Introduction
Punjab National Bank (PNB) offers personal loans with interest rates starting from 10.90% p.a., providing flexible loan tenures of up to 60 months and loan amounts of up to Rs. 10 lakh. These loans are tailored to meet various personal financial needs, such as medical expenses, weddings, travel, or debt consolidation.
PNB personal loans come with benefits like quick approval, minimal documentation, and no collateral requirement. Additionally, the bank offers flexible repayment options, making it easier for borrowers to manage their finances while addressing immediate personal needs.
Punjab National Bank Personal Loan Highlights
| Interest Rate | 10.50% p.a. onwards |
| Loan Amount | Up to Rs 15 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 1% of loan amount |
| Minimum Monthly Income | For Corporate Borrowers: Rs 20,000For Non-corporate Salary Borrowers: Rs 35,000Employee of HDFC Bank: Rs 15,000 |
Types of Punjab National Bank Personal Loans
| Type of Loan | Purpose | LTV Ratio | Tenure | Special Features |
| Standard Personal Loan | General personal expenses | NA | Up to 5 years | Quick processing, minimal documentation |
| Education Loan | Education-related expenses | NA | Up to 7 years | Special interest rates for education |
| Pension Loan | Financial support for pensioners | NA | Up to 5 years | Special rates for pensioners |
Punjab National Bank Personal Loan Features & Benefits
- Zero Collateral: No need to mortgage property.
- Loan Amount Tenure: Maximum up to ₹15 lakhs can be availed for up to 5 years.
- Interest Rates: Attractive rate of interest starting at 10.50% p.a.
- Digital KYC: Easy documentation with video KYC using Aadhar Card.
- Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
Punjab National Bank Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 10.50% – 13.00% per annum |
| For Self-employed | 11.00% – 14.00% per annum |
Punjab National Bank Personal Loan Processing Fees and Charges
| Fee Type | Details |
| Processing Charges | Up to 1% of loan amount |
| Stamping Charges | As per respective State’s Stamp Act |
| Overdue Interest | 2% per month |
| Credit Appraisal Charges | Up to ₹1,000 + GST |
| Credit Administration Charges | Up to ₹500 + GST |
| Collection Charges | 2% + GST of cheque/instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | ₹500 + GST |
| Foreclosure Charges | 2% + GST |
| Part Pre-payment Charges | ₹200 + GST per instance |
| No due | NIL |
| Duplicate Issue of NOC | NIL |
| Copy of CIBIL | ₹50 + GST |
| Copy of Records | ₹100 + GST |
Eligibility Criteria for Punjab National Bank Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21 – 60 years | 21 – 65 years |
| CIBIL Score | 750 and above | 750 and above |
| Minimum Net Income | ₹20,000 per month | ₹25,000 per month |
Documents Required for Punjab National Bank Personal Loan
- ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
- Residential Proofs: Passport, utility bill, leave and license agreement
- Bank Statement: Past 3 months
- Salary Slip: Last 3 months
- Photographs: 2-3 passport size
Punjab National Bank Personal Loan EMI Calculator
Calculate your EMI using Punjab National Bank’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
- Improve Credit Score: Maintain a CIBIL score of 750 and above.
- Reduce Existing Debt: Lower your existing debt before applying.
- Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at Punjab National Bank?
- Visit the Punjab National Bank website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select ‘Punjab National Bank’ from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Following the verification of your application, a Punjab National Bank executive will contact you for further proceedings.
Types of Punjab National Bank Personal Loans (Reiteration)
- Standard Personal Loan: Ideal for general personal expenses.
- Education Loan: Tailored for education-related expenses.
- Pension Loan: Specifically designed for pensioners.
Practical Use Cases
- Standard Personal Loan: Cover unexpected medical expenses with quick processing.
- Education Loan: Manage education fees with customizable repayment options.
- Pension Loan: Get immediate financial assistance with special interest rates for pensioners.
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Compare Punjab National Bank Personal Loan with Other Banks
| Feature | Punjab National Bank | HDFC Bank | Kotak Mahindra Bank | Yes Bank |
| Interest rate | 10.50% p.a. onwards | 10.50% p.a. onwards | 10.99% p.a. onwards | 20% p.a. onwards |
| Processing fee | Up to 2.5% + GST | Up to 2.5% + GST | Up to 3% + GST | 2% + GST |
| Foreclosure charges | 4% of the outstanding loan amount | 4% of the outstanding loan amount | 5% of the outstanding loan amount | 0% to 4% of the outstanding loan amount |
| Late payment fee | 2% of the overdue amount per month | 2% of the overdue amount per month | 3% of the overdue amount per month | 2% of the overdue amount per month |
Brief Summary
Punjab National Bank’s personal loan is an ideal solution for anyone in need of quick funds to meet financial needs. With competitive interest rates, flexible repayment options, and a hassle-free application process, PNB ensures you have the financial support you need when you need it most.
FAQs
1. What is the maximum loan amount I can avail of through Punjab National Bank Personal Loan?
The maximum loan amount you can avail of through Punjab National Bank Personal Loan is up to ₹15 lakhs. However, the final loan amount is subject to your eligibility and the bank’s discretion based on your income, repayment capacity, and other factors.
2. What is the interest rate for Punjab National Bank Personal Loans?
The interest rate for Punjab National Bank Personal Loans starts at 10.50% per annum. The exact rate may vary based on factors such as your credit score, loan amount, and repayment tenure.
3. How long does it take to get a personal loan approved by Punjab National Bank?
Punjab National Bank typically processes personal loan applications within a few working days, provided all required documents are submitted and the eligibility criteria are met. The exact processing time may vary depending on the individual case.
4. What are the repayment tenure options for Punjab National Bank Personal Loans?
Punjab National Bank offers flexible repayment tenure options for personal loans, ranging from 12 months to 60 months (1 to 5 years). You can choose a tenure that best suits your repayment capacity and financial planning.
5. Can I prepay or foreclose my Punjab National Bank Personal Loan before the tenure ends?
Yes, you can prepay or foreclose your Punjab National Bank Personal Loan before the tenure ends. However, a foreclosure charge of 2% on the outstanding loan amount, plus applicable GST, may apply. It’s advisable to check with the bank for the exact charges before proceeding with prepayment or foreclosure.
