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  • Punjab National Bank (PNB) Personal Loan Interest Rates

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  • PNB offers personal loans of up to Rs.10 lakh with interest rates ranging between 10.45% to 15% p.a. The repayment tenure for different personal loan schemes offered by PNB is flexible and ranges between 1 year and 5 years.

    Particulars Salaried/Self-employed/Pensioners
    Interest Rate 10.45% to 15% p.a.
    Processing Fee 0.90% - 1.80% of the loan amount
    Loan Tenure 1 year to 5 years
    Loan Amount Rs.50,000 to Rs.10 lakh
    Salary/Income As per the terms and conditions laid down by the bank
    Employment Status Salaried/Self-Employed/Retired employees/Doctors
    Credit Score 750 and above

    Personal Loan Schemes:

    Personal Loan Scheme Best For Interest Rate
    Personal loan scheme for public Salaried individuals 12% to 15%
    Personal loan for doctors Doctors 10.45% onwards
    Personal loan for pensioners Retired individuals 11.25% onwards

    1. Personal Loan Scheme for Public

    Some of the things that you must be aware of this personal loan scheme offered by PNB are:

    • Any salaried individual can avail this personal loan scheme to take care of their various needs such as fulfilling their children’s education, repairing of house, taking a vacation, marriage of self or your children, etc.
    • Any salaried individual who has worked for a central or state government body, university, autonomous body, etc. can apply for this personal loan scheme.
    • The repayment period is 1 year to 5 years.
    • The minimum loan amount that you can avail under this scheme is Rs.50,000. The maximum loan amount can range between Rs.4 lakh and Rs.10 lakh depending on your occupation, annual salary, and the terms and conditions laid down by the bank.

    2. Personal Loan Scheme for Doctors:

    Some of the features and benefits of this personal loan scheme are:

    • Doctors with salary of Rs.5 lakh and above, and who have paid taxes for two years are eligible for this personal loan scheme.
    • The minimum loan amount a doctor can avail is Rs.2 lakh and the maximum loan amount that he/she can avail is Rs.15 lakh.
    • Repayment tenure can range from 1 year to 7 years.
    • A doctor can avail this personal loan to meet both his/her personal and professional needs.

    3. Personal Loan Scheme for Pensioners

    Some of the features and benefits of this personal loan scheme are:

    • This personal loan scheme can be availed by those who have retired from their jobs and is a customer of PNB.
    • The minimum loan amount that one can avail is Rs.25,000. The maximum loan amount that can be availed under this personal loan scheme is Rs.10 lakh depending on the age of the pensioner.
    • Repayment tenure can range between 1 year to 5 years. In case the pensioner is above the age of 75 years, the repayment tenure is 2 years.
    • The purpose of availing this personal loan is to allow the pensioner to take care of their personal needs including the medical expenses.

    Factors affecting Punjab National Bank Personal Loan Interest Rate

    The following factors may affect your PNB Personal Loan interest rates:

    • Employment details: If you are a permanent employee of a reputed organization, PNB may offer you reduced rates of interest on your personal loans. But, before deciding to offer you reduced rates, the bank will check your employment details and the number of assets you have. PNB has different personal loan schemes for salaried and non-salaried individuals.
    • Relationship with PNB: Banks normally offer preferential rates on personal loans for its high-valued customers. Also, if you have a good relationship with PNB, it may receive lower rates of interest on your personal loan.
    • Loan tenure: Taking a loan for a longer tenure may help you get a reduced rate of interest on personal loans.
    • Repayment capacity: If the bank assesses that you are capable of repaying your personal loan on time without defaulting, you may be a charged with a lower rate of interest.

    Illustration

    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 15% and a processing fee of 1.80%. 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
    Processing fee 1.80%
    Loan tenure 1 year
    Interest rate 15% p.a.
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 Rs.15,552 Rs.2,500 Rs.18,052 Rs.1,84,448
    2 Rs.15,746 Rs.2,306 Rs.18,052 Rs.1,68,702
    3 Rs.15,943 Rs.2,109 Rs.18,052 Rs.1,52,759
    4 Rs.16,142 Rs.1,909 Rs.18,051 Rs.1,36,617
    5 Rs.16,344 Rs.1,708 Rs.18,052 Rs.1,20,273
    6 Rs.16,548 Rs.1,503 Rs.18,051 Rs.1,03,725
    7 Rs.16,755 Rs.1,297 Rs.18,052 Rs.86,970
    8 Rs.6,965 Rs.1,087 Rs.18,052 Rs.70,005
    9 Rs.17,177 Rs.875 Rs.18,052 Rs.52,829
    10 Rs.17,391 Rs.660 Rs.18,051 Rs.35,437
    11 Rs.17,609 Rs.443 Rs.18,052 Rs.17,829
    12 Rs.17,829 Rs.223 Rs.18,052 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 10.45% and a processing fee of 0.9% 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
    Processing fee 0.9%
    Loan tenure 1 year
    Interest rate 10.45% p.a.
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 Rs.15,883 Rs.1,742 Rs.17,625 Rs.1,84,117
    2 Rs.16,022 Rs.1,603 Rs.17,625 Rs.1,68,095
    3 Rs.16,161 Rs.1,464 Rs.17,625 Rs.1,51,934
    4 Rs.16,302 Rs.1,323 Rs.17,625 Rs.1,35,632
    5 Rs.16,444 Rs.1,181 Rs.17,625 Rs.1,19,188
    6 Rs.16,587 Rs.1,038 Rs.17,625 Rs.1,02,601
    7 Rs.16,732 Rs.893 Rs.17,625 Rs.85,869
    8 Rs.16,877 Rs.748 Rs.17,625 Rs.68,992
    9 Rs.17,024 Rs.601 Rs.17,625 Rs.51,967
    10 Rs.17,173 Rs.453 Rs.17,626 Rs.34,795
    11 Rs.17,322 Rs.303 Rs.17,625 Rs.17,473
    12 Rs.17,473 Rs.152 Rs.17,625 Rs.0

    Frequently Asked Questions

    1. Are there any extra fees or charges applicable to a Punjab National Bank personal loan?
    2. 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 1.80% 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.

    3. How will the disbursal of my personal loan take place?
    4. 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.

    5. I am a doctor who wants to apply for a personal loan from Punjab National Bank. Is it advisable to go for Personal Loan Scheme for Public or Personal Loan Scheme for Doctors?
    6. 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.

    7. How do I get the best interest rate on a Punjab National Bank personal loan?
    8. 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.

    9. How do I apply for a Punjab National Bank personal loan?
    10. 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.

    11. How important is my credit score if I wish to avail a PNB personal loan?
    12. 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.

    13. Can I apply for a PNB personal loan offline?
    14. 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.

    15. What is the Punjab National Bank personal loan interest rate for salary account holders?
    16. Punjab National Bank offers personal loans at interest rates between 10.40% p.a. and 14.96% 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.

    17. Can I close my Punjab National Bank personal loan after 1 year?
    18. The conditions for personal loan pre-closure are based on the terms and conditions set by Punjab National Bank.

    19. How to close my Punjab National Bank personal loan online?
    20. 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

    21. Can I negotiate on the Punjab National Bank personal loan interest rate?
    22. 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.

    23. Which documents should I carry at the time of visiting Punjab National Bank to apply for a personal loan?
    24. 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.

    25. Is it possible for non- Punjab National Bank customers to get a personal loan from Punjab National Bank?
    26. Yes, provided that they meet the eligibility criteria, customers from other banks can apply for a Punjab National Bank personal loan as well.

    27. How can I check my Punjab National Bank personal loan balance?
    28. 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.

    29. How can I pay my Punjab National Bank personal loan EMI?
    30. 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.

    31. How can I pay my Punjab National Bank personal loan EMI through net banking?
    32. 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.

    33. How can I get my Punjab National Bank personal loan statement?
    34. 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.

    35. How to pay your Punjab National Bank personal loan EMI online from another bank?
    36. Link your Punjab National Bank personal loan account to your net banking account. You can then schedule payments for the EMIs.

    37. How can I get Punjab National Bank personal loan status on my mobile number?
    38. 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.

    39. How can I track my Punjab National Bank personal loan application status?
    40. 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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