Punjab National Bank Personal Loan Interest Rate

4.5

The Punjab National Bank Personal loan is one of the most popular financial products of the bank. One can avail of funds for personal purposes such as travel, wedding, and medical emergencies against an interest rate ranging from 11% to 15% per annum. The bank has established both online and offline channels for the applicants.

  • Personal Loan offer for You

  • 10.4% - 16.95%

    Interest Rate (p.a.)
  • Up to ₹20L

    Tenure(Up to 6 Years)
  • ₹2,144 - ₹2,483

    EMI Per Lakh
  • 10.4% - 16.95%

    Interest Rate (p.a.)
  • Up to ₹20L

    Tenure(Up to 6 Years)
  • Up to 1% of the loan amount

    Processing Fee

Punjab National Bank Personal Loan Rate Comparison with Other Banks 

Before considering applying for a personal loan, and it will be prudent for customers to understand the prevailing personal loan interest rates. This comparison can assist customers in constructing an idea about the loan interest rates that are presently prevalent. Here is a table showing the interest rates compared to the Punjab National Bank personal loan interest rates

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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.

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of Punjab National Bank personal loan?

Customers applying for Punjab National Bank personal loans can expect an interest rate ranging from 11% to 15%. 

How can I reduce my interest in Punjab National Bank personal loan?

There are many ways to reduce interest rates on PNB personal loan, including improving one’s CIBIL score, maintaining a good repayment discipline, keeping good relations with the bank, and keeping an eye out for discounts and special rates. 

Is Punjab National Bank personal loan a floating-rate loan or a fixed-rate loan?

Customers can avail of PNB personal loans with fixed and variable interest rates. However, fixed rates are only available on Marginal Cost of funds-based Lending Rates.

Do Punjab National Bank demand collateral or security for personal loans?

PNB gives the option of bringing a guarantor for availing of the personal loans. If there is no guarantor, customers can provide collateral or security to get their loan sanctioned.

Can individuals pay off their Punjab National Bank loans EMI early?

There is a provision to pay off PNB personal loan EMIs early without incurring any pre-payment charges. However, this applies to floating interest rates only. Moreover, with fixed rates, customers can pay off early EMIs from their financial sources.

What is the EMI for a 1 lakh personal loan?

For PNB personal loan, a borrower can expect an EMI of INR 3298 to INR 3,467 for a loan amount of INR 1 Lakhs with a tenure of 3 years.

What is the EMI for a 10 lakh personal loan?

For PNB personal loan, a borrower can expect an EMI of INR 32,976 to INR 34,665 for a loan amount of INR 10 Lakhs with a tenure of 3 years.

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