With a Punjab National Bank Personal Loan, you can easily fulfill your dreams and meet all genuine personal needs. The bank offers customized personal loan schemes to help you get rid all your financial worries and deal with emergency situation in life with ease. You can use the amount received as personal loan from Punjab National Bank for paying medical bills, arranging your son or daughter’s wedding, paying off your children’s education fees, funding a pleasure trip to abroad and fulfill many such personal needs.
Punjab National Bank offers attractive rates of interest on personal loans to reduce your financial worries. The bank may offer different rates of interest on personal loans taken for different tenures. However, certain factors such as your income level, your repayment capacity and your relationship with the bank may affect your Punjab National Bank Personal Loan interest rate in 2105. The personal loan interest rates offered by Punjab National Bank ranges from 13% to 16% based on different loan tenures.
Base rate + 6% = (16%) for loans up to Rs. 5 lakhs.
Base rate + 5%= (15%) for loans up to Rs. 5 lakhs who have availed it under check off facility.
Base rate+3% = (13%) for loans up to Rs. 10 lakhs.
Minimum amount: Rs.50,000
Rs.4, 00,000 or 2 time of monthly salary or whichever is lower.
The bank offer Rs.5, 00,000 for those who have completed 3 years of service in the same organization.
Rs.10 lakh for individuals whose salary is being disbursed through PNB.
|Loan tenure||5 years|
EMI per lakh (based on lowest interest rate)
|Rs. 2,275 ( This is excluding service tax and education cess )|
|Processing fees||1.80% + service tax and educational cess.|
|Base Rate||10.00% w.e.f. 07.05.2015|
You can easily calculate your monthly EMIs on your PNB Personal Loan. The only thing you need to do is to use an online EMI Calculator and put the following details in it - the loan tenure, rate of interest, processing fees ( if any) and the principal amount. The calculator will instantly reveal your monthly EMIs and the total interest amount payable on the principal. It will also provide you with the personal loan amortization table that contains the total break up of your repayment.
Example: Suppose, you are a salaried individual. You have taken a personal loan of Rs. 1 lakh at 13.00% from PNB for 5 years by paying a processing fees of 1.80% (excluding service tax and education cess). Then, you will be paying the below mentioned amounts towards your repayment per year:
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
|Year 1||6,090||5, 285||93, 910|
|Year 2||16,028||11,275||77, 881|
|Year 3||18, 241||9,065||59, 641|
|Year 4||20,759||6, 544||38, 883|
|Year 5||23, 623||3, 679||15, 259|
The following factors may affect your PNB Personal Loan interest rates in 2015.
If your CIBIL score is good, PNB may offer cheap interest rate on your personal loan. Usually, banks consider 750 as a satisfactory CIBIL score. If you CIBIL score is 750 or above, you may be in an advantageous position to get better rate on your personal loan form PNB. So, maintain a good credit history/ score by paying all your debts on time.
If you are planning to apply for a personal loan with PNB, understand the following key things before you proceed: