal Loan Eligibility Criteria 2022

A personal loan is an unsecured loan that does not require collateral and is offered by most banks and non-banking financial companies (NBFCs) such as Punjab and Sind Bank. Since this is a high-risk loan for the bank or NBFC, the interest rates on these loans would be higher than those on secured loans. But it is also necessary to remember that a multipurpose loan is an unsecured personal and is suitable for immediate cash requirements such as medical emergencies, personal expenses, travel, etc., for the purposes that we can see that this is for immediate needs and it is vital not to be denied on a personal loan. This is why it is important to recognise the eligibility requirements and factors that influence your loan application in order to avoid getting your loan application denied, as each rejection would have a negative effect on your credit score. If your credit score plummets, obtaining a loan will become incredibly complicated, or the loan will come with a very high interest rate.

Personal loans are available from Punjab and Sind Bank to salaried employees and retirees at competitive interest rates starting at 12.75 percent per annum. To receive a loan from the lender, you must first decide if you meet the following eligibility requirements:

Eligibility	Salaried Class To Govt./PSU employees. To Confirmed/Permanent/Regular Employees of other institutions. Pensioners should have pension account with Indian Bank.
Age	Minimum: 21 years Maximum For Salaried Class: 60 years (Govt. /PSU) For Salaried class (private): 65 years For Pensioners: up to 70 years
Quantum of Finance	For Salaried Class	For Pensioner
	Up-to 18 times monthly net salary/1.5 times of Net Annual Income or Rs.3 lacs, whichever is less	Pensioners up to the age of 65 years - Rs.3 lakhs or up-to 15 times monthly net pension (whichever is less) Pensioners age should be above 65 years and below than 70 years  Rs.1 Lakh or up-to 10 times monthly net pension (whichever is less)

• Age: Punjab and Sind Bank provide individuals over the age of 21 years with personal loans. As a result, someone under the age of 18 would be refused a personal loan. Personal loans are also available from Punjab and Sind Bank for retirees under the age of 70.
• Income: The amount of money you make determines how much you can borrow from a lender. People with a high income will be able to borrow more, and those with a low income will be unable to borrow at all.
• Current credit: If you already have another loan or credit card debt, then it may be difficult for you to get a personal loan from Punjab and Sind Bank.
• Bank account with the lender: If you are a pensioner, in order to be able to borrow a personal loan, you would need to keep a pension account with the lender. You cannot apply for a personal loan from Punjab and Sind Bank if your pension is routed through another bank.
• CIBIL Score: When you apply for a personal loan, the lender can review your CIBIL score to determine your repayment capacity and creditworthiness. Those with a high CIBIL score would be eligible to take out a big loan. On the other hand, your personal loan application will be denied by the lender if you have a low CIBIL score. You may be paid a high rate of interest even though you are given a personal loan.
• Guarantor: Punjab and Sind Bank require a guarantee to be submitted by all personal loan applicants. You would not be able to repay a loan from the lender if you do not do so.
• Location: In your loan application, the position where you stay plays an important role. For you to be eligible for a personal loan, this sets the minimum salary level. The minimum wage is higher in cities, especially in metropolitan areas such as Mumbai.
• Living situation: Whether you live in your own home or a leased property has an effect on the amount of money you can borrow. This is because living in a rental property decreases your discretionary income, lowering your repayment ability.
• Employer: Working for a reputable business for more than a year will mean to the lender that you are in a secure job; the higher the company's rating, the better the chances of getting a personal loan.

• Enhance your credit score: Because getting a good credit score is so crucial, you should check your credit score before applying for a personal loan. You should aim to boost it to improve your chances of being accepted for a personal loan if you notice that you have a poor credit score.
• Borrow a Fair Loan Amount: If you want to borrow a sum that is more than how much you will repay comfortably over the loan repayment tenure; lenders will not accept your personal loan application. Therefore, make sure you analyse your financial condition and opt for exactly how much you need.
• Repay Your Credit Cards Debts and Outstanding Loans: Your repayment ability would be negatively impacted if you have outstanding loans or credit card debts. This can result in the lender refusing your loan application or offering a small loan amount. You should consider repaying the current debts to prevent this.

Punjab and Sind Bank Personal Loan Details

Interest Rate	12.75% p.a. onwards
Loan Amount	Salaried Class: Up to 15 times your monthly net salary, or 1.5 times your net annual income, or Rs.3 lakh, whichever is the lowest Pensioners up to 65 years of age: Up to 15 times your monthly net pension or Rs.3 lakh, whichever is lower Pensioners over 65 years of age: Up to 10 times your monthly net pension or Rs.1 lakh, whichever is lower
Loan Tenure	Up to 60 months
Processing Fee	1% of the loan amount