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  • Punjab and Sind Bank Personal Loan Eligibility

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  • Punjab and Sind Bank offers personal loans to salaried individuals who are employed in government undertakings, public sector firms, and other private institutions. Pensioners can also avail loans from Punjab and Sind Bank. Borrowers need to be over the age of 21 years to avail a loan from the lender. The applicant should be able to furnish a guarantee to be eligible to borrow this loan.

    Punjab and Sind Bank Personal Loan Eligibility Criteria

    Punjab and Sind Bank offers personal loans to salaried employees and pensioners at attractive interest rates that start at 12.75% p.a. To borrow a loan from the lender, you will need to check whether you meet eligibility criteria mentioned below:

    Criteria Salaried Employees (Government/PSUs) Salaried Employees (Private) Pensioners
    Age 21 years to 60 years 21 years to 65 years Up to 70 years
    Bank Account with Lender Not specified Not specified Should hold pension account with the bank
    CIBIL Score Ideal – Over 700
    Guarantee Mandatorily Required

    Factors Affecting Punjab and Sind Bank Personal Loan Eligibility

    • Age: Punjab and Sind Bank offers personal loans to individuals who are over the age of 21 years. Thus, anyone who is under this age will not be eligible to apply for a personal loan. Pensioners under the age of 70 years can also borrow personal loans from Punjab and Sind Bank.
    • Income: The income that you earn plays a significant role in how much you can borrow from the lender. Those who earn a good income will be able to borrow more, and vice versa.
    • Bank Account with the Lender: If you are a pensioner, you will need to hold a pension account with the lender to be eligible to borrow a personal loan. If your pension is routed through any other bank, you cannot apply to Punjab and Sind Bank for a personal loan.
    • CIBIL Score: When you submit a personal loan application to a lender, the lender will assess your repayment ability and creditworthiness by checking your CIBIL score. Those who have a high CIBIL score will be able to borrow a high loan amount. On the other hand, if you have a low CIBIL score, your personal loan application may be rejected by the lender. Even if you are offered a personal loan, you may be charged a high rate of interest.
    • Guarantor: Punjab and Sind Bank requires all personal loan applicants to submit a guarantee. If you do not do this, you will not be eligible to borrow a loan from the lender.

    How to Improve Your Chances of Getting a Personal Loan from Punjab and Sind Bank?

    • Improve Your Credit Score: Given how important it is to have a good credit score, you should ensure that you check your credit score before applying for a personal loan. If you find that you have a low credit score, you should try to improve it to increase your chances of being approved for a personal loan.
    • Borrow a Reasonable Loan Amount: Lenders will not approve your personal loan application if you try to borrow a sum that is more than how much you can repay comfortably over the course of the loan repayment tenure. Thus, ensure that you assess your financial situation and opt for exactly how much you need.
    • Repay Your Credit Cards Debts and Outstanding Loans: If you have outstanding loans or credit card debts, your repayment capacity will be adversely affected. This can cause the lender to reject your loan application or offer a low loan amount. To avoid this, you should consider repaying your existing debts.

    Punjab and Sind Bank Personal Loan Details

    Interest Rate 12.75% p.a. onwards
    Loan Amount
    • Salaried Class: Up to 15 times your monthly net salary, or 1.5 times your net annual income, or Rs.3 lakh, whichever is the lowest
    • Pensioners up to 65 years of age: Up to 15 times your monthly net pension or Rs.3 lakh, whichever is lower
    • Pensioners over 65 years of age: Up to 10 times your monthly net pension or Rs.1 lakh, whichever is lower
    Loan Tenure Up to 60 months
    Processing Fee 1% of the loan amount

    FAQs

    1. Can self-employed individuals who earn a steady income apply for a Punjab and Sind Bank personal loan?
    2. No, the lender only offers personal loans to salaried employees and pensioners.

    3. I recently joined a private-sector company. Will I be eligible to borrow a personal loan from the lender?
    4. You can only borrow a personal loan if you are a confirmed and permanent employee.

    5. Are all categories of applicants offered the same interest rates?
    6. No, pensioners are charged the lowest interest rate, which is 12.75% p.a. If you are a salaried employee, the interest rate that you will be charged will start from 13.5% p.a. onwards.

    7. How quickly will I receive the loan amount in my account?
    8. The loan amount will be disbursed into your account as soon as the lender approves your application.

    9. Can I apply for a personal loan from Punjab and Sind Bank through the lender’s official website?
    10. No, the lender currently does not have an online application option.

        

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