Urban Money

Punjab National Bank Personal Loan

Punjab National Bank
4.5

Punjab National Bank offers personal loans of up to Rs 20 lakh @ 8.80% p.a. onwards for tenure of up to 7 years. It also offers personal loan to pensioners @ 10.15% p.a. for up to 5 years, and aims at creating value for its applicants, employees and investors for being the prime option for stakeholders.

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Punjab National Bank Personal Loan Eligibility

+91
Choose City
Company Name
bt svg
Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Punjab National Bank Personal Loan Interest Rate

Punjab National Bank

8.9% - 14.45%

Up to 1%

4.5

Up to ₹20L

Tenure(Up to 6 Years)

Details

Features and Benefits of Punjab National Bank Personal Loan

The borrowers of the Punjab National Bank Personal Loan can avail of the following features and benefits:

  • The Bank offers a wide range of schemes catering to a diverse set of customers providing lucrative interest rates and minimal processing fees.
  • The bank offers several concessions to defence personnel and government employees. 
  • The Punjab National Bank has established an easy application procedure to ensure the timely disbursement of loans to cater to medical emergencies.
  • The Bank offers a flexible tenure of up to 84 months so that one can manage their EMI repayments without substantially affecting their budget.

Punjab National Bank Personal Loan Overview

Punjab National Bank is one of India's most renowned financial institutions. Headquartered in Delhi, this Public Sector Banks envelops the country through its 12,248 branches to cater to its customer base of 180 million customers. The Punjab National Bank Personal Loan is a financial product designed by the Bank to provide financial assistance to customers in India for personal purposes such as higher education and medical expenses, wedding loans and home renovations.

The bank has established a convenient procedure so customers can apply for the Punjab National Personal Loan without hassle. One must review the following factors before availing of this loan Product.

Punjab National Bank Personal Loan 

Interest Rates 10.45% - 16.70% per annum
Amount  Up to 20 Lakhs (With respect to the annual income of the applicant)
Tenure  Up to 84 Months
Processing Fee Upto 1% of the loan amount 
Documentation  Minimal

Eligibility Criteria For a Punjab National Bank Personal Loan 

The applicant must fall into the following eligibility criteria to apply for a Punjab National Bank Personal Loan.

Eligibility Criteria For Personal Loan for Public

  • Permanent or Confirmed defence personnel serving with Central Reserve Police Force, Military Station, Indo-Tibetian border Police, and Border Security Force can apply under this scheme.
  • Central and State Government employees and individuals working in PSUs, State universities, nursing homes and hospitals holding a salary account with the Punjab National Bank can also apply.
  • Medical Professionals with income of  Rs 4 Lakhs can apply under this scheme.

Eligibility Criteria for Doctors 

  • Doctors whose Net Annual Income exceeds Rs 5 Lakhs.
  • To be eligible to apply under this scheme, the doctors must complete their two years of residency.

Eligibility Criteria for Pensioners

  • Pensioners holding their pension account with the Punjab National Bank

Punjab National Bank Fees and Charges

The fees and charges applied to process Punjab National Bank Personal Loan vary based on the scheme.

Personal Loan Scheme For Public 

Processing Fee 
  • 1% of the Loan Amount
  • Defence Personal - NIL 
Documentation Charge 
  • Rs 270 for Amounts up to Rs 2 Lakhs
  • RS 450 for Amounts More Than Rs 2 Lakhs
  • Defence Personal - NIL
Pre-Payment Charges  NIL

Personal Loan to Doctors 

Processing Fee  0.9% of the Loan Amount 
Documentation Charge  Rs 450 
Pre-Payment Charges  NIL

Documents Required for Punjab National Bank Personal Loan

The applicants must maintain the following documents to apply for a Punjab National Bank personal loan.

  • Passport Size Photographs with Loan Application 
  • Form 16 and Salary Slips 
  • ITR Returns for the Past three years. 
  • Other such documents requested by the Bank.

How Does the EMI Calculation Work for Punjab National Bank Personal Loans?

Punjab National Bank employs the following formulae to compute the EMI amount on the Personal Loan.

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

Where,

  • P is the Principal amount. 
  • r is the rate of interest on the loan 
  • n is the tenure of the repayment.

Punjab National Bank Personal Loan Customer Care Number

The Punjab National Bank has established various channels through which a customer can raise their queries with the Bank.

Customer Care Division  Toll-Free Number:
  • 1800 180 2222 
  • 1800 103 2222
Tolled Number: 
  • 0120 103 2222
  • 011 - 28044907

FAQs

From refinancing to reducing your interest, we have the answers right here.

What benefits does Punjab National Bank provide on a Personal Loan?

The bank offers flexible tenure and lucrative interest rates on personal loans to borrowers.

Does Punjab National Bank have a fixed rate of interest on a personal Loan?

The interest rates offered range based on the scheme and the applicant.

What documents are required in Punjab National Bank for a Personal Loan?

The applicant must produce income proof such as salary slips and other identity proofs.

How to apply for a personal Loan in Punjab National Bank online?

One can avail of the net banking facility the bank has established to conclude the application online.

How to check personal Loan Status in Punjab National Bank?

The applicant can visit the nearest branch or review their application status online through net banking.

Does Punjab National Bank Check for CIBIL Score for Personal Loan?

Yes, as this loan product is unsecured, the bank reviews the CIBIL score of the applicant.

What is the maximum and minimum personal Loan amount I can get from Punjab National Bank?

One can avail of a loan amount of up to Rs 25 Lakhs.

Get your latest Credit Score, FREE

Personal Loan Guide

Get in-depth knowledge about all things related to loans and your finances

Best Education Loan in India 2023 – Compare and Apply for the Best
Shweta AgarwalJan 18, 2023

Best Education Loan in India 2023 – Compare and Apply for the Best

Education is the first step to empowerment. It is also becoming an expensive affair, making it difficult for Indians to avail of this basic right. This is where the need for education loan arises. The Indian governmen

Read More
Top 10 Best Private Banks in India 2023
Chitra ChaudharyJan 05, 2023

Top 10 Best Private Banks in India 2023

Today, the banking system incorporates 21 private sector banks in India along with 12 public sector banks, foreign banks, rural banks, cooperative banks, and financial institutions.

In total, the retail credit

Read More
Bank Guarantee: Complete Process and its Types
Srivalli SusarlaDec 21, 2022

Bank Guarantee: Complete Process and its Types

A Bank Guarantee is a promise from a bank or NBFC to repay a customer's debt if the customer defaults on its obligations. This type of guarantee can be useful for businesses that need to borrow money or obtain lines o

Read More