PNB Personal Loan of 1 Lakh

A PNB personal loan of 1 lakh offers a sum with potentially manageable monthly payments. This can suit salaried individuals or self-employed professionals needing immediate financial assistance for unexpected expenses or purchases. With interest rates starting at 8.95% and repayment periods stretching up to 80 months, it can be a viable short-term financing option. However, it is crucial to consider the processing fee and potential penal charges in case of late payments. Remember, exploring alternative options like savings or seeking lower-interest loans from other lenders might be beneficial depending on your financial situation.

Here are the main features of the PNB personal loan 1 lakh.

Eligibility for 1 lakh Personal Loan

Here are the details of what you need to qualify for a ₹1 lakh personal loan from PNB:

• Salaried Individuals:
  • Must hold a permanent position with a Central/State Government entity, a Public Sector Unit (PSU), or a reputable company.

• Minimum net income may vary but is generally around Rs. 30,000 per month.

• Self-employed Professionals:
  • Professionals like LIC agents and qualified doctors with consistent income streams may qualify.
  • Minimum annual income is Rs. 6 lakh for the past 2 years.

Documents Required

Below are the details of the documents required for applying for a PNB personal loan 1 lakh

• • Proof of Identity: Aadhaar card, Voter ID card, or Passport.
  • Proof of Age: Birth certificate or school leaving certificate.
  • Proof of Address: Utility bills (electricity, water, telephone), ration card, or passport.

• Proof of Income:

• • Salaried Individuals: Recent salary slips and Form 16.
  • Self-employed Individuals: Income Tax returns for the past few years.

Interest Rates and Fees

PNB provides competitive interest rates for PNB personal loan 1 lakh

Below are the applicable fees and charges necessary before taking out a PNB personal loan 1 lakh.

Repayment Options for 1 lakh Loan

PNB is ensuring borrowers’ convenience by offering a diverse range of flexible repayment methods:

• Extended Loan Tenure: Borrowers can extend their loan tenure to 60-80 months, facilitating the management of monthly instalments more effectively.
• Electronic Clearing Service (ECS): Through this automated system, EMIs are deducted directly from the borrower’s bank account, even if the account is with another bank, on a specified date each month.
• Standing Instructions (SI): PNB salary account holders can set up standing instructions, ensuring seamless EMI deductions from their PNB account on the due date.
• Post-Dated Cheques (PDCs): Borrowers can opt to submit post-dated cheques for the entire loan tenure, offering a hassle-free payment alternative.
• Online and Mobile Banking: PNB provides a user-friendly online portal and mobile banking app, empowering borrowers to conveniently make EMI payments anytime, anywhere, using net banking or debit cards.

What is the EMI for a 1 lakh loan?

Here is the table showing the details of EMI payable, total interest payable and total amount payable for PNB personal loan 1 lakh:

Applying for the 1 lakh Loan

Securing a PNB personal loan of 1 lakh is easy with the online application process. Here is a step-by-step guide to get you started:

1. Visit the PNB Website. Look for the dedicated personal loans section or simply click on the “Apply For Loan” button on the homepage.
2. Choose the specific type of personal loan that aligns with your needs and financial requirements.
3. Complete the online application form with accurate details. Provide essential personal information, employment particulars, and income details, and specify the desired loan amount.
4. Upload Required Documents. These include proof of identity, address verification, income proof, and any other documents as per PNB’s requirements.
5. Please review all the information provided and the documents uploaded to avoid any discrepancies or delays in processing. Then, submit your application. You will receive a confirmation message or email containing a reference number to track your application status.

Alternative options to consider for a 1 lakh loan.

While a PNB personal loan of 1 lakh is convenient, there are alternative financing options worth exploring. Here are some alternatives:

1. Gold Loans: These loans offer a unique feature, allowing you to use your gold jewellery or coins as collateral. You can borrow a percentage of your gold’s value, often at attractive interest rates, making gold loans a swift and secure way to access funds in times of need.
2. Loans Against Fixed Deposits: If you have your savings in a fixed deposit (FD), banks offer loans against your FD without necessitating its premature closure. While interest rates may be marginally higher than your FD’s interest rate, this option ensures you can tap into your funds without disrupting your long-term financial plans.
3. Credit Card Cash Advances: Credit card cash advances allow you to withdraw cash against your credit limit. They’re hassle-free and require minimal documentation, offering immediate access to funds for unforeseen expenses or emergencies.