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  • Punjab National Bank (PNB) Personal Loan Eligibility

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  • Punjab National Bank offers three personal loan schemes for the public, pensioners and doctors, with each having its own eligibility criteria:

    • Punjab National Bank Personal Loan Scheme for Public - To be eligible for this scheme, applicants have to be permanent employees in the State or Central Government, defense personnel or a practicing doctor with a minimum annual income of Rs.4 lakh and should have paid tax over the last 3 financial years.
    • Punjab National Bank Personal Loan Scheme for Pensioners - To be eligible for this scheme, the applicant has to be drawing pension from any branch of PNB.
    • Punjab National Bank Personal Loan Scheme for Doctors - To be eligible for this scheme, the applicant should earn a minimum annual salary of Rs.5 lakh, should have paid tax for the last years and should be in his/her current residence for 2 years.

    Punjab National Bank Personal Loan Eligibility Criteria for Public

    Criteria Salaried
    Age As per the terms and conditions set by the bank
    Income
    • Doctors should earn a minimum annual salary of Rs.4 lakh or above.
    • Salaried individuals should earn a minimum monthly salary of Rs.30,000
    Work Experience Should be a permanent employee who is not approaching retirement in the next 2 years.
    CIBIL Score 750+
    Residential Status Resident of India
    Interest Rate 10.45% p.a. - 15% p.a.
    Loan Amount Up to Rs.5 lakh
    Loan Tenure Up to 60 months

    Punjab National Bank Personal Loan Eligibility Criteria for Pensioners

    Criteria Pensioners
    Age Up to 75 years
    Income Should be drawing a pension through any branch of Punjab National Bank.
    Work Experience NA
    CIBIL Score 750+
    Residential Status Resident of India
    Interest Rate 10.45% p.a. - 15% p.a.
    Loan Amount Up to Rs.10 lakh
    Loan Tenure Up to 60 months

    Punjab National Bank Personal Loan Eligibility Criteria for Doctors

    Criteria Doctors
    Age As per the terms and conditions set by the bank
    Income Should be earning a minimum annual income of Rs.5 lakh.
    Work Experience Should be practicing doctor
    CIBIL Score 750+
    Residential Status Resident of India
    Interest Rate 10.45% p.a. - 15% p.a.
    Loan Amount Up to Rs.15 lakh
    Loan Tenure Up to 84 months

    Factors affecting Punjab National Bank Personal Loan Eligibility

    • The income of the applicant: To decide whether an applicant is eligible or not, Punjab National Bank takes into consideration the monthly or annual income which varies based on the profession of the applicant or the geographical location (metro, semi-urban, rural) of the applicant.
    • Whether the applicant has paid tax: The applicant has to prove that he/she has paid tax for the last 2 financial years to be eligible for a personal loan scheme offered by Punjab National Bank.
    • The CIBIL score of the individual: In the case of salaried individuals, the credit score of the applicant is taken into consideration. If the applicant has a poor repayment record, then chances are that the application will be rejected.
    • Employment status of the applicant: To be eligible for a personal loan scheme, apart from the personal loan scheme for pensioners, the applicant should have a permanent job and earning a regular income.
    • Guarantor or security: To be eligible for a personal loan scheme offered by PNB, one would need to name a suitable guarantor or pledge collateral to avail the loan.

    How to improve your chances of Punjab National Bank eligibility?

    • Calculate your eligibility: Applicants should make use of eligibility calculators to know if they are eligible for the loan amount they wish to avail. The eligibility calculator takes into consideration the loan amount that the applicant would wish to avail against factors such as his/her age, income, etc.
    • If you’re drawing your salary or pension through Punjab National Bank: If the applicant has a good relationship with Punjab National Bank and is drawing his/her monthly salary or pension through any bank branch, then this improves the chances of their eligibility.
    • Ensure you have filed your taxes: Punjab National Bank takes into consideration if the applicant has filed his/her taxes for the last couple of years. If you have done so, this will improve your chances of being eligible for a Punjab National Bank personal loan.
    • Keep your credit score optimum: If you have to repay your past loans, this would affect your credit score and your chances of being eligible for a personal loan. Ensure that your debts are paid and credit score anywhere above 750.
    • Keep all necessary documents in hand: Failure to submit all the necessary documents will hurt your chances of being eligible for the personal loan. Ensure that all the required documents are in hand when required.

    FAQs

    1. What is the minimum loan amount that I can avail under the Punjab National Bank Personal Loan for Public scheme?
    2. You can avail a minimum of Rs.50,000 and a maximum of Rs.5 lakh under the PNB personal loan for public scheme.

    3. What if I don’t have a guarantor? Will I not be eligible for a personal loan scheme offered by Punjab National Bank?
    4. If you do not have a guarantor, you can submit collateral to be eligible for the scheme.

    5. Can I apply for a personal loan online?
    6. Yes, you can, or you can visit the nearest bank branch of PNB to submit your application.

    7. Do I have to carry my documents when applying for a personal loan?
    8. Yes, you will have to carry proof of identity, address, age, income and copies of last 2 years Income Tax Returns.

    9. Which is the best way to pay my personal loan EMIs?
    10. The most convenient way to pay your EMIs is through your Punjab National Bank net banking account.

        

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