From renovating your home and buying laptops/appliances to funding college education and weddings, personal loans offered by Punjab and Sind bank can help you fulfil all your dreams. Customers can acquire a personal loan with the help of simple, minimal documentation in addition to a hassle-free process. The punjab and Sind bank offer personal loans to government/PSU employees, permanent employees of other institutions (salaried) and pensioners who have an account with the bank.
The Punjab and Sind bank offers personal loans at a floating rate of interest of 14.75% to 15.25%. Personal loans are offered to both the salaried class at base rate (10%) plus 4.75%, which equals to 14.75% and at 14% to pensioners who have an account with the Punjab and Sind bank. The Punjab and Sind Bank demands guarantee of a third party or spouse as security for providing personal loans.
14.75% to 15.25% (floating)
Base Rase (10.00%) + 4.75% = 14.75% p.a (if deduction of installment can be done from salary at source or salary disbursed through Punjab and Sind bank branches)
Base rate (10.00%) + 5.25% = 15.25% p.a (in other cases)
Base rate (10.00%) + 4.00% = 14%
Loan amount- MaximumSalaried
Rs. 3 lakhs Up to 18 times monthly net salary or Rs.3 lakhs, whichever is less.
Up to 65 years Up to 15 times monthly net pension or Rs.3 lacs, whichever is less
Above 65 years and up to 70 years Up to 10 times monthly net pension or Rs.1 lakh, whichever is less
|Loan tenure- Maximum||60 months|
EMI per lakh (lowest interest rate and maximum tenure)
|Processing charges||1% of the loan amount|
EMI comprises the interest on loan in addition to the principal to be repaid. The sum of principal and interest is divided by the tenure of the loan. Top rate aggregator websites such as bankbazaar.com provide a personal loan EMI Calculator which helps customers calculate the exact EMI which needs to be paid. All a customer has to do is enter the details of loan amount, tenure, interest rate applicable and processing fee, if any and click ‘calculate’. The customer will then find all the required information such as amortization figures and loan repayment figures for a specific loan amount.
For instance, Aditya Chandrasekharan, a 33-year-old employee of a public sector unit, takes a personal loan of Rs.3 lakh at an annual interest rate of 14.75% for 5 years. Rahul, therefore, has to pay an EMI of Rs.7,098 in the first month after undertaking the loan. The amortization table is as follows:
|Year||Principal paid (Rs)||Interest paid (Rs)||Balance amount (Rs)|
There are various factors which affect interest rates offered on Punjab and Sind bank personal loan as listed below.
Note: Punjab and Sind bank can alter its Interest rates at its discretion.
CIBIL score reveals an individual’s repayment capacity and credit history. A robust CIBIL score will boost the chances of a loan applicant to acquire a personal loan at competitive interest rates. If loan applicants have a low CIBIL score, they are unlikely to get their loan approved. If Punjab and Sind bank decides to approve a loan request by an individual who has a low credit score, the interest rate charged on the loan may be higher compared to those who have a good credit score.