About Punjab National Bank Personal Loan
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 daughterâ€™s wedding, paying off your childrenâ€™s education fees, funding a pleasure trip to abroad and fulfill many such personal needs.
Punjab National Bank Personal Loan Interest Rates
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.
Punjab National Bank Personal Loan Interest Rates 2017
- Loans up to Rs.10 lakhs taken by individuals whose salary is being disbursed through PNB branches (incl. Defence Personnel) – MCLR + 3.10%
- Loans above Rs.5 lakh & up to Rs.10 lakh taken by individuals of other categories i.e. applicants without a PNB Account regardless of check off facility - MCLR + 4.10%
- Loans up to Rs.5 lakh taken by individuals who are availing the loan under check off facility (Including Defence Personnel) - MCLR + 5.10%
- For all other individuals who have taken a loan up to Rs 5 lakh - MCLR + 6.10%.
Minimum: Rs 50,000
- For all borrowers - Rs. 4,00,000 or 20 times net monthly income, whichever is lower subject to minimum Net monthly salary.
- For those Salaried persons who have completed 3 years of service in their present organization & are drawing net monthly salary of not less than Rs.30,000 p.m., maximum loan amount is Rs 5,00,000 or 20 times monthly net salary whichever is lower.
- For employees drawing salary through PNB branches & have completed 3 years of service in their current organization, the maximum loan amount available is Rs.10 lakh or 20 times of their net monthly salary.
||Loan must be repaid within the applicant’s tenure of service of in a maximum of 60 EMIs, whichever is earlier.
||1.80% of loan amount
||No prepayment charges.
How to calculate interest/ EMIs on Punjab National Bank Personal Loan Interest Rate
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|
Factors affecting Punjab National Bank Personal Loan Interest Rate
The following factors may affect your PNB Personal Loan interest rates in 2015.
- Employment details: If you are a permanent employee of a reputed organization, PNB may offer you reduced rate of interest on your personal loans. But, before deciding to offer you reduced rates, the bank will check your employee 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 reduced rate of interest on personal loans.
- Repayment capacity: If you are capable of repaying your personal loan on time without defaulting, you may receive cheaper rate of interest on your PNB Personal Loan interest rates in 2015.
How CIBIL Score affects your PNB Personal Loan Interest Rates
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.
Key things you should know about PNB Personal Loan Interest Rates
If you are planning to apply for a personal loan with PNB, understand the following key things before you proceed:
- Know the difference between fixed and floating rates of interest charged by PNB Bank. In floating rate personal loans, your payment towards the interest component varies based on the changes in bankâ€™s prime lending rate. In fixed rate personal loans, you pay the same amount of interest for the whole tenure.
- PNB accepts suitable third party guarantor for personal loans.
- Always maintain a good credit history so that you can receive preferential rates of interest on your PNB personal loan in 2015.
- Itâ€™s important you also know how to calculate your PNB Personal Loan EMIs which you can do by using a Personal Loan EMI Calculator available online.