Punjab National Bank Personal Loan Interest Rate 2023

Customers looking to get financial assistance to meet their personal goals can consider the Punjab National Bank personal loan scheme, which caters to a wide range of its customer base. The PNB personal loan incorporates various features and benefits that can be utilised to meet several financial needs. Interest rates are competitive and attractive, ranging from 11% to 15% per annum. Moreover, the scheme comes with separate categories for the general public, pensioners, doctors, and LIC employees.

In this piece, read about the various features and benefits of Punjab National Bank personal loan and interest rates in detail.

Punjab National Bank Personal Loan Interest Rate

Punjab National Bank personal loans come in various varieties suited for a vast customer base. The interest rates are competitive and currently range between 11% to 15%. The schemes include a personal loan scheme for LIC employees, a personal loan scheme for the general public, a personal loan scheme for doctors, a personal loan for pensioners, and so on. These schemes incorporate varying Punjab National Bank personal loan interest rates. Further details are shown below. 

Punjab National Bank Personal Loan Interest Rate by Schemes

The table below showcases the Punjab National Bank Personal Loan Interest Rates by the scheme. 

PNB Personal Loan Scheme	Applicable Interest Rate
Personal Loan Scheme for LIC Employees	RLLR + BSP ( Additional 0.50% for customers not having salary account with PNB)
Personal Loan Scheme for Public	RLLR + BSP + (2.15% to 7.70%) Overall - 11.15% to 16.70%
Personal Loan Scheme for Doctors	RLLR + BSP + 2.15%  Currently 11.15%
Personal Loan Scheme for Pensioners	RLLR+BSP+ 2.50%  (Currently 11.50%)

Punjab National Bank Personal Loan Interest Rates for Salaried and Self-Employed

Personal Loan Scheme for Self-employed 

For CIBIL score equal to greater than 800	RLLR + BSP + 3.50% (Currently 12.50%)
For CIBIL score less than 800	RLLR + BSP + 4.50% (Currently 13.50%)

Personal Loan Scheme for Salaried Applicants

Personal Loan Scheme for Public

8.90% per annum to 14.45% per annum

Punjab National Bank Personal Loan Interest Rate for Salary Account

Personal Loan Scheme for Public	11.15% per annum to 14.00% per annum
CIBIL Score more than 800	RLLR+BSP+2.50% (Presently 11.50%)
CIBIL Score from 750 to 800	RLLR+BSP+3.50% (Presently 12.50%)
CIBIL Score from 650 to 749	RLLR+BSP+4.50% (Presently 13.50%)
CIBIL Score less than 650	RLLR+BSP+5.00% (Presently 14.00%)

Punjab National Bank Pre-Approved Personal Loan Interest Rate

Customers interested in getting a Punjab National Bank personal loan can approach the bank to get a pre-approval loan quotation. Customers will be required to provide information pertaining to their CIBIL score, loan history, income details, employment details, and identification documents. The bank will take this information to assess the risk factor involved in sanctioning a personal loan to the applicants and give out a pre-approved loan deal. The Punjab National Bank personal loan interest rate for a pre-approved loan will completely depend on the applicant's creditworthiness. Interest rates start from 11.15% p.a. 

Punjab National Bank Personal Loan Balance Transfer Interest Rates

Punjab National Bank facilitates the provision of transferring an outstanding loan balance from another bank to the PNB. For the same, the standard interest rates are attractive and competitive. Moreover, customers also have the provision to avail of a top-up loan facility, making it all the more lucrative options for a personal loan balance transfer. Here is an overview of Punjab National Bank's personal loan balance transfer interest rate for customers. 

Interest Rate on Balance Transfer	8.95 %
Processing Fee	1.80 % of the loan amount + applicable taxes

Punjab National Bank Personal Loan Fees and Charges

Customers applying for a PNB personal loan will be required to pay an additional processing fee along with non-refundable documentation charges. The details are as given below. 

Loan Type	Fees and Charges	Documentation Fee
Personal Loan	1.00% of loan amount For Defence Personnel - Nil	Upto Rs. 2 lac- Rs. 270/- Above Rs. 2 lac- Rs. 450/- For Defence Personnel - Nil
Personal Loan Scheme For Self-Employed	Processing/Upfront Fee 1.00% of loan amount	Documentation charges Rs 500
PNB Doctor’s Delight - Personal Loan to Doctors	0.90% of loan amount	Rs.450
Personal Loan to Pensioners	NIL	Rs. 500/-

Factors Affecting Punjab National Bank Personal Loan Interest Rates

Punjab National bank personal loan interest rates can vary as per applicant. A few other factors affect these changes. The factors affecting the offered Punjab National bank PL interest rates are listed below.

• The CIBIL Score or Credit Score of the applicant plays a vital role in determining the offered interest rate. An applicant with a good credit score, i.e. more than 800, has a higher chance of getting loan approval at lower Punjab National bank interest rates. A good credit score caters to securing a better deal in terms of offered interest rates. 
• Applicants must have the financial stability to grab a lower interest rate. A high-earning job ensures that the applicant will make on-time payments improving the chances of personal loan approval at lower interest rates. Thus, a stable income source is recommended before applying for a personal loan.
• Income should be more than the monthly repayment amount. It ensures the applicant can cope with monthly expenses with utmost ease while repaying the instalments.
• Prolonged repayment tenure results in lower monthly instalments, resulting in lower interest rates. However, when you make repayments for a longer tenure, you pay more in terms of interest component.
• A good relationship opens doors to numerous additional benefits. When you have good terms and make on-time payments, the bank considers you a trustworthy customer, allowing you to get a personal loan at lower interest rates.

How to Calculate Punjab National Bank Personal Loan Interest/EMI

Applicants can use one of the many online EMI calculators to determine the monthly EMIs for their personal loans. These calculators accurately calculate a user's results by accounting for the principal amount, interest rate, and tenure. The formula for which can be found below. 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here, 

‘P’ stands for the Principal amount,

‘R’ stands for the interest rate, 

And 

‘N’ stands for the tenure.

How to Get Low-Interest Rates on Punjab National Bank Personal Loan?

There are a few ways to get lower interest rates assigned on personal loan disbursement. These ways are explored below.

• Maintain an excellent CIBIL score. For Punjab National Bank personal loan, the ideal CIBIL score is 800 or above. 
• Use the EMI Calculator to assess the appropriate loan tenure for repayment. The longer one pays off their loan, the more interest one will pay in the long run. 
• Assess the financial capacity and apply for the right loan amount. 
• Keep loan payment history clear. Pay off debts in time and improve creditworthiness. 
• Keep good relations with the banking agents. Good networking can also be a key to lower interest rates.
• Keep an eye out for discount seasons in interest rates.