PNB personal loan is offered to both the salaried and self-employed individuals. The funds can be used to meet any requirement. PNB personal loan is a collateral-free loan that means no security is required for availing this loan. It has flexible uses; a borrower can fulfill any monetary needs with PNB personal loan.
Punjab National Bank is named among the oldest bank’s list in India. It offers a diverse range of products to its customers. PNB is a prominent name in the financial industry. Among the wide range of PNB financial services, a personal loan is one most availed services of this bank. Moreover, among the PNB many services, the bank is known for its offering of personal loans.
Whether a borrower is looking funds for home renovation, holiday or the child’s education, PNB supports in any financial need. PNB’s loan has great features that benefit its customers in many ways.
PNB personal loan comes along with the special offers to the defence, armed forces, and government employees. Personal loan rate of interest for government employees and defence personnel differ from private salaried employees.
PNB personal loan is a helping hand that fulfills all wishes of the borrowers. For further more clarity on this, let’s have a look at the benefits of PNB personal loan:
- A wide range of personal loans are offered like personal loan schemes for public, doctors, and pensioners.
- Low processing fees are charged on PNB personal loans.
- Minimum documentation process is involved in availing PNB personal loan.
- A wide presence of PNB in India has made loan processing even easier.
- PNB offers special schemes and discounts for the borrowers.
PNB personal loan has multipurpose usage, which means it can be used for any personal expenses whether it is of travel, vacation, education, medical or any other financial requirements.
> Here are some key features of PNB personal loan:
- A loan can be availed by both the salaried and self-employed.
- The loan amount depends on the type of loan a borrower has availed but in general the minimum is Rs. 50,000 to Rs. 15 lakhs.
- PNB personal loan offers flexible loan tenure from 12 to 60 months.
- The interest rate of PNB personal loans varies based on the many factors like loan amount, repayment tenure, the availed type of loan,payroll system etc.
- Low processing fees are charged on PNB personal loans.
- The zero preclosure charge is levied on PNB personal loan.
- PNB offers customized personal loan interest rate and special schemes for borrowers working in good organizations, banks or government employees, etc.
> Some of the special PNB personal loan schemes are:
- Loan for all personal needs.
- Personal Loan for Pensioners.
- Loan for Home Renovation.
> PNB Personal Loan Top Up
PNB personal loan has also offered a top-up facility. Top up is an additional loan that can be availed from the existing bank on the already availed loan. A borrower can get top up on PNB personal loan if he/she has a good repayment track record on the existing personal loan. Top-up loans are available at a similar rate of interest as on the existing personal loan.
> PNB Personal Loan Interest Rate Calculator
A borrower can get the competitive rate of interest on PNB personal loan subject to an assessment of the loan amount, salary, other obligations like a company in which a borrower is working, loan repayment tenure, etc.
Some of the factors that determine the personal loan interest rate are mentioned below:
- Loan Amount – The availed loan amount from the bank. Generally, lenders offer a low rate of interest on the high amount. PNB offers loans from Rs. 50,000 and Rs. 15 lakhs (vary based on the availed type of loan).
- Income – The salary of the borrower plays a major role in the offered interest rate. Income defines the capacity of a borrower to repay the loan amount. The interest rate is varies based on the monthly earnings. Generally, the higher salary bracket borrowers are offered personal loans at a lower rate of interest.
- Relationship with the Lender – Bank offers special schemes, charges, fees and interest rates to their existing customers. If a borrower has managed his/her accounts and has a good track record of the payments can get the benefit of a low interest rate on PNB personal loan.
- Loan repayment capacity – Every lender look for the repayment capacity of the borrower. PNB also checks the repayment capacity of the borrower through CIBIL. As it has the credit repayment track record of the previous loans. CIBIL also provides information about the credit card bills payment.
Eligibility Criteria of PNB Personal Loan
> PNB Personal Loan Scheme for Public:
- A borrower should be permanent or confirmed defence personnel, such as officials of Central Reserve Police Force, Indo Tibetan Border Police, Military Station Headquarters, Central Industrial Security Force, Border Security Force, etc.
- PNB Personal Loan for the public can be availed by the permanent or confirmed employee of the State or Central Government, Public Sector Units, or reputed institutions or colleges including schools, autonomous bodies, universities, nursing homes, hospitals, etc. those draw their salary via Punjab National Bank accounts.
- Must be professionally qualified doctors whose annual income is Rs.4,00,000 or above. He/she should be a taxpayer for the last three years.
> Personal Loan Scheme for Doctors:
- Must be a professionally qualified doctor whose net annual income is Rs.5, 00,000 or above. He/she should be a taxpayer for the last two years.
- A borrower should have a continued occupancy at the present residence for a minimum of 2 years.
> Personal Loan Scheme for Pensioners:
- A borrower must be a pensioner who draws pension through a Punjab National Bank branch.
Documents Required
The list of required documents may vary based on factors like availed loan scheme, loan amount, source of income, etc. Here is the generic document listed for the PNB personal loan:
- Completed loan application form.
- Passport size photographs.
- Identity proof.
- Proof of residence.
- Form 16 or the latest salary slip if the borrower is a salaried individual.
- Last 3 financial years Income Tax Returns.
- Age-proof in case of self-employed individuals.
