Punjab Gramin Bank (PGB) Personal Loan
Punjab Gramin Bank (PGB) which is a business arm of the Punjab National Bank is an amalgamation of three RRBs. With most of its branches in rural areas PGB plays a vital role in uplifting the living standards of rural people.
PGB has around 264 branches operating in 3 districts of Punjab. The bank offers various types of deposits and loan schemes.
Purpose - How can PGB's Personal Loan Scheme be put to use
The Punjab Gramin Bank takes care of the financial requirements of people in the rural areas. The purpose of this personal loan is to help the borrower meet all types of personal needs. Money may be required for children's education expenses, medical expenses, wedding expenses, or even travel (domestic and foreign) expenses.
Eligibility Criteria for Punjab Gramin Bank (PGB) Personal Loan
In order to avail the personal loan scheme from Punjab Gramin Bank, the borrower has to fulfill the following eligibility criteria as set by the bank:
PGB Sahyog Rin - Personal Loan Scheme for Public/LIC Agents
Aspect | Details |
Objective | Provide financial assistance for personal needs. |
Purpose | Cover medical expenses, weddings, education, travel, and other personal needs. |
Eligibility | Salaried Individuals: Confirmed/permanent employees of Central/State Govt., PSUs, reputed companies/institutions with 2+ years of service. <br> - LIC Agents: 3+ years of service. |
Margin | No margin required. |
Quantum of Finance | - Public: Up to 24 times gross monthly salary (max ₹20 lakh) <br> - LIC Agents: Up to 15 times gross monthly salary (max ₹10 lakh) |
Security | - Public: Suitable third-party guarantee. LIC Agents: Third-party guarantee and LIC policy assignment OR tangible collateral worth 100% of loan. |
Repayment | Term Loan: Repay within service period or max 72 EMIs. Overdraft: Adjust within service period or max 72 months. LIC Agents: Up to 72 EMIs or age 65 years. |
Interest Rate | Starting at 12.25%. |
Fees | Upfront Fee: 1% of loan amount + GST Documentation: Up to Rs.2 lakh: Rs.270 + GST; above Rs.2 lakh: Rs.450 + GST Defence Personnel: No fees. |
PGB Personal Loan Scheme for Pensioners
Aspect | Details |
Objective | Provide financial assistance to pensioners for personal needs. |
Purpose | Cover personal needs, including medical expenses. |
Eligibility | Pensioners drawing pensions through PGB branches. |
Quantum of Finance | Minimum: Rs.25,000 Maximum: Rs.3 lakh or 18 times net monthly pension (20 times for Defence pensioners), whichever is lower. |
Margin | No margin required. |
Security | Guarantee of spouse eligible for family pension or another family member of means, or suitable third-party guarantee. |
Repayment | Repay within 60 EMIs starting one month after disbursal. |
Interest Rate | 11.75%. |
Fees | - Upfront Fee: NIL Documentation: Up to Rs.2 lakh: Rs.270 + GST; above Rs.2 lakh: Rs.450 + GST. |
PGB Special Sahyog Rin - Personal Loan Scheme for Employees of Central/State Govt./PSUs & Defence Personnel
Aspect | Details |
Objective | Provide financial assistance to salaried employees of Central/State Govt., PSUs, and Defence Personnel for personal needs. |
Purpose | Cover personal needs, such as medical treatment, marriage, education expenses, and travel. |
Eligibility | Confirmed/permanent employees with 2+ years of service Minimum gross monthly salary: Rs.50,000 Minimum CIC score: 650 |
Quantum of Finance | Up to 18 times gross monthly salary, maximum Rs.20 lakh, depending on repayment capacity. |
Margin | No margin required. |
Security | Loans up to Rs.10 lakh: 5 undated cheques in favor of Punjab Gramin Bank Loans above Rs.10 lakh: Same as above, plus additional security options. |
Repayment | Term Loan: Up to 84 EMIs, repayment starts one month after disbursement. Overdraft: Adjusted within 84 months. |
Interest Rate | Starting from 10.00%. |
Fees | Upfront Fee: 1.00% of loan amount + GST Documentation: Rs.270 + GST (up to Rs.2 lakh); Rs.450 + GST (above Rs.2 lakh) |
Note: No upfront or documentation fees for Defence Personnel.
PGB Doctor’s Delight - Personal Loan Scheme for Doctors
Aspect | Details |
Objective | Provide financial assistance to doctors. |
Purpose | Cover professional and personal expenses. |
Eligibility | Practicing/serving doctors (MBBS, BDS & above) with a minimum net annual income/salary of ₹5 lakh and above. |
Quantum of Finance | Minimum: Rs.2 lakh Maximum: Rs.20 lakh or 24 times gross monthly salary/income, whichever is lower. |
Margin | No margin required. |
Security | Suitable third-party guarantee acceptable to the bank or - Tangible collateral security equal to 100% of the loan amount. |
Repayment | Term Loan: Repay within the remaining service period or a maximum 84 EMIs, starting one month post-disbursement. Overdraft: Adjust within a maximum of 84 months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of each month. |
Interest Rate | Starting from 11.40% |
Fees | Upfront Fee: 0.90% of loan amount + GST Documentation Charges: Rs.450 + GST |
Documents Required for Punjab Gramin Bank (PGB) Personal Loan
The individual may require to produce the following documents in order to avail the loan:
- Valid government approved ID card (Driving license, PAN card, Passport, etc.)
- Proof of income (bank statements, IT returns, etc.)
The bank may also require additional documents for verification, depending on the borrower.
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