PNB Personal Loan

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