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    About Punjab National Bank Personal Loan

    Punjab National Bank is one of the earliest nationalised banks of India, today an Indian household name due to its efficiency and its wide range of personal finance products and schemes. One such product is the Punjab National Bank personal loan. this flexible personal loan is one of the few loans that can be taken by both self-employed and salaried applicants under fair eligibility criteria. It has a flexible tenure of up to 60 years and has comfortable interest rates. But in order to get this personal loan sanctioned you need to be eligible. Punjab National Bank has certain definite criterias for the same.

    Punjab National Bank Loan Eligibility

    Punjab National Bank has certain definitive eligibility criteria that an individual must have, to ensure that the bank sanctions the personal loan:

    For Salaried Applicants

    Minimum age: The applicant should be at least 21 years of age.

    Maximum age: The applicant has to 58 years or less.

    Job Specifications (prescribed by PNB): All permanent Defence Personnel including officials of Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibetan Border Police, etc. However, loan request of Defence Personnel, who are due for retirement within next 24 months, may not be entertained. Confirmed/permanent employees of Central/State Govt./PSUs and all reputed companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals/Nursing Homes, who are either drawing their salary through accounts maintained with our branches or these employers agree for check off facility.

    Minimum income: Salaried individuals must have a minimum monthly income of Rs. 15,000 . Note that the minimum salary expectations vary from location to location.

    Total Years in Profession/Company: 2 years or more

    Years At Current Residence: 1 year or more

    CIBIL Score: Punjab National Bank would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a Punjab National Bank personal loan.

    For Self-employed Applicants

    Minimum age:The applicant should be at least 21 years of age as a self-employed individual.

    Maximum age: The applicant has to be 65 years or less for self-employed people.

    Minimum income:Self-Employed individuals or working professionals earning a minimum of Rs. 20,000 per month.

    Total Years in Profession: 2 years or more

    CIBIL Score: Barclays would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a Barclays personal loan.

    For Doctors: Professionally qualified practicing Doctors viz., MBBS, BDS & above having annual income of Rs. 4 lakhs and above. Doctors should be taxpayers for the last three years.

    For Pensioned Applicants

    Age Limit: Not Applicable, as long as individual is drawing pension through PNB branches.

    Minimum Income: Not applicable.

    Factors Affecting Eligibility of Punjab National Bank Personal Loans

    Punjab National Bank’s eligibility criteria is based on certain factors which ensure that the individual can actually afford in the first place. Let’s take a look at these factors:

    • Employment Status: The individual can be salaried, self employed or even a pensioner when it comes to Punjab national Bank. However, they have to have a source of income. Also, the loan amount is dictated by their employment status.
    • Age of Applicant: If the individual is too young, he or she has high chances of instability in terms of having a source of income whereas in the case of an older gentleman or lady over 60 years, the chances are he or she is retired, being unable to pay the amount regularly. But PNB offers a special personal loan for pensioners as long as they afford the EMIs through their pension amount.
    • Incomes: Although Punjab National Bank has low and very flexible income brackets, it should not be mistaken that they do not consider income as a factor for eligibility. It depends on the individual’s capacity and their profession too.
    • Location: PNB offers loans to anyone who has an account or is a customer of PNB, in terms of location. Personal loans from Punjab National banks are available to person belonging to any place as long they have a personal residence of minimum 1 year.
    • Employment Time: If an individual is applying for a personal loan from PNB, he or she must be with the same employer or company for at least 2 years if salaried. This helps to confirm stability in terms of jobs in the individual. For self-employed applicants too, they must be show stability in their profession or business for at least 2 years.

    How CIBIL score affects your Punjab National Bank Personal Loan Eligibility?

    The CIBIL score or credit report basically determines your credit lifestyle. This means it figures out not only your monthly expenditure pattern but how and on what you spend it on, especially in the case of credit-card and loan repayments. It also checks your savings and personal investments such as insurance to see how well you manage your finances.

    Generally a CIBIL score of 700 is adequate to get a personal loan from PNB. However, it is always safe to get a credit score that is well above 800 and preferably around 900 to enhance your chances of getting your PNB personal loan sanctioned. As PNB is a nationalised bank, and has built a reputation, it would expect its applicant’s to be able to afford their services without being unreasonable or not flexible.

    How To Increase Punjab National Bank Personal Loan Eligibility?

    There are ways you can ensure that you have high credit score to be able to ensure loan sanction. The following measures also can be taken, before application to help meet the eligibility criterias for the loan from Punjab National Bank:

    • Maintain your credit payments: Always ensure that you have paid your credit card and loan EMIs in time. If you are paying insurance premiums, make sure they are paid in due time as well. Also, make sure that you also do not have any personal debts because that will reduce your chance for savings.
    • Do not pay 2-3 loans at a time: Do not burden yourself with more than 3 loan repayments in a month. If there is a loan that is closing tenure and you can prepay it, including the prepayment charges, go ahead and reduce the burden for your future.
    • Take a longer loan tenure for your existing loans: this will inevitably reduce your finances spent of loans. It also helps to enhance the CIBIL score increasing the margin of income and expenditure.
    • Have more secured loans over unsecured loans: This is a long-term trick but it always helps to keep both the CIBIL score in check and ensure a personal loan sanction easily.

    FAQs on Punjab National Bank Personal Loan Eligibility

    1. What is the minimum income that an applicant should have on a monthly basis to apply for Punjab National Bank personal loan?

    2. Applicants must have a minimum income of Rs. 15,000 if salaried and Rs. 20,000 if self-employed. This bracket may vary on the applicant’s resident as well. Pensioners do not have any income bracket.

    3. What are the age limits for individuals who wish to get a personal loan from Punjab National Bank in India?

    4. For salaried individuals: Applicants must be between 21 and 58 years of age to apply for a punjab and national bank personal loan. For self-employed: Applicants must be between 21 and 65 years of age.

    5. What is the minimum CIBIL score that an individual should have to be eligible for Punjab National Bank personal loan?

    6. It is ideal to have a score over 800, to ensure loan sanctions from large financial companies. But the minimum requirement is 700 CIBIL points

    7. Am I eligible for a loan if I already have an existing loan?
    8. Yes, he or she can have multiple loans at a time, and repay them as long as they are enough funds to apply for a new one.

    9. Do I need to be an existing customer of Punjab National Bank, to apply for this loan?

    10. Yes, you must be an existing customer of the bank to apply for this loan.

    11. Can I apply, for this loan if I am a pensioner?

    12. Yes. PNB offers personal loans to pensioners, without age limit or income brackets.

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