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    Punjab National Bank Personal Loan Reviews

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    Punjab National Bank Personal Loan is Rated as "Great!" by 17 Users

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    rated 4.0/5.0 by 17 users

    Punjab National Bank (PNB) is an Indian financial services company based in New Delhi, India. Founded in 1895, the bank has over 5,800 branches and over 6,000 ATM's across 764 cities. Bank serves over 80 million customers. PNB is the 3rd largest bank in india with assets 4.97 trillion. Punjab National Bank offer many credit schemes to customer like Personal Loan, Two Wheeler Loan, Car Loan, Home Loan, Loan against property. Punjab National Bank offer loan with Minimal processing fee with minimal documentation

    You're probably eligible for an Punjab National Bank Personal Loan if you are


    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required

    Your Punjab National Bank Personal Loan amount eligibility is based on these factors


    Minimum income required
    Rs.15,000 per month

    Maximum allowed personal loan is Rs. 4 lakhs

    EMIs of other loans lower
    your eligibility

    Increase your eligible Punjab National Bank Personal Loan amount by these steps


    Pay off your credit card bills

    Choose longer tenure loan up to 60 years

    Documentation needed to apply for an Punjab National Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.

      Proof of identity: Passport/voter ID card/driving license

      Proof of address: Ration card/telephone or electricity bill/rental agreement/passport

    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:

      Latest salary slip

      Current dated salary certificate with the latest Form 16

    • 6. Documentation for self-employed applicants:

      Latest Bank statement

      Latest ITR or Form 16

    Punjab National Bank Personal Loan Interest RatesUpdated on 30 Mar 2017

    Punjab National Bank Personal Loan Details
    Interest Rate 12% to 15%
    Processing Fees 1.80% of the loan amount
    Loan Tenure 5 years
    Guarantor Requirement Guarantor required


    1. About PNB Personal Loan

    Punjab National Bank, also known as PNB, is one of the most popular Indian public sector banks offering personal loans along with other core banking services across India. Personal loans at PNB are available for salaried, self employed, as well as pensioners drawing their pension through any of the PNB branches in the country. PNB personal loans are offered to eligible individuals to offset any immediate financial requirement or need without any security or collateral requirements. The money made available to the borrower through a PNB Personal Loan can be used as per the personal requirements of the individual without any restrictions. PNB Personal Loans are useful for any of the following:

    • Personal financial requirements
    • Marriage expenses
    • Foreign travel
    • Health or medical treatment related expenses
    • Any other miscellaneous expenses

    PNB offers personal loans at low interest rates making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make PNB personal loans a popular choice with salaried, self employed, working professionals and pensioners.

    PNB offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs with repayment tenure of 60 months. Instalment for repayment of any personal loan offered by PNB commences one month after disbursement of the loan, making it convenient for the borrower.

    2. Why choose PNB Personal Loan?

    PNB is the bank of choice when it comes to personal loans for a wide range of loan applicants as the bank offers a number of intrinsic advantages including:

    Attractive Rate of Interest: Punjab National Bank charges very nominal interest rate for its personal loans, making it one of the most popular banks when it comes to personal loan requirements.PNB is one of the few public sector banks that calculates the interest on personal loan on a daily recurring balance basis, thereby ensuring maximum benefit is transferred to the loan borrower.

    Availability of Various Discounted Schemes: PNB is one of the few banks that offer personal loans at discounted rates under various loan schemes at different times of the year. PNB offers discounted schemes for various individuals including government employees, doctors and other working professionals.

    No Hidden Charges: PNB is known for its transparent services and PNB personal loan comes with no hidden charges. The lack of any hidden charges makes PNB the first choice for a majority of personal loan borrowers.

    Zero Prepayment Charges: PNB does not charge any prepayment penalty, allowing loan borrowers the freedom to prepay their loan as per their convenience. The lack of any prepayment fee makes PNB personal loans more attractive than other banks and NBFCs.

    Quick Loan Approval: Punjab National Bank is one of the few public sector banks that have streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. PNB personal loans follow a quick approval mechanism for both urban and rural centres.

    Availability of Online Loan Request: PNB offers an online loan submission tool, making it easier for people of all walks of life to apply for a personal loan while sitting in the comfort of their home or office, without having to physically visit the nearest bank branch.

    PNB is a popular choice for personal loans as the bank offers personal attention to each loan applicant with a quick loan approval and disbursal mechanism in place. Some of the prominent features of PNB personal loan include:

    Low Interest Rates: PNB offers competitive interest rates for its personal loans on a daily reducing basis, making it one of the best personal loan service providers in India. PNB reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion. Currently, PNB personal loan is available at 3% above base rate floating currently 16.25% per annum.

    High Quantum of Loan: PNB offers a high quantum of personal loans, making it one of the most preferred banks for a large number of self employed, salaried, working professionals and pensioners. Punjab National Bank offers a personal loan up to 20 times the net monthly income for salaried individuals and pensioners, subject to a ceiling of Rs.10 Lakhs.

    Specialized Loan Schemes: Punjab National Bank offers discounted personal loan schemes during major festivals and at other times, making it a popular choice for both rural and urban applicants. Punjab National Bank schemes offer attractive discounts on PNB Personal Loan Interest Rates for working professionals, government employees and others from time to time.

    Quick Loan Disbursal: PNB has streamlined its personal loan division, allowing for quick loan approval and disbursal. PNB personal loan is now approved almost instantly with a disbursal rate comparable with most international banks.

    24/7 Customer Support: PNB offers a dedicated customer support that is available 24/7 catering to the needs of all personal loan applicants and their queries.

    Punjab National Bank offers personal loans to customers so that financial emergencies of various types can be taken care of.

    The interest on this loan is computed after factoring operating costs, current repo rate, CRR, etc. Dual interest platforms exist for customers, with the date of loan sanction determining the platform each one is eligible for.

    Punjab National Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Individuals who have availed a loan after April 1, 2016 will be required to pay interest as per the MCLR platform. This follows directives released by the RBI, with benchmark rates expected to change regularly.

    MCLR Benchmark Tenure (Period)Benchmark Rates (MCLR)
    1 month9.20%
    3 months9.30%
    6 months9.35%
    1 year9.40%
    3 years9.55%
    5 years9.70%

    Rate of Interest for Personal Loans

    The interest rate for loans up to the amount of Rs.10 lac, (This is for individuals whose salary is being disbursed through any of the Punjab National Bank branches).MCLR+3.10%
    The interest rate for loans up to the amount of Rs.5 lacs and up to Rs.10 lacs (this is for individuals who do not having their salary account with Punjab National Bank).MCLR+4.10%
    The interest rate for Loans up to the amount of Rs.5 lac (this is for customers who are avail the loan under check-off facility).MCLR+5.10%
    The interest rate for others, up to the amount of Rs.5 lacMCLR+6.10%

    Punjab National Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate9.60% per annum, effective 1st October 2015
    Prime Lending Rate14.00% per annum, effective 1st October 2015

    Punjab National Bank interest rate for Personal Loans (Based on Base Rate)

    Customers who avail the personal loan from the bank after 1st of April, 2016, will have their interest rate computed using the MCLR system. Those who availed a loan before 1st of April, 2016, can choose to get the interest rate calculated based on base rate or they can choose to migrate to an MCLR platform. The interest rate is also dependent on the relationship the borrower has with the bank.

    Note: Rates mentioned above are valid as of June 14, 2016. These rates are subject to change without prior intimation thus borrowers must check rates with the bank when applying for a loan.

    PNB is one the few banks that has a very flexible eligibility criteria for providing personal loans. The bank offers personal loans for salaried as well as self-employed individuals with a criterion that the minimum age of the age applicant should be 21 years. Personal loans of Punjab National Bank can be availed till you reach 58 years for salaried individuals. The bank offers a flexible tenure of up to 60 months for personal loans, but while applying, you will have to consider your age. For instance, if you are 55 years old and applying for PNB. Personal Loan, the maximum tenure for which you can avail the loan is 3 years, considering you will reach the maximum age limit of 58 in 3 years. Self-employed individuals can avail a loan up to the age of 65 years.

    The main attraction of Punjab National Bank Personal Loan is that the bank is one of only few to offer personal loan for pensioners, who have their pension account with them.

    For an assurance of prompt repayment, the bank also puts forth that working professionals applying for loan should be at least 2 years in the job while applying for a PNB Personal Loan.

    PNB Personal Loan Eligibility Criteria for Salaried Individuals
    Age Minimum: 21 Years Maximum: 58 Years
    Minimum Income Salaried individuals with minimum monthly
    income of Rs10,000 per month for eligible
    customers at Semi-Urban and Rural Centers,
    Rs2,500 per month for eligible customers at
    Urban Centers and Rs.15,000 per month for
    eligible customers at Metro Centers.
    Total years in job/profession 2 Years
    Years in current residence 1 Year

    PNB Personal Loan Eligibility Criteria for Self Employed Individuals and Working Professionals:
    Age Minimum: 21 Years Maximum: 65 Years
    Minimum Income Self-Employed individuals or working
    professionals earning a minimum of Rs.
    20,000 per month
    Total years in Profession 2 Years

    PNB Personal Loan Eligibility Criteria for Personal Loan Scheme for Pensioners
    Age All types of pensioners who are drawing
    their pension through our branches are
    Minimum Income NA
    Loan Amount For Pensioners above the age of 70 years
    and up to 75 years, the maximum amount of
    loan would be Rs.1,50,000/- or 18 times net
    monthly pension, whichever is lower. For Pensioners above the age of 75 years,
    the maximum amount of loan would be
    Rs.70, 000/- or 12 times net monthly pension, whichever is lower. offers users a unique tool to calculate their EMI for their loans. The easiest way to calculate your PNB Personal Loan EMI is by using the EMI calculator tool provided by Users simply need to add the amount of their personal loan, loan tenure and rate of interest. The Personal Loan EMI Calculator then calculates and displays the EMI liability for the loan. The EMI calculator tool helps you know the EMI in advance for various tenure options and helps you plan your finances by choosing a repayment tenure that suits you best.

    • Am I eligible for Punjab National Bank personal loan?

      Punjab National Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Punjab National Bank personal loan is Rs. 15,000 per month. If you fall into this group, you can definitely apply for a Punjab National Bank personal loan.

    • How do I repay Punjab National Bank Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    • What is the maximum loan one can get from Punjab National Bank?

      Punjab National Bank offers personal loans as high as Rs. 4 Lakhs or 20 times monthly net salary for successful applicants depending on their financial record and repayment history.

    • What is the tenure for Punjab National Bank personal loan?

      Punjab National Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

    • Are there any eligibility criteria an individual should satisfy in order to avail a PNB personal loan?

      Yes, the following eligibility criteria should be met in order to avail a personal loan.

      • An applicant should be salaried
      • The minimum salary should be at least Rs 10,000 per month
      • Applicant should be at least 21 years old
    • How will this personal loan be disbursed?

      This personal loan can be disbursed in two ways, either as an overdraft or a term loan, with the borrower having an option to choose between these two.

    • Can an individual apply for a Punjab National Bank personal loan online?

      Yes, Punjab National Bank offers an option for borrowers to apply for a personal loan through their official website. There are 4 parts for this application, three of them being mandatory and one optional. The mandatory information is related to personal details like ID proof, name, contact number, address, loan amount, repayment mode, EMI, etc. Optional information relates to security and collateral on offer.

    • Is there any limit on the amount one can avail from Punjab National Bank?

      Yes, personal loans offered by Punjab National Bank have an upper limit of Rs 10 lakhs for individuals who have a salary account with the bank. The quantum of loan varies according to the job profile and location of an individual, with the minimum loan amount being Rs 50,000.

    • Will an individual be required to submit an income proof before availing a loan?

      Yes, an income proof will be required before a loan is sanctioned. This proof is used to assess the repayment capacity of an individual and determine the loan quantum he/she is eligible for.

    • What are the processing charges associated with a Punjab National Bank personal loan?

      The processing fees charged by PNB depend on the quantum of loan, with an upfront fee equivalent to 1.8% of the loan amount to be paid. The bank will charge an additional service tax and educational cess on this amount. PNB also charges a documentation fee ranging between Rs 270 and Rs 450 on each loan. These charges are waived for all defence personnel.

    • Can an individual choose to prepay a loan? If so, what are the prepayment charges involved?

      Yes, borrowers can choose to prepay a loan, with Punjab National Bank not charging any additional prepayment charge.

    • Is it necessary for an individual to have an account with Punjab National Bank in order to get a personal loan?

      No, it is not compulsory for an applicant to have an account with PNB. While it is easier for individuals with an account with PNB to get a loan sanctioned, others can also apply, utilising the check off facility on offer.

    • How can one repay a personal loan from PNB?

      A personal loan from PNB can be repaid through regular EMIs, with a maximum repayment tenure of 5 years. A borrower can choose to repay the loan before this tenure ends, using the prepayment option.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Punjab National Bank. For further information about any of the products mentioned above please contact Punjab National Bank.

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