Description

Punjab National Bank (PNB) offers various schemes under the personal loan category for individuals to fulfil their personalized needs. Individuals like doctors, government employees and pensioners can get a personal loan from Punjab National Bank. The bank offers up to Rs. 15 lakh personal loan for its customers at the competitive interest rate for up to 60 months.  

PNB personal loan for public eligibility criteria

Punjab National Bank offers a personal loan under various categories. Eligibility criteria may vary from scheme to scheme.

Employment

All defence personnel including para-military forces, such as Border Security Force (BSF), Central Reserve Police Force (CRPF), Indo Tibetan Border Police (ITBP), and Central Industrial Security Forces (CISF).

Permanent employees of central and state government, PSUs and all reputed companies including educational institution, hospitals, and autonomous bodies who are drawing their salary from any of Punjab National Branch.   

Minimum income 

Net monthly income should be at least Rs. 15,000 in metro centres, Rs. 12,500 in urban centres, and Rs. 10,000 in semi-urban and rural centres

Credit score

Should have a good credit score

Quantum of finance

Rs. 4,00,000 or 20 times monthly net salary whichever is lower

Residential status

Any Indian 

Interest rate

10.45% p.a.to 15% p.a.

Margin 

NIL

Punjab National Bank personal loan for doctors eligibility criteria

Employment

Professionally qualified and registered doctor and medical practitioner like MBBS, BDS, MS having net annual income Rs. 5 lakh and above. He/she should be a taxpayer for the last two years and should be residing in the current place for a minimum of 2 years. 

Credit score

Should have a good credit score

Residential status

Any Indian 

Interest rate

10.45% p.a. to 15% p.a.

Quantum of loan

Minimum loan Rs. 2,00,000/- and the maximum amount of loan Rs. 15,00,000 or 20 times monthly net salary/income whichever is lower

Margin 

NIL

Punjab National Bank personal loan for pensioners eligibility criteria

Employment

All types of pensioners drawing pension through any of PNB branches

Credit score

Should have a good credit score

Quantum of loan

Varies from applicant to applicant depending on age

Age up to 70 years: Rs. 10,00,000/- (Rupees Ten lakh only) or 18 times of monthly pension (For Defence pensioners, 20 times monthly pension)

Age between 70 years and 75 years: Rs. 7.5 lakh or 18 times of monthly pension (20 times monthly pension)

Residential status

Any Indian 

Interest rate

10.45% p.a. to 15% p.a.

What are the top factors that affect your bank personal loan eligibility?

  • Age: Age is a very important factor that contributes to your eligibility for a personal loan. Younger applicants who are in their early 20s have more chances of qualifying for a personal loan than people who are in their 50s, because young ones have enough time to earn and repay the loan. 
  • Monthly income: Your income directly conveys about your repayment capacity. Generally, income depends on the city you live in and the lenders you are applying with. The higher your income, the better for you. 
  • Credit score: Since a personal loan is an unsecured loan, your credit score plays a crucial role in your application for a personal loan. Your credit score shows how responsible you are in handling your debts.  Generally, a credit score of 750 or above is considered perfect a personal loan approval. 
  • Job and work stability: While assessing your application for a personal loan, lenders look into your employment type i.e. you work profile and the company you work for. It gives a clear picture of a regular stream of income. A stable job in a government sector or reputed private organization will help you get a personal loan with ease. For a salaried person minimum work experience required is at least 2 years of total work experience and at least 1 year in the current organization. A self-employed person should have minimum 5 years of total experience and at least 2 years of experience in their current business.  

Documents required for Punjab National Bank personal loan

Here is the checklist of documents required for a personal loan from Punjab National Bank:

For salaried employees

  • Proof of identity: Passport / PAN card/ Driving license / Voters ID /Aadhaar card 
  • Address proof: Ration card / bank statement / sale deed/ property purchase agreement /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
  • Income proof: Salary slips for the last 3 months along with salary certificate 
  • Bank statement: Last 6 month’s bank statement showing salary being credit 

For doctors

  • Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card 
  • Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
  • Address proof of the business
  • Proof of qualification: Highest professional degree
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant 
  • Bank statement: Business (current account) statement for the latest 6 months
  • Profession continuity proof 

How to apply for Punjab National Bank personal loan through Afinoz?

  • Step 1 :- Afinoz has designed an easy platform for a personal loan application.
  • Step 2 :- Click ‘Apply Now’ button on the personal loan page to apply for a personal loan.
  • Step 3:- Now fill the short and simple personal loan application form to check your eligibility.
  • Step 4:- You will receive exclusive offers from multiple lenders based on your eligibility. 
  • Step 5:- Our customer care executive will call you and tell you about the best offers you are eligible for as per your eligibility.

Why is Afinoz?

Afinoz is a one-stop destination for customized rate quotes on loans and investment products in India. Our objective is to make personal financial decisions easy, seamless and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.

FAQs

Q1 I am a doctor and want to apply for a personal loan. Is there any loan scheme for me?
Punjab National Bank offers Personal Loan Scheme for Doctors. Under this category, the quantum of loan and interest rate vary from other types of personal loans.
Q2Do I need to submit some form of security?
You don’t need to submit collateral to get a personal loan, but you have to provide a suitable guaranty to the bank.
Q3Are there any prepayment charges?
No, there are no prepayment charges. You can prepay the loan partly or fully without at any stage of the loan tenure without any penalty.
Q4What is the processing fee?
Processing charges are 1.80 per cent of the loan amount plus GST, to be paid upfront.
Q5What is the tenure for a personal loan from Punjab National Bank?
The loan repayment tenure goes up to 60 months, depending on the loan scheme. However, you can close the loan at any stage of loan tenure without any charges.