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Punjab and Sind Bank offers personal loans with an interest rate starting from 12.75% p.a. with flexible tenure options up to 60 months. The bank offers personal loans particularly for salaried individuals and pensioners.
Particulars | Salaried Individuals | Pensioners |
Interest Rate | 13.5% p.a. onwards | 12.75% p.a. |
Processing Fee | 1% of the loan amount | 1% of the loan amount |
Loan Tenure | Up to 60 months | Up to 60 months |
Loan Amount | Maximum of 18 times the monthly salary or Rs.3 lakh, or 1.5 times of the annual salary of the individual whichever is lesser. |
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Age criteria |
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Credit Score | 750 | 750 |
Lowest EMI per Lakh | Rs.2,301 | Rs.2,263 |
1. For individuals with a salary of Rs.30,000 per month
Let’s assume that Mr. Ram earns a monthly salary of Rs.30,000 and avails a personal loan of Rs.2 lakh with a repayment tenure of 1 year. The bank sets a processing fee of 1% and an interest rate of 13.5% p.a. In order to repay the loan, Mr. Ram will have to pay an EMI of Rs. 17,910 to repay the Rs.2 lakh.
Loan Amount | Rs.2 lakh | |||
Processing Fee | 1% | |||
Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
1 | Rs. 15,660 | Rs. 2,250 | Rs. 17,910 | Rs. 1,84,340 |
2 | Rs. 15,837 | Rs. 2,074 | Rs. 17,911 | Rs. 1,68,503 |
3 | Rs. 16,015 | Rs. 1,896 | Rs. 17,911 | Rs. 1,52,488 |
4 | Rs. 16,195 | Rs. 1,715 | Rs. 17,910 | Rs. 1,36,293 |
5 | Rs. 16,377 | Rs. 1,533 | Rs. 17,910 | Rs. 1,19,916 |
6 | Rs. 16,561 | Rs. 1,349 | Rs. 17,910 | Rs. 1,03,355 |
7 | Rs. 16,748 | Rs. 1,163 | Rs. 17,911 | Rs. 86,607 |
8 | Rs. 16,936 | Rs. 974 | Rs. 17,910 | Rs. 69,671 |
9 | Rs. 17,127 | Rs. 784 | Rs. 17,911 | Rs. 52,545 |
10 | Rs. 17,319 | Rs. 591 | Rs. 17,910 | Rs. 35,225 |
11 | Rs. 17,514 | Rs. 396 | Rs. 17,910 | Rs. 17,711 |
12 | Rs. 17,711 | Rs. 199 | Rs. 17,910 | Rs. 0 |
2. For individuals with a salary of Rs.50,000
Let’s assume that Mr. Roy earns a monthly salary of Rs.50,000 and has availed a personal loan to consolidate his debts. Since Mr. Roy’s loan repayment has been poor in the past, his CIBIL score is 610 which resulted in the bank setting a higher interest rate of 14% p.a. The processing fee is set at 1% as well and Mr. Roy has chosen a repayment tenure of 12 months. To repay the loan in 1 year, the EMI across the tenure has been set at Rs.26,936.
Loan Amount | Rs.3 lakh | |||
Processing Fee | 1% | |||
Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
1 | Rs. 23,436 | Rs. 3,500 | Rs. 26,936 | Rs. 2,76,564 |
2 | Rs. 23,710 | Rs. 3,227 | Rs. 26,937 | Rs. 2,52,854 |
3 | Rs. 23,986 | Rs. 2,950 | Rs. 26,936 | Rs. 2,28,868 |
4 | Rs. 24,266 | Rs. 2,670 | Rs. 26,936 | Rs. 2,04,602 |
5 | Rs. 24,549 | Rs. 2,387 | Rs. 26,936 | Rs. 1,80,053 |
6 | Rs. 24,836 | Rs. 2,101 | Rs. 26,937 | Rs. 1,55,218 |
7 | Rs. 25,125 | Rs. 1,811 | Rs. 26,936 | Rs. 1,30,092 |
8 | Rs. 25,418 | Rs. 1,518 | Rs. 26,936 | Rs. 1,04,674 |
9 | Rs. 25,715 | Rs. 1,221 | Rs. 26,936 | Rs. 78,959 |
10 | Rs. 26,015 | Rs. 921 | Rs. 26,936 | Rs. 52,944 |
11 | Rs. 26,318 | Rs. 618 | Rs. 26,936 | Rs. 26,626 |
12 | Rs. 26,626 | Rs. 311 | Rs. 26,937 | Rs. 0 |
No, it starts at 13.50% p.a., it can be set higher depending on a number of factors that will be taken into consideration by PSB.
Yes, a guarantor will be required, either a spouse or a major son if the applicant is a pensioner.
The pensioner should have his/her pension account with PSB and should be a maximum of 70 years old when applying for the loan.
No, you will have to visit the nearest branch of PSB to apply for a personal loan.
Call the customer care unit of PSB at 1800-419-8300 to know the various details of personal loans offered by them.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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