Punjab National Bank (PNB) is an Indian financial services company based in New Delhi, India. Founded in 1895, the bank has over 5,800 branches and over 6,000 ATM's across 764 cities. Bank serves over 80 million customers. PNB is the 3rd largest bank in india with assets 4.97 trillion. Punjab National Bank offer many credit schemes to customer like Personal Loan, Two Wheeler Loan, Car Loan, Home Loan, Loan against property. Punjab National Bank offer loan with Minimal processing fee with minimal documentation
You’re probably eligible for an Punjab National Bank Personal Loan if you are
At least 21 years old
Less than 58 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your Punjab National Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Rs.15,000 per month
Maximum allowed personal loan is Rs. 4 lakhs
EMIs of other loans lower
Increase your eligible Punjab National Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 60 years
Documentation needed to apply for an Punjab National Bank Personal Loan
- 1. Signed application form with photograph
Proof of identity: Passport/voter ID card/driving license
Proof of address: Ration card/telephone or electricity bill/rental agreement/passport
- 3. Processing fee cheque
- 4. Last 3 months bank statement/6 months bank passbook
- 5. Documentation for salaried applicants:
Latest salary slip
Current dated salary certificate with the latest Form 16
- 6. Documentation for self-employed applicants:
Latest Bank statement
Latest ITR or Form 16
Punjab National Bank Personal Loan Interest RatesUpdated on 04 Aug 2015
|Interest Rate (Floating)||13.00% to 16.00%|
|Processing Fees||1.80% of loan amount + service tax & education cess|
|Loan Tenure||5 years|
|Guarantor Requirement||Guarantor required|
- About PNB Personal Loan
Punjab National Bank, also known as PNB, is one of the most popular Indian public sector banks offering personal loans along with other core banking services across India. Personal loans at PNB are available for salaried, self employed, as well as pensioners drawing their pension through any of the PNB branches in the country. PNB personal loans are offered to eligible individuals to offset any immediate financial requirement or need without any security or collateral requirements. The money made available to the borrower through a PNB Personal Loan can be used as per the personal requirements of the individual without any restrictions. PNB Personal Loans are useful for any of the following:
- Personal financial requirements
- Marriage expenses
- Foreign travel
- Health or medical treatment related expenses
- Any other miscellaneous expenses
PNB offers personal loans at low interest rates making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make PNB personal loans a popular choice with salaried, self employed, working professionals and pensioners.
PNB offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs with repayment tenure of 60 months. Instalment for repayment of any personal loan offered by PNB commences one month after disbursement of the loan, making it convenient for the borrower.
PNB is the bank of choice when it comes to personal loans for a wide range of loan applicants as the bank offers a number of intrinsic advantages including:
Attractive Rate of Interest: Punjab National Bank charges very nominal interest rate for its personal loans, making it one of the most popular banks when it comes to personal loan requirements.PNB is one of the few public sector banks that calculates the interest on personal loan on a daily recurring balance basis, thereby ensuring maximum benefit is transferred to the loan borrower.
Availability of Various Discounted Schemes: PNB is one of the few banks that offer personal loans at discounted rates under various loan schemes at different times of the year. PNB offers discounted schemes for various individuals including government employees, doctors and other working professionals.
No Hidden Charges: PNB is known for its transparent services and PNB personal loan comes with no hidden charges. The lack of any hidden charges makes PNB the first choice for a majority of personal loan borrowers.
Zero Prepayment Charges: PNB does not charge any prepayment penalty, allowing loan borrowers the freedom to prepay their loan as per their convenience. The lack of any prepayment fee makes PNB personal loans more attractive than other banks and NBFCs.
Quick Loan Approval: Punjab National Bank is one of the few public sector banks that have streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. PNB personal loans follow a quick approval mechanism for both urban and rural centres.
Availability of Online Loan Request: PNB offers an online loan submission tool, making it easier for people of all walks of life to apply for a personal loan while sitting in the comfort of their home or office, without having to physically visit the nearest bank branch.
PNB is a popular choice for personal loans as the bank offers personal attention to each loan applicant with a quick loan approval and disbursal mechanism in place. Some of the prominent features of PNB personal loan include:
Low Interest Rates: PNB offers competitive interest rates for its personal loans on a daily reducing basis, making it one of the best personal loan service providers in India. PNB reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion. Currently, PNB personal loan is available at 3% above base rate floating currently 16.25% per annum.
High Quantum of Loan: PNB offers a high quantum of personal loans, making it one of the most preferred banks for a large number of self employed, salaried, working professionals and pensioners. Punjab National Bank offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs.
Specialized Loan Schemes: Punjab National Bank offers discounted personal loan schemes during major festivals and at other times, making it a popular choice for both rural and urban applicants. Punjab National Bank schemes offer attractive discounts on PNB Personal Loan Interest Rates for working professionals, government employees and others from time to time.
Quick Loan Disbursal: PNB has streamlined its personal loan division, allowing for quick loan approval and disbursal. PNB personal loan is now approved almost instantly with a disbursal rate comparable with most international banks.
24/7 Customer Support: PNB offers a dedicated customer support that is available 24/7 catering to the needs of all personal loan applicants and their queries.
PNB and BankBazaar.com, India's premier financial market place, have collaborated to offer personal loans online. Loan applicants can use BankBazaar.com online loan calculator tool to check instant eligibility and apply for a personal loan with PNB.
Instant Loan Eligibility Check: BankBazaar.com offers an instant loan eligibility check using a personal loan calculator tool. The tool automatically checks the personal loan eligibility of the user by seeking his or her financial details. Personalized loan offers are displayed for the eligible users while those who are not eligible for a personal loan are intimated instantly, cutting down an unnecessary waiting period.
Personalized Quotations: BankBazaar.com offers personalized quotes for each loan applicant depending on his or her financial status, previous repayment history and other yardsticks calculated from the online personal loan calculator tool. Personal loan options listed by the BankBazaar.com personal loan calculator tool are unique for each user.
Discounted Interest Rates: Bankbazaar.com has collaborated with PNB, offering a discounted rate of interest for all online personal loan applications. The lower rate of interest is reserved exclusively for all personal loan applications submitted through Bankbazaar.com.
Real time Loan Comparison Tool: BankBazaar.com offers active loan comparison for borrowers to choose the best suited loan as per their requirement. BankBazaar.com also provides social interaction of previous loan applicants of various banks, which help applicants choose the best service provider, keeping in mind the satisfaction of previous and existing customers.
E-Approval Facility: All loan requests submitted to BankBazaar.com get instant e-approval after successful submission of the loan application online at our portal. The instant approval from BankBazaar.com signifies the successful submission of the application request at the loan department of the corresponding bank.
Applying for a personal loan at BankBazaar.com involves three simple steps.
Step 1: Firstly, the applicant must fill the personal loan eligibility form available online with the required personal data. Once submitted, the tool automatically checks the personal loan eligibility of the applicant and displays personalized personal loan options and quotes.
Step 2: In the second step, the applicant can compare various personal loan options offered by various banks and NBFCs in the tool interface and apply for the best suitable loan.
Step 3: On clicking ‘submit’, the applicant receives instant e-approval from BankBazaar.com online.
The loan application, once submitted, is sent electronically to the PNB branch concerned and the bank loan department gets in touch with the applicant directly. Users can check the status of their loan application through SMS alerts as well as emails.
Punjab National Bank is known for its attractive interest rates offered on all loans. The bank offers personal loans at interest rates ranging from 13.25% to 16.25%, whereas the base rate is 10%. If you have your salary account at PNB, you are likely to be offered an interest rate as low as 13.25%. For defence personnel and government employees, PNB Personal Loan Interest Rates can be as low as 13.25%. Self-employed non-professionals are likely to get a comparatively higher interest rate considering the risk involved in it. Personal loans from PNB are offered for a tenure of up to 5 years and borrowers have the freedom to choose any tenure within this time frame.
|Minimum Loan Amount||Rs. 50,000|
|Maximum Loan Amount||Minimum amount of loan will be
Rs.50,000/- and maximum amount of loan
Rs.4,00,000/- or 20 times monthly net salary,
whichever is lower, depending upon the repaying capacity
|Tenure:||12 to 60 Months|
|Processing Fee:||1.8% of the loan amount + Service Tax &
|Interest Rates:||For Loans up to Rs.10 Lakhs: Individuals
whose salary is being disbursed through
PNB branches only (including Defence
Personnel) : Base Rate+3% (13.25%)
For Loans up to Rs.5 Lakhs:Individuals
availing the loan under check-off facility
(including Defense Personnel):Base Rate +
For others up to Rs.5 Lakhs: Base Rate +6%
PNB is one the few banks that has a very flexible eligibility criteria for providing personal loans. The bank offers personal loans for salaried as well as self-employed individuals with a criterion that the minimum age of the age applicant should be 21 years. Personal loans of Punjab National Bank can be availed till you reach 58 years for salaried individuals. The bank offers a flexible tenure of up to 60 months for personal loans, but while applying, you will have to consider your age. For instance, if you are 55 years old and applying for PNB. Personal Loan, the maximum tenure for which you can avail the loan is 3 years, considering you will reach the maximum age limit of 58 in 3 years. Self-employed individuals can avail a loan up to the age of 65 years.
The main attraction of Punjab National Bank Personal Loan is that the bank is one of only few to offer personal loan for pensioners, who have their pension account with them.
For an assurance of prompt repayment, the bank also puts forth that working professionals applying for loan should be at least 2 years in the job while applying for a PNB Personal Loan.
PNB Personal Loan Eligibility Criteria for Salaried Individuals
|Age||Minimum: 21 Years Maximum: 58 Years|
|Minimum Income||Salaried individuals with minimum monthly
income of Rs10,000 per month for eligible
customers at Semi-Urban and Rural Centers,
Rs2,500 per month for eligible customers at
Urban Centers and Rs.15,000 per month for
eligible customers at Metro Centers.
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
PNB Personal Loan Eligibility Criteria for Self Employed Individuals and Working Professionals:
|Age||Minimum: 21 Years Maximum: 65 Years|
|Minimum Income||Self-Employed individuals or working
professionals earning a minimum of Rs.
20,000 per month
|Total years in Profession||2 Years|
PNB Personal Loan Eligibility Criteria for Personal Loan Scheme for Pensioners
|Age||All types of pensioners who are drawing
their pension through our branches are
|Loan Amount||For Pensioners above the age of 70 years
and up to 75 years, the maximum amount of
loan would be Rs.1,50,000/- or 18 times net
monthly pension, whichever is lower. For Pensioners above the age of 75 years,
the maximum amount of loan would be
Rs.70, 000/- or 12 times net monthly pension, whichever is lower.
BankBazaar.com offers users a unique tool to calculate their EMI for their loans. The easiest way to calculate your PNB Personal Loan EMI is by using the EMI calculator tool provided by BankBazaar.com. Users simply need to add the amount of their personal loan, loan tenure and rate of interest. The Personal Loan EMI Calculator then calculates and displays the EMI liability for the loan. The BankBazaar.com EMI calculator tool helps you know the EMI in advance for various tenure options and helps you plan your finances by choosing a repayment tenure that suits you best.
Q: How can I apply for Punjab National Bank Personal Loan online?
A: Users can apply for PNB personal loan using the online loan calculator tool available at BankBazaar.com. The personal loan calculator tool seeks applicant's financial data and checks for personal loan eligibility, offering personalized loan options to choose from. Users can apply for a personal loan online and receive instant E-Approval of the loan.
Q: What is the minimum and maximum amount of personal loan available with Punjab National Bank?
A: PNB personal loans are available for a minimum amount of Rs.50,000 to a maximum limit of Rs. 10, 00,000 depending on the eligibility criteria of the loan applicant. Punjab National Bank offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs.
Q: What is the maximum tenure offered for Punjab National Bank Personal Loan?
A: PNB Personal Loans come with a flexible tenure from as low as 12 months to a maximum limit of 60 months, depending on the quantum of the loan.
Q: Why should I apply for PNB personal loan through BankBazaar.com?
A: Applying for PNB personal loan through BankBazaar.com offers users a discounted rate of interest along with instant E-approval of the loan right at the time of submission of loan application. Users are also able to track the status of their online loan application in real time with updates available through both email and SMS.
Q: Does BankBazaar.com charge for the loan application tool?
A: BankBazaar.com does not charge its members for using the online loan calculator tool. These services provided by BankBazaar.com are absolutely free and can be used by anyone without any extra charges.
Q: Is my data safe with BankBazaar.com?
A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high levels of encryption. BankBazaar.com does not share data with any third party other than the financial institution.
Q: Can I track my PNB Personal Loan application?
A: BankBazaar.com offers 24/7 customer care helpline for all personal loan applicants. Applicants can track their personal loan applications in real time. Customer support is available both though phone and email with an instant SMs notification on each step.