Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Punjab and Maharashtra Co-Operative Bank Personal Loan Reviews

    • review Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan during the last year, Punjab and Maharashtra bank offered me an interest rate of 13.95% and zero processing fee. I had taken the loan amount of Rs. 3 Lakhs for the tenure of 5 Years. I used to receive the loan statement every months through mails and hot copy it is very easy to track my loan transactions too.
      Was this review helpful? 2
      , mumbai
      Reviewed on Feb 28, 2017
    • review Personal Loan
      "First Loan Experience"
      0.5 4.0/5 "Great!"
      I availed a Personal Loan from Punjab and Maharashtra Bank in 2014. Basis on existing relationship I got the loan at 14% interest rate. But the process of verification that is followed is not acceptable. The verification team visits even the guarantorâ??s house without prior informations.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 11, 2015
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    Punjab and Maharashtra Co-Operative Bank Personal Loan is Rated as "Excellent!" by 2 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 2 users

    Punjab and Maharashtra Co-Operative Bank Personal Loan

    Apply for Personal Loan

    Overview about Punjab and Maharashtra Co-operative Bank Limited Personal Loan

    Punjab and Maharashtra Co-operative Bank has been serving its customers diligently ever since its inception in 1984, growing from humble beginnings to offer multiple products across the country. Among its popular offerings are its personal loans, designed to cater to any financial emergency an individual could have, ensuring lack of money doesn’t hamper the quality of life one wishes to lead.

    Perfect Personal Loan Deals for you

    What can this loan be used for?

    This is a general, multipurpose loan which can be used for any genuine personal requirement. Some of its uses are mentioned below.

    • It can be used to pay for wedding expenses
    • Can be used to pay off medical bills
    • Renovating/remodelling the home
    • Vacation
    • Purchasing household utilities, etc.

    Who can avail Punjab and Maharashtra Co-operative Bank Limited Personal Loan?

    This loan can be availed by existing customers of the bank, subject to them meeting certain basic criteria revolving around age and income. A borrower should have a sufficient source of income to repay the loan and should have a steady job/business.

    What are the terms associated with this loan?

    A borrower is expected to provide a guarantor/security before availing a loan in most cases.

    What is the maximum loan amount which can be availed?

    The maximum loan amount a borrower can avail is limited to Rs 5 lakh, subject to approval by the bank.

    What is the interest rate charged by Punjab and Maharashtra Co-operative Bank?

    Punjab and Maharashtra Co-operative Bank charges interest as per its discretion and it is advisable to check the interest rate with the bank before applying for a loan.

    What is the repayment period for this loan?

    The loan can be repaid through equated monthly instalments (EMIs) spread over a period of 5 years. Individuals can opt to repay the amount before 5 years also and have the option to repay it in 3 or 4 years as well.

    How can one apply for Punjab and Maharashtra Co-operative Bank Limited Personal Loan?

    Individuals who wish to apply for this loan can do so online, through the official website of the bank by providing their basic information like name, date of birth, bank account number, etc. They can also choose to visit the branch personally and fill up the application form.

    Example

    Mr. Krishna decides to avail a personal loan of Rs 1 lakh from Punjab and Maharashtra Co-operative Bank to clear his medical bills. He avails a loan at an interest rate of 13% per annum with a repayment tenure of 4 years. The amount he will have to pay to clear the loan is mentioned below.

    EMI – RS 2,683

    Total interest to be paid – RS 28,772

    Total payment to clear the loan – Rs 1,28,772

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