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    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 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 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 Table

    Interest rates

    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.

    Loan amount

    Minimum amount: Rs.50,000

    Maximum:

    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)

    (Calculate EMI on your Personal Loan)

    Rs. 2,275 ( This is excluding service tax and education cess )
    Processing fees 1.80% + service tax and educational cess.
    Pre-payment charges Nil
    Base Rate 10.00% w.e.f. 07.05.2015

    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 bank’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.
    • It’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.
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