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.
This is a general, multipurpose loan which can be used for any genuine personal requirement. Some of its uses are mentioned below.
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.
A borrower is expected to provide a guarantor/security before availing a loan in most cases.
The maximum loan amount a borrower can avail is limited to Rs 5 lakh, subject to approval by the 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.
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.
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.
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