Punjab and Sind Bank was established with the idea to uplift the poor. It was founded to help the weaker section of the society and to raise their standard of life. Punjab and Sind Bank offers personal loan for those who have genuine personal credit requirement. The repayment term is 60 months and a third party guarantor or a mutual guarantor of guarantee of spouse is required to avail the loan. The maximum loan amount offered for personal loan is Rs.3 lakhs.
Punjab and Sind Bank Personal Loan Eligibility
The eligibility to avail Punjab and Sind Bank personal loan is as follows:
For salaried applicants:
Profile: The applicant must be a government or a Public Sector Undertaking employee. He must be a permanent, confirmed or a regular employee of other institutions.
Age: The applicant must be above 21 years of age. If he is a government or a Public Sector Undertaking employee his age must not exceed 60 years. If he is a private sector employee, then his maximum age must not be more than 65 years.
Age: The applicant’s age must not exceed 70 years.
Profile: The pensioners who have their pension account with Punjab and Sind Bank are eligible to apply for the personal loan with the bank.
Factors affecting Punjab and Sind Bank Personal Loan Eligibility
There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.
- Residence: The chances of the loan being sanctioned to an applicant who lives in a metro city is higher. The banks also prefer those who have a house of their own as then they will not have to pay rent and will have a higher disposable income.
- Income: If the applicant’s income is higher, then he will get loan for a higher amount as he can afford higher EMI.
- Age:Banks refrain from giving loans to young individuals as they tend to change jobs often. They prefer those having a stable work life.
- Type of employment: The self-employed professionals and nonprofessionals are required to have higher work experience than compared to salaried individual and salaried professionals.
- Employment status: The banks prefer those who have been employed in a company for a longer period.
- CIBIL Score: The applicants’ CIBIL score and credit report is referred before the bank looks further into the applicant’s profile.
How CIBIL score affects your Punjab and Sind Bank Personal Loan Eligibility?
The first thing Punjab and Sind Bank does when they receive an application for personal loan is that they check the applicants CIBIL score.
The bank checks for the following:
- The repayment history and the credit available for the applicant.
- Credit and assets built by the applicant and checks the overall credit utilization.
- The number of credit cards that the applicant has and how much credit he has utilised under them.
- The bank also checks if the applicant has settled any loan. If the applicant has agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence Punjab and Sind Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.
- Capacity to repay the loan. This information can be gathered from the profile as it includes his income information and age and the assets that he has acquired through credit etc.
How to increase Punjab and Sind Bank Personal Loan Eligibility?
You can do the following to increase Punjab and Sind Bank personal loan eligibility:
- Maintain a good credit history by making all the payments on time.
- Reduce the EMIs each month, it ensures that you do not miss out on making payments.
- Prepay the loans if you have lesser EMIs left on any loan. This closes the loan and the applicant will then have a higher disposable and stand a chance of getting a higher amount loan.
- Have both un secured and secured loans, show the bank that you have managed to attain some assets over the period of time and not just built credit.
- Don’t apply for too many loans as all the banks will run a credit check which gets recorded in the credit report.
- Don’t have too many credit cards. Though you may not have used the credit on all of the cards, it lowers your overall credit limit.
FAQs on Punjab and Sind Bank Personal Loan Eligibility
Q. What are the age requirement for an individual to take Punjab and Sind Bank personal loan?
A. The applicant must be above 21 years of age. If he is a government or a Public Sector Undertaking employee his age must not exceed 60 years. If he is a private sector employee, then his maximum age must not be more than 65 years. The pensioner’s age must not exceed 70 years.
Q. What is the requirement for a pensioner to avail personal loan from Punjab and Sind Bank?
A.The pensioners who have their pension account with Punjab and Sind Bank are eligible to apply for the personal loan with the bank.
Q. What is the maximum loan amount offered as personal loan by Punjab and Sind Bank?
A. The maximum loan amount offered as personal loan by Punjab and Sind Bank is Rs.3 lakhs.
Q. Is a guarantor required to avail personal loan by Punjab and Sind Bank?
A. Yes, a third party guarantor or a mutual guarantor of guarantee of spouse is required to avail the loan.