Description
Punjab National Bank Personal Loan Interest Rates range from 8.95% p.a. to 16% p.a. Punjab National Bank offers a personal loan up to Rs.15 lakh for a flexible repayment tenure ranging between 12 months to 60 months. PNB personal loan is available under multiple schemes to cater to several funding needs of borrowers.
Some of the most popular personal loan schemes of PNB
- Personal loan scheme for public
- Personal loan scheme for doctors
- Personal loan scheme for pensioners
PNB Personal Loan Interest Rates and Charges 2021
Here are the interest rates and other charges applicable on PNB personal loans:
Scheme |
Personal loan scheme for public |
Personal loan for pensioners |
Personal loan for doctors |
Interest (p.a.) |
8.95% - 16% |
10.75% onwards |
9.95% onwards |
Processing charges |
1.00% of loan amount For defense personal Nil |
Nil |
0.90% of loan amount + Taxes |
Documentation charges |
Up to Rs. 2 lac- Rs. 270
Above Rs. 2 lac- Rs. 450
For Defence Personnel – Nil |
Rs. 500 |
Rs. 450 + GST |
Loan amount |
Up to Rs. 15 lakh |
Rs. 25,000 – Rs.10 lakh |
Rs 2 lakh - Rs. 15 lakh |
Prepayment charges |
Nil |
Nil |
Nil |
Credit score |
750 and above |
750 and above |
750 and above |
*Rates are subject to periodic changes. PNB personal loan interest rates and other charges are subject to regular reviews. The final interest rates will be decided by the PNB at the time of loan sanction, depending on several factors.
PNB Personal Loan Schemes
Personal loan scheme |
Features & Benefits |
Personal loan scheme for public |
|
Personal loan scheme for pensioner |
|
Personal loan scheme for doctors |
|
What are the factors that affect Punjab National Bank personal loan interest rates?
- Employment: While deciding interest, lenders look at your employment type. If you are a permanent employee of a government organization or reputed private organization, you may get lower interest on a PNB personal loan. PNB offers a personal loan under different schemes for salaried and non-salaried individuals.
- Repayment capacity: Repayment capacity is one of the most important factors of personal loan eligibility criteria. If the bank is convinced with your repayment capacity, it may offer you a personal loan at reduced interest.
- Loan tenure: If you get a personal loan for a longer tenure, it will reduce your monthly payment and you can easily repay the loan without budgetary pressure. That will help you get lower interest on a personal loan. You can find out the right tenure using PNB personal loan EMI calculator.
- Relationship with PNB: Banks normally charge lower interest rates on personal loans for its high-valued customers. If you are an existing customer of Punjab National Bank and have a good relationship with it, the bank may agree to offer you preferential interest rates.
How PNB personal loan interest rates compare with other personal loans?
Banks |
Interest rates |
9.95% - 14.50% p.a. |
|
9.60% p.a. onwards |
|
10.75% - 21.50% p.a. |
|
11.25% - 21% p.a. |
|
12% - 24% p.a. |
|
10.99 % p.a. |
|
11.00% - 31.50% |
|
12.99% p.a. onwards |
|
11.99% - 36% p.a. |
|
14% p.a. onwards |
Features of the PNB personal loan
- Multiple schemes: PNB personal loan is available in multiple categories, which will help different types of applicants to meet their financial requirements.
- Flexible loan amount: A personal loan offered by Punjab National Bank starts from as low as Rs. 50,000, which can go up to Rs.15 lakh.
- Hassle-free application: You can apply for a personal loan from Punjab National Bank without moving out of your home, using an online platform like an app or website.
- Flexible loan repayment period: PNB personal loans can be repaid over a flexible repayment tenure ranging from 12 months to 60 months. There is no prepayment charge on the loan making it one of the most flexible ways to borrow. Borrowers can use PNB personal loan EMI calculator to arrive at the right repayment tenure.
- No hidden charges: The bank offers a personal loan with transparent terms and conditions. There are no hidden charges on personal loans and an applicant is informed about all fees and charges at the time of application.
About Punjab National Bank
Punjab National Bank is the second largest public sector bank in India. Headquartered in Delhi, the bank had 10,910 branches and 13,000+ ATMs in various cities across the country as on 1 April 2020. PNB offers a wide spectrum of personal, social, agricultural, international and corporate banking services. Some of the products offered by the bank include credit cards, personal loans, mortgage loans, life insurance, savings accounts, current accounts, fixed deposits, etc.