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Punjab National Bank offers personal loans of up to Rs.20 lakh with interest rates ranging between 8.90% p.a. to 14.45% p.a. The repayment tenure for different personal loan schemes offered by PNB is flexible and ranges up to 84 months.
Particulars | Salaried/Self-employed/Pensioners |
Interest Rate | 8.90% p.a. to 14.45% p.a. |
Processing Fee | Up to 1% of the loan amount |
Loan Tenure | Up to 84 months |
Loan Amount | Up to Rs.20 lakh |
Salary/Income | As per the terms and conditions laid down by the bank |
Employment Status | Salaried/Self-Employed/Retired employees/Doctors |
Credit Score | 650 and above |
Personal Loan Scheme | Best For | Interest Rate |
Personal loan scheme for public | Salaried individuals | 8.90% p.a. to 14.45% p.a. |
Personal loan for doctors | Doctors | 8.90% p.a. |
Personal loan for pensioners | Retired individuals | 9.25% p.a. |
Some of the things that you must be aware of this personal loan scheme offered by PNB are:
Some of the features and benefits of this personal loan scheme are:
Some of the features and benefits of this personal loan scheme are:
1. Mr. Sarkar earns a monthly salary of Rs.25,000 and has a credit score of only 600. He availed a personal loan under the PNB Personal Loan for Public scheme category of Rs.2 lakh from Punjab National Bank with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 14.45% p.a. The monthly EMIs that he will have to pay are given in the table below:
For Salary of Rs.25,000 Per Month
Loan amount | Rs.2 lakh | |||
Loan tenure | 1 year | |||
Interest rate | 14.45% p.a. | |||
EMI | Rs.18,000 | |||
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | Rs.15,591 | Rs.2,408 | Rs.17,999 | Rs.1,84,409 |
2 | Rs.15,779 | Rs.2,221 | Rs.18,000 | Rs.1,68,629 |
3 | Rs.15,969 | Rs.2,031 | Rs.18,000 | Rs.1,52,660 |
4 | Rs.16,162 | Rs.1,838 | Rs.18,000 | Rs.1,36,499 |
5 | Rs.16,356 | Rs.1,644 | Rs.18,000 | Rs.1,20,142 |
6 | Rs.16,553 | Rs.1,447 | Rs.18,000 | Rs.1,03,589 |
7 | Rs.16,752 | Rs.1,247 | Rs.17,999 | Rs.86,837 |
8 | Rs.16,954 | Rs.1,046 | Rs.18,000 | Rs.69,883 |
9 | Rs.17,158 | Rs.842 | Rs.18,000 | Rs.52,725 |
10 | Rs.17,365 | Rs.635 | Rs.18,000 | Rs.35,360 |
11 | Rs.17,574 | Rs.426 | Rs.18,000 | Rs.17,786 |
12 | Rs.17,786 | Rs.214 | Rs.18,000 | Rs.0 |
2. Ms. Vandana earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails the PNB personal loan for doctors of Rs.2 lakh for a tenure of 1 year. Due to her impressive credit score she is charged a relatively lower interest rate of 8.90% on her loan. The monthly EMIs that she will have to pay are given in the table given below:
For Salary of Rs.50,000 Per Month
Loan amount | Rs.2 lakh | |||
Loan tenure | 1 year | |||
Interest rate | 8.90% p.a. | |||
EMI | Rs.17,481 | |||
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | Rs.15,998 | Rs.1,483 | Rs.17,481 | Rs.1,84,002 |
2 | Rs.16,116 | Rs.1,365 | Rs.17,481 | Rs.1,67,886 |
3 | Rs.16,236 | Rs.1,245 | Rs.17,481 | Rs.1,51,650 |
4 | Rs.16,356 | Rs.1,125 | Rs.17,481 | Rs.1,35,294 |
5 | Rs.16,478 | Rs.1,003 | Rs.17,481 | Rs.1,18,816 |
6 | Rs.16,600 | Rs.881 | Rs.17,481 | Rs.1,02,216 |
7 | Rs.16,723 | Rs.758 | Rs.17,481 | Rs.85,494 |
8 | Rs.16,847 | Rs.634 | Rs.17,481 | Rs.68,647 |
9 | Rs.16,972 | Rs.509 | Rs.17,481 | Rs.51,675 |
10 | Rs.17,098 | Rs.383 | Rs.17,481 | Rs.34,577 |
11 | Rs.17,225 | Rs.256 | Rs.17,481 | Rs.17,352 |
12 | Rs.17,352 | Rs.129 | Rs.17,481 | Rs.0 |
Yes. Customers who avail a personal loan will have to pay processing fees which will be deducted from the loan amount at the time of disbursal. Those who avail the personal loan scheme for public will have to pay 1% of the loan amount as processing fees, while those who avail the personal loan scheme for doctors will have to pay 0.90% of the loan amount as processing fees. Customers who avail the personal loan scheme for pensioners will not have to pay any extra fees or charges when availing the loan.
Usually, your personal loan from Punjab National Bank will be disbursed to your bank account after your application has been approved and you meet all the eligibility criteria established by the bank.
Doctors are advised to go for Personal Loan Scheme for Doctors as the interest rate applicable to it is slightly lower in comparison with the Personal Loan Scheme for Public.
In order to get the best possible interest rate on a Punjab National Bank personal loan, you will have to ensure that your credit score is high. You will also have to ensure that you have little to no liabilities in the form of other loans or credit card dues. Your income will also play a crucial role in determining the interest rate applicable to your personal loan.
You can apply for a personal loan from Punjab National Bank by visiting a branch of the bank or online through the website of the bank. You could also apply for a personal loan through third-party sites such as BankBazaar.
Your credit score is extremely important if you wish to avail a PNB personal loan. It is recommended that you keep a credit score of 750 and above so that you can avail a personal loan of your choice at low interest rates. The bank checks your credit score before approving your personal loan. A high credit score creates the impression that you will be able to repay the loan on time.
Yes, you can apply for a PNB personal loan offline. You can locate the nearest PNB branch and visit it to apply for a personal loan. You must ensure that you carry the necessary documents to apply for a PNB personal loan.
Punjab National Bank offers personal loans at interest rates between 8.95% p.a. to 14.50% p.a. for salaried account holders. The interest rate depends on the loan amount the salaried individual wishes to avail and the profession of the applicant.
The conditions for personal loan pre-closure are based on the terms and conditions set by Punjab National Bank.
While Punjab National Bank has an online application facility, to pre-close a personal loan, the borrower will have to visit the nearest Punjab National Bank branch. how to close [Bank] personal loan before 1 year
Yes, based on your profession, income, the loan amount you wish to avail, your relationship with Punjab National Bank and several other factors, you can negotiate with Punjab National Bank on the interest rates offered for the personal loan.
When applying for a Punjab National Bank personal loan, applicants should carry their identity and address proof documents (Aadhaar card, Passport, Voter ID card), income proof documents (Pay slips, bank statements, IT return certificate, Form 16, etc.), passport-size photographs, and PAN card.
Yes, provided that they meet the eligibility criteria, customers from other banks can apply for a Punjab National Bank personal loan as well.
To know their personal loan balance, Punjab National Bank personal loan borrowers should request for the repayment schedule. The repayment schedule will have the details of the EMIs paid till date and the personal loan balance.
Punjab National Bank personal loan borrowers can pay their EMI either through ECS (Electronic Clearing System), Standing Instructions with the home bank for auto-debit of the EMI, or via post-date cheques payable to Punjab National Bank.
The first step is to link your Punjab National Bank loan account to your net banking account. Once that is done, customers can choose to make their EMI payments through the auto-debt facility.
You can download your Punjab National Bank personal loan statement once you’ve logged into your net banking account. The bank statement will display the record of your EMI payments.
Link your Punjab National Bank personal loan account to your net banking account. You can then schedule payments for the EMIs.
Ensure that you register your mobile number with Punjab National Bank when applying for the personal loan. If you have registered your mobile number, Punjab National Bank will send you statuses regarding your personal loan account.
Using their registered mobile number or the application reference number, Punjab National Bank personal loan applicants can track the status of their application either online or at the nearest bank branch.
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