Punjab National Bank is both a finance company and a national bank in India. This bank provides services in the areas of personal, agricultural, social, corporate, and international banking. Apart from this, PNB is also known for giving personal loans. Punjab National Bank offers personal loan schemes (s) with a wide range of features to meet the needs of individuals. If you are interested to know more about loans from PNB then this article is for you.
Punjab National Bank can cater to your every financial need, be it home renovation, family vacation, or your children’s education. This bank gives personal loans up to INR 15 lakh. Punjab National Bank Personal loan interest rates start from only 8.45% per annum with a processing fee of up to 1% of the PNB personal loan amount.
Let’s know in detail about the PNB personal loan scheme, personal loan limit, eligibility factors, maximum period, documents required, and so many more below:
Punjab National Bank Loan Scheme 2023
Table of Contents
Punjab National Bank is providing the facility of Pradhan Mantri Mudra Yojana to the customers. The bank loan has been organized under Punjab National Bank Personal Loan 2022. Any person who is 18 years of age or above and wants to set up his trade or business is eligible for this loan.
Through this scheme, you can get an amount of up to Rs 50,000 or more in 59 minutes, for which you do not need to submit any kind of documents in the bank, rather you can avail of this PNB E Mudra Loan sitting at home without any documents.
You can get it, but these terms and conditions are not for every loan and it depends on the type of your loan. You can make your dreams come true through this Online PNB Mudra loan application form.
Also Read: Standup India Scheme Features, Eligibility & Related Details
Types Of Punjab National Bank Loan
If you want to take a loan from Punjab National Bank, then you can apply for the following types of loans, which are as follows.
PNB Personal Loan Scheme
Personal Loan is given to the person based on his credit history as well as income and repayment capacity. Sometimes this type of personal loan is also called Unsecured Loan or Signature Loans. Generally, a personal loan is completely secured.
You can take a Personal Loan more easily than a Home Loan or Auto Loan, and you can use it in any way. You should take a personal loan only as much as you need.
Vehicle Loan
A vehicle loan is the amount taken as a loan to buy a vehicle. It is paid in easy monthly installments. Generally, PNB gives loans for bikes/two-wheelers to finance 80% to 100% of the total price of the two-wheeler. Whereas you have to pay the remaining amount yourself.
The most important thing about taking a bike loan is that you can pay the monthly installments (EMI) for the loan amount from 1 year to 3 years as per your income. However, as the number of monthly installments increases, the interest rate increases.
Education Loan
An education loan is simply money given for education by a bank or other financial organization. For students, there are student loans. Poorly-off students who lack the funds to pay for their education might finish their education by borrowing money from PNB.
Housing Loans
A housing loan is a kind of secured loan obtained to buy a property by presenting it as collateral. Housing loans from Punjab National Bank offer high-value allowance at thrifty interest rates as well as for long terms. They’re repaid via EMIs (monthly installments). After repayment to the bank, the property’s ownership is transferred to the borrower.
MISC Loan
A MISCELLANEOUS LOAN is a loan made by the Borrower to a party who is not one of the Borrower’s Affiliates (or a loan made by the Lender to a party who is not one of the Borrower’s Affiliates, with full recourse to the Borrower), which is hardly a Mortgage Loan likewise a Conversion Loan but which the Lender may use as collateral for Warehouse Advances under the conditions and terms of Section 2.
Features of Punjab National Bank Personal Loans
- You can take a personal loan up to Rs 15 lakh from PNB Bank.
- Personal loan interest rates in this bank start from 8.45% per annum.
- The minimum EMI of PNB Bank is Rs 1581 per lakh.
- The general public, doctors, and pensioners can take personal loans from PNB Bank.
- Loans are available in this bank in the form of overdrafts as well as term loans.
Features of PNB Personal Loan for Pensioners
Here are the salient features of the PNB personal loan scheme for the public who are retired persons. Let’s have a look at the features of PNB Personal Loan for pensioners:
Purpose:
Punjab National Bank Personal Loan 2023 aims to provide financial assistance to people taking pensions from PNB Bank.
Eligibility:
All pensioners making withdrawals from PNB Bank have a residential address income proof along with minimum annual credit transactions.
No collateral required:
A personal loan is an unsecured loan. You do not need to pledge anything to avail of a personal loan from PNB Bank.
Loan amount:
The minimum amount in PNB Bank is ₹25000 and a person aged 70 years can avail of a loan of 18 times his average gross monthly income or pension or ₹10 lakh. The loan limit for individuals aged between 70 to 75 years is Rs 7.5 lakh and individuals above 75 years of age can avail of a loan up to 12 times the gross monthly salary or Rs 5 lakh.
Loan Tenure:
The loan tenure for people above 75 years of age is from 24 months to 5 years and the personal loan monthly deduction should not exceed 50% of the net monthly pension.
Prepayment Charges:
No prepayment charges are charged for availing Punjab National Bank Personal Loan 2023.
Features For For Doctors:
A professional doctor whose net annual income is at least Rs 5 lakh can avail of a Personal Loan from PBN Bank.
A professional doctor must have been residing at his/her current residence for at least two years only to be eligible to apply for the loan.
Eligibility Criteria For PNB Personal Loans
- The age of the person applying should be a minimum of 21 years and a maximum of 60 years.
- If any person is working in State or Central Government hospitals, PSUs, nursing homes, schools, universities, colleges, and even other government institutions or companies, and is getting a salary through a PNB account, the person can take the loan.
- In addition, loans are freely accessible to all types of defense personnel, as well as the Border Security Force, Central Industrial Security Force, Military Station Headquarters, Indo-Tibetan Border Police, and Central Reserve Police Force.
- The applicant’s yearly income must be at least Rs. 5 lakh.
- Candidates for doctors must have paid taxes for at least two years.
Required Documents For PNB Personal Loan Schemes
- Loan application form with passport-size photo
- Identity proof with a Unique Identification Number in case of Military/Paramilitary personnel
- Educational Qualification Certificate
- age proof
- Proof of official address and residential address
- Income proof (Professionals having minimum gross annual income of INR 6 lakh for the past 2 years and having a minimum CIC score of at least 750.)
- Latest salary slip IT return for the last three financial years
- Form 16, the latest bank statement duly certified by the employer
PNB Personal Loan Interest Rate
- Defense personnel and individuals whose salary accounts are at a PNB branch who take out loans of INR 10 lakh would pay 11.50% interest.
- The interest rate on loans between Rs. 5 and Rs. 10 lakh starts at 12.50% for customers who don’t have any salary account with PNB.
- The interest rate would start at 13.50% for everyone taking out loans up to INR 5 lakh via a check-off facility, excluding members of the military.
- The interest rate for the loan of INR 5 lakh for other applicants starts at 14.50%.
- PNB Doctor’s Delight has an interest rate that starts at 9.95%.
- Pensioners will pay an interest rate on personal borrowing that begins at 10.75%.
Important Aspects You Should Check Before Applying:
Before applying for Punjab National Bank Personal Loan, keep the following aspects in mind:
Credit Score:
Before applying for a PNB Personal Loan, be sure to check your credit score. A credit score of more than 750 is generally considered ideal when applying for a personal loan.
Processing Fee:
Know carefully all the fees related to PNB Personal Loan.
Loan Tenure:
Choose the repayment tenure of your loan wisely. If you choose a very long tenure, you will pay more interest and if you choose a short tenure, your EMI amount will be higher.
How To Apply For a Loan From PNB?
Here is the process to apply for a personal loan from PNB:
- First of all, you have to go to the official website of Panjab National Bank at https://www.pnbindia.in/.
- On the home webpage, select the Online Services option. The kind of loan you want to bear.
- To apply, click on the personal loan.
- You’ll reach the form of Punjab National Bank.
- In this form, you have to fill out 3 types of forms A, B, & C, and submit them in the final.
Steps For Part A
- First, select Part A from the personal loan application.
- You must decide whether to keep your account open with the bank. select Yes in case you have a bank account; otherwise, select NO.
- Click Yes and input your account number if you are a PNB Bank client.
- After that, fill out the form with further details including the applicant’s name, birthdate, mobile number, email address, and security key.
- After entering all of this data, save Part A and continue.
Steps For Part B
- Following that, complete Part B with the necessary information, including the reason for the loan, the loan amount, the loan payback time, the kind of monthly installment, the method of receiving the money, the state, district, & branch, as well as save Part B.
Steps For Part C
- Part C is voluntary after this; complete it if you want to, otherwise, do so later.
- Complete the form, scan your supporting documentation, and upload it.
- After that, submit the form by clicking Final Submit.
- Print it out or download it after applying.
- Your loan application will be submitted online in this manner.
- Following this, you are discarded, the candidate is listed within three days of applying, and acceptance or rejection is made.
- Take the required documents to the PNB bank to get them validated after that.
How To Check PNB Personal Loan Application Status?
To check PNB personal loan application status, follow the steps given below:
- Visit the official webpage of PNB.
- Click on ‘Online Services’.
- Click on ‘Loan’ in ‘Online Services’.
- Click on the “Check Your Application Status” option.
- Now enter the required information.
- Your PNB personal loan application status will be displayed on the screen.
BOTTOM LINE:
Under the “Personal Loan Scheme for Public” program, PNB offers personal loans of around Rs. 20 lakh with interest rates as low as 11.15% p.a.The processing charge assessed is around 1% of the loan amount, and the repayment period can last up to 72 months.
Under the “PNB Doctor’s Delight – Personal Loan Plan to Doctor” program, the bank additionally provides loans up to Rs. 20 lakh with a maximum term of 84 months.
Whatever you need money for—debt consolidation, a child’s wedding, an exotic vacation, or something else—you can get a personal loan from PNB at a competitive rate to help you realize your goals.
We sincerely hope you liked reading about the personal loan from Punjab National Bank. We are certain that you can complete your loan form with this advice.
Please don’t hesitate to get in touch with us at any time by leaving a note in our comment box if you have any more queries about applying for a personal loan. I appreciate your reading.
FAQ
Q. How does PNB Personal Loan compare with those offered by other banks?
A. There is complete transparency for the interest rate and the processing fees charged by PNB.
They offer personal loan schemes at a competitive interest rate for your personal needs, with no tangible collateral security.
They also offer personal loans for a tenure of 60 months. All these make PNB different from other banks.
Q. How are the loan limits decided?
A. The personal loan limits depend upon the applicant’s income and repaying capacity, personal expenses, etc.
Q. How can I repay the personal loan?
A. You can repay your loan using a post-dated check or ECS facility.
Q. What is the repayment tenure of a PNB Personal Loan?
A. PNB Bank Personal Loan for Doctors offers a repayment tenure of up to 84 months, while for others the tenure is up to 60 months.
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