Punjab & Sind Bank is a major public sector bank that provides personal loans for genuine personal credit requirements. The excellent interest rates and the nominal processing fee make the personal loans affordable.
|Loan Amount||Up to Rs. 3 lakh|
|Processing Fee||1% of the loan amount|
Most lenders in India request applicants to provide a set of documents to apply for a loan to keep a record of the person’s identity and verify his/her credibility. Here are a few general documents that applicants may be requested to submit:
|Age||21 years to 70 years|
A personal loan, as mentioned earlier, can be availed to take care of any personal expenses that may arise in the near future. Let’s say, Mr. Vikram decided to take a Rs. 2 lakh personal loan to pay for his son’s educational expenses. The EMI he is required to pay depends on the interest rate and the repayment period chosen. Let’s assume Mr. Vikram has been offered an interest rate of 13.55% and chose to repay the loan in 1 year. He will then have to pay Rs.17,915 every month for the next 12 months.
The break-up of the repayment schedule is as follows:
|Month||Principal Paid(A) (in Rs.)||Interest Paid(B) (in Rs.)||Total Payment (A+B) (in Rs.)||Outstanding Loan Balance (in Rs.)|
You can also calculate the EMI for the loan amount and loan tenure you’re looking at using our online EMI calculator
|Parameters||Punjab and Sind Bank Personal Loan||Corporation Bank Personal Loan||South Indian Bank Personal Loan||Yes Bank Personal Loan|
|Interest rate||12.8% onwards||12.9% onwards||11.55% onwards||10.75% onwards|
|Processing fee||1% of loan amount||1.5% of loan amount||2% of the loan amount||As per loan agreement|
|Maximum loan quantum||Rs.3 lakh||Rs.3.5 lakh||Rs.25 lakh||Rs.40 lakh|
|Maximum repayment tenure||60 months||60 months||60 months||60 months|
Yes, the bank will ask for income proof 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.
A third-party, spouse, major son, or mutual guarantee can be named as the guarantee under the loan.
Yes, the processing fee equal to 1% of the loan amount is a one-time payment.
The interest for personal loan is calculated based on the one-year Marginal Cost of Funds based Lending Rate (MCLR).
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