Punjab & Sind Bank (P&SB) is a major Public Sector bank in Northern India and working 100% on CBS platform. Government shareholding is 81.42%. Of its 1320 branches and 800 ATM spread throughout India, 530 Branches are in Punjab state. P&SB corporate headquarters is in New Delhi. P&SB provides personal loan for any genuine personal credit requirement. Read on to learn about the eligibility and documentation requirements for the loan you avail.
|Interest Rate||13.50% to 14%|
|Processing Fees||1.00% of the loan amount|
|Loan Tenure||60 months|
|Guarantor Requirement||Guarantor required|
One of the many fastest ways to get cash when you need it is to avail a Punjab & Sind Bank Personal Loan. Sometimes, we come across financially pressing situations like an emergency hospitalization or cash for graduation. Fret not, Punjab & Sind Bank Personal Loan will help you meet all emergency monetary demands.
Punjab & Sind Bank Personal Loan schemes are preferred by customers all over the country mainly because of the advantages that it has to offer. Here are some of the factors that distinguish Punjab & Sind Bank Personal Loans from other loans.
Punjab & Sind Bank Personal Loan comes with competitive interest rates. For pensioners, a reasonable rate of interest is offered.
Borrowers are offered a high loan quantum of up to 18 times the Net Monthly Salary and up to 15 times the Net Monthly Pension for pensioners.
Borrowers can choose a tenure of up to 60 months to pay back their Punjab & Sind Bank Personal Loan.
Given below are some of the benefits of Punjab & Sind Bank Personal Loan.
For pensioners who maintain a pension account with Dena Bank, personal loan is offered at a special interest rate.
Punjab & Sind Bank Personal Loan can be availed for any genuine personal credit need including educational expenses, wedding expenses, travel costs and to meet the expenses of emergency medical needs.
Borrowers will be charged a nominal processing fee of 1% of the entire loan amount.
There are times in life when you will have emergencies which require a lot of money in short notice. For example, if you are getting married or hospitalized. If you are unprepared for such an event, personal loans can be an amazing solution. Punjab and Sind Bank provides personal loans that will help you through such trying times.
If you have availed a personal loan after 1st of April, 2016, the interest that you will pay will be computed using the MCLR system. This benchmark is a more realistic interest option for borrowers as it takes current operating costs into account. The MCLR Benchmark tenure for different periods is depicted in the table below:
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
The table below indicates the Base and Prime Lending Rates applicable at Punjab and Sind Bank:
|Base Rate||9.75% per annum, effective 05. 10. 2015|
|BPLR||14.75% per annum, effective 05. 10. 2015|
The rate of interest for Punjab & Sind Bank Personal Loan are as described in the table below.
|Class of applicant / Loan Type||Rate of Interest|
|Salaried applicant and the applicant’s salary is disbursed through Punjab and Sind Bank branch||Base Rate + 4. 75%|
|Salaried applicant - all other cases||Base Rate + 5. 75%|
|For Pensioners||Base Rate + 4. 00%|
All new customers will automatically have their interest rate computed using the MCLR system. Old customers may choose to migrate to this system if they wish to do so. The interest rate using the MCLR system is shown in the table below:
|Category||Rate of Interest (per annum)|
|For salaried class||
If the salary of the applicant is disbursed through Punjab and Sind Bank: One Year MCLR (9.65%) + 4.75% = 14.40%, presently with monthly rests.
For all other cases: One Year MCLR (9.65%) + 5.25% = 14.90% p.a. presently with monthly rests.
|For pensioners||One Year MCLR (9.65%) + 4.00% = 13.65%, presently with monthly rests.|
Note: The rates mentioned are valid as of 15th June, 2016. Punjab and Sind Bank may choose to change these rates without any intimation. Applicants must check the latest rates with the bank before applying for a loan.
The following class of customers are eligible to apply for a Punjab and Sind Bank Personal Loan.
Yes, an individual applying for a personal loan from P&S Bank should satisfy the following basic criteria.
Yes, applicants (especially pensioners) should have an existing account with the bank in order to be eligible for a loan. The bank may offer personal loans to others who do not have an account with it at its sole discretion.
Yes, one can apply for this loan through the official website of the bank. An individual will be required to provide his/her basic information including name, address, ID proof, PAN details, email ID, phone number, employment details, loan tenure and loan amount. An application number will be generated post submitting this form, with all correspondence to be done through this number.
Yes, the bank will ask for an income proof while submitting an application. This proof is for the bank to gauge the repayment capacity of a borrower.
The maximum amount depends on the applicant, with salaried applicants eligible for loans up to Rs 3 lakh. The loan amount for pensioners depends on their age, with those under the age of 65 years eligible for a maximum loan of Rs 3 lakh while those over the age of 65 years eligible for Rs 1 lakh. The bank has not prescribed any minimum loan amount, and an individual can opt for a loan below the maximum specified limits.
Yes, the bank will charge a processing fee equivalent to 1% of the loan amount before sanctioning the loan. This fee is typically deducted from the final amount which is given to a borrower.
The time taken to process a personal loan application depends on a number of parameters and typically takes between 3 days to 14 days. This, however might vary from application to application, with funds sanctioned only after the application is completely processed and verified.
A borrower can repay the loan through EMIs spread over a period of time. The maximum period to repay the loan is 5 years, with all dues expected to be cleared within this period.
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