Personal loans are a great way to get a quick infusion of cash in an emergency or to tide you over until you can get a regular loan. In this article, we will take you through the steps of calculating your interest rate, reviewing the features and benefits of personal loan products offered by PNB, and calculating your EMIs!
PNB Personal Loan Highlights
| Interest Rate | 9.30% p.a. onwards |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 7 years |
| Processing Fees | Up to 1% |
Punjab National Bank (PNB) Personal Loan
A personal loan is a short-term credit product offered by banks and other lenders. Personal loans are typically unsecured, which means that borrowers do not need to provide collateral to secure the loan. Personal loans are used for a variety of purposes, including to cover unexpected expenses, to help pay off debt, or to improve financial stability.
PNB personal loan is one of the most popular personal loans in India. It has an interest rate range of 9.30%-15.85% p.a. You can get a loan of up to Rs 20 lakh from Punjab National Bank for a maximum tenure of 7 years. PNB offers a number of features that make it a good choice for consumers.
PNB Personal Loan Interest Rates – 2022
Currently, the interest rates on PNB Personal Loans are very low, making them a great option for borrowers. The bank offers a range of personal loan rates, so you can find one that best suits your needs.
For Public
| Type | Rate of Interest |
|---|---|
| Loan to Defence/ Para Military Personals drawing salaries through PNB (customers under Rakshak Plus Scheme are included) | 10.30% p.a. |
| A. Government employees getting salaries through PNB B. Central government gazetted officers having no salary account with PNB | 10.65%-13.15% p.a. |
A. Loan to Corporate/other Employees drawing salaries through our Bank. B. Loan to Govt. Employees not drawing salaries with our bank. | 11.65%-15.15% p.a. |
| Loan to employees under the check-off facility | 13.15%-15.85% p.a. |
For Doctors
| Type | Rate of Interest |
|---|---|
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors | 10.30% p.a. |
| A Personal Loan Scheme for Doctors with a 1% concession for those applying through salary account, or a Maintain receipt collection account with PNB. | 13.15%-15.85% p.a. |
For Self-Employed
| Type | Rate of Interest |
| Personal Loan For Self-Employed | 11.65%-12.65% p.a. |
For Pensioners
| Type | Rate of Interest |
| Personal Loan For Pensioners (Term Loan/Overdraft/Demand Loan) | 10.65% p.a. |
Read Also – Canara Bank Home Loan
EMI Calculator for PNB Personal Loan
There is no doubt that the high cost of financing can be a turnoff for some consumers. But if you are looking to take out a personal loan from a bank, it is important to know your monthly EMI and other required information. Here is an EMI calculator for personal loans from PNB.
The following table provides you with an easy way to calculate your monthly EMI and other required information for personal loans from Punjab National Bank. Simply enter your basic information into the fields provided, and the calculator will provide you with an accurate estimate of your required annual EMI and the total amount payable over the loan period.
Types of PNB Personal Loan
Personal loans are a great way to get the money you need without having to go through a lot of hassle. There are a variety of Punjab National Bank personal loan types, so you can find the one that is best for you. here are the different types of PNB personal loans:
1. Personal Loan for Public
The Punjab National Bank (PNB) has come up with a personal loan scheme to help individuals fulfil their financial requirements for meeting medical emergencies, domestic/foreign travel expenses, wedding expenses, education and other important expenditures.
- Loan Amount: Up to Rs 20 lakh
- Tenure: Up to 6 years
- Processing Fees: Up to 1% of the loan amount
2. Personal Loan Scheme for Doctors
PNB Personal Loan scheme for doctors is a special finance facility that offers easy access to loans for medical purposes. This provision provides an advantage to doctors who require financial assistance for meeting their professional/personal requirements. This facility also helps in smoothening the financial crunch faced by these professionals during tough times.
- Loan Amount: Minimum Rs 2 lakh & Maximum 20 lakh
- Tenure: Up to 7 years
- Processing Fees: 0.90% of the loan amount
3. Personal Loan Scheme for Self-employed
Punjab National Bank (PNB) offers personal loans to self-employed individuals meeting personal and business requirements. The loan can be used for purchasing or upgrading a business or for meeting other personal needs.
- Loan Amount: Up to Rs.5.00 Lakh
- Tenure: Up to 5 years
4. Personal Loan for Pensioners
PNB Pension Loan is a personal loan that’s offered to pensioners who draw their pension through PNB to meet their financial needs. The scheme provides a viable and convenient option for pensioners to meet their immediate financial needs without having to go through the hassle of traditional loans.
- Loan Amount: Rs 25,000-Rs 10 lakh
- Tenure: 5 years
- Processing Fees: NIL
PNB Personal Loan Eligibility
If you are looking for a PNB personal loan, here are some eligibility criteria to keep in mind:
Eligibility For Public
- For those applying for salary from the PNB: Permanent employees in state/central government/PSUs who have served at least two years
- Check off Facility: Minimum 3 years of service for applicants
- Agents of LIC who are under 60 years old and have been in an agency for over 5 years. They will be able to provide stable and consistent income, an SF A/c and PNB.
Eligibility For Doctors
- Physicians who are qualified and practice with a minimum annual salary of 5 lakh.
- Should taxpayers be for the last 2 years.
- The applicant must be able to stay at their current residence for a continuous period of 2 years. This is not applicable to government physicians.
Eligibility Self-employed
- For the last two years, self-employed professionals with a minimum gross annual income below Rs 6 lakh.
- Minimum Credit Score of 750 or higher.
- Candidates maintaining their current account/savings fund satisfactorily with PNB over the last two years. Minimum credit transactions in all savings/current accounts of the individual in PNB/other bank amounts to Rs 5 lakh in the previous financial year.
Eligibility For Pensioners
- All types of pensioners who receive pensions through PNB are eligible.
PNB Personal Loan Documents Required
If you are looking to take a personal loan from the Punjab National Bank, you will need to provide some documentation. The following is a list of the required documents:
- Identity proof: Aadhaar Card, PAN Card, Passport, Voter Identity Card, Driving License, etc
- Address proof: Ration Card, Passport, Driving License, Electricity Bill, Telephone Bill, etc
- Income proof: Salary Slips, Bank Account Statement, ITR, Form16.
Read Also – SBI Gold Loan
FAQs
If you are thinking of taking a personal loan from PNB, here are some Frequently Asked Questions (FAQs) that may help:
Q. What is the interest rate on a personal loan from PNB?
Ans. The interest rate for PNB personal loan typically ranges between 9.30% to 15.85% p.a.
Q. How much can I borrow with a PNB personal loan?
Ans. The amount you can borrow with a PNB personal loan typically ranges between Rs 2 lakh and Rs 20 lakh. However, this amount can vary depending on your eligibility factors and credit score.
Q. What is the repayment term for personal loans from PNB?
Ans. The repayment term for PNB personal loans typically ranges from 36 months to 84 months.
Q. How long does it take to get PNB personal loan approval?
Ans. It typically takes around two days for your personal loan application to be processed by PNB, provided you meet all of the eligibility requirements listed above. However, due to high traffic levels, this may take a bit longer during peak periods.
Conclusion
PNB personal loan offers a range of options that are perfect for both individuals and businesses. The loan is available in a number of different sizes, with flexible repayment terms that can suit everyone’s needs. If you are looking for an easy way to boost your finances, PNB could be the right option for you.
