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    Punjab and Sind Bank Personal Loan Reviews

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    Punjab and Sind Bank Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an Punjab And Sind Bank Personal Loan if you are

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    Punjab And Sind Bank Personal Loan Minimum Age

    At least 21 years old

    Punjab And Sind Bank Personal Loan Maximum Age

    Less than 65 years old

    Punjab And Sind Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Punjab And Sind Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Punjab And Sind Bank Personal Loan amount eligibility is based on these factors

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    Punjab And Sind Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Punjab And Sind Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 3 lakhs

    Punjab And Sind Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Punjab And Sind Bank Personal Loan amount by these steps

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    Punjab And Sind Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Punjab

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Punjab And Sind Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Punjab And Sind Bank Personal Loan Interest RatesUpdated on 25 Sep 2016

    Punjab And Sind Bank Personal Loan Details
    Interest Rate 14.35% to 14.85%
    Processing Fees 1.00% of the loan amount
    Loan Tenure 60 months
    Guarantor Requirement Guarantor required

    About Punjab and Sind Bank Personal Loan

    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.

    Why Choose Punjab and Sind Bank Personal Loan

    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.

    • Affordable Rate of Interest

      Punjab & Sind Bank Personal Loan comes with competitive interest rates. For pensioners, a reasonable rate of interest is offered.

    • High Loan Quantum

      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.

    • Flexible Repayment Options

      Borrowers can choose a tenure of up to 60 months to pay back their Punjab & Sind Bank Personal Loan.

    Features and Benefits of Punjab and Sind Bank Personal Loan

    Given below are some of the benefits of Punjab & Sind Bank Personal Loan.

    • Personal Loan for Pensioners

      For pensioners who maintain a pension account with Dena Bank, personal loan is offered at a special interest rate.

    • Multipurpose Personal Loan

      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.

    • Nominal Processing Fee

      Borrowers will be charged a nominal processing fee of 1% of the entire loan amount.

    Punjab and Sind Bank Personal Loan Interest Rates

    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.

    Punjab and Sind Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    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)
    Overnight 9.30%
    1 month 9.50%
    3 months 9.65%
    6 months 9.65%
    1 year 9.65%

    Punjab and Sind Bank Base and Prime Lending Rates (For existing borrowers)

    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

    Punjab and Sind Bank Personal Loan Interest Rates

    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.

    Punjab and Sind Bank Personal Loan Eligibility Criteria

    The following class of customers are eligible to apply for a Punjab and Sind Bank Personal Loan.

    • Pensioners who draw their pension from an account with Dena Bank.
    • Salaried employees including Government employees. PSU employees and confirmed / regular and permanent employees having their pension account with Dena Bank.
    • The applicant must be at least 21 years old and not more than 60 years if he is employed with Government or PSU, 65 years if he is employed with a private firm. Pensioners should not be aged more than 70 years.

    PSB Bank Personal Loan FAQs Section and add FAQs

    • Are there any eligibility criteria an individual should meet before applying 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.

      • He/she should be at least 21 years old
      • He/she should be a salaried individual with a regular salary or should be a pensioner
      • The maximum age is 60 years for salaried individuals working for the government, 65 years for salaried individuals working in the private sector and 70 years for pensioners
    • Should one have an existing account with Punjab and Sind bank in order to apply for a personal loan?

      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.

    • Can an individual apply for a Punjab and Sind Bank personal loan online?

      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.

    • Is it mandatory to submit income proofs in order to apply for this personal loan?

      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.

    • What is the maximum and minimum loan amount one can avail through a Punjab and Sind Bank personal loan?

      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.

    • Will the bank charge a processing fee to sanction this loan?

      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.

    • How long does it take for Punjab and Sind Bank to process a personal loan application?

      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.

    • How long can one take to repay the loan?

      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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