Punjab National Bank Personal Loan Interest Rate

4.5

Punjab National Bank offers personal loans to help meet financial needs such as travel, medical expenses, education costs, and family events. The interest rate on these loans is not a single fixed number. It varies based on factors like the applicant’s employment type, credit score, and the specific loan scheme chosen. The bank offers interest rates ranging from 10.25% to 16.8% based on a customer’s credit score. Additionally, the balance transfer facility also allows a borrower to avail of a personal loan at an interest rate as low as 8.95%.

PNB has different personal loan options for salaried individuals, self-employed professionals, pensioners, and other eligible categories. This is why there are different interest rates for similar loan amounts.

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

  • Prefr PL Interest Rate

  • 17.99% - 29.99%

  • 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

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How do Interest Rates vary across PNB Personal Loan Schemes and Profiles?

The Punjab Bank personal loan interest rate is calculated using RLLR (Repo Linked Lending Rate) + BSP (Bank Spread) + applicable additions, so rates differ depending on the borrower’s CIBIL score, income, employment type, and chosen scheme.

Scheme / Borrower Profile Approx. Interest Rate (p.a.)
Public / General Applicants (CIBIL ≥ 800) 10.35% – 11.35%
Public / General Applicants (CIBIL 750-799) 11.35% – 12.35%
Public / General Applicants (CIBIL 700-749) 12.35% – 13.35%
Pensioners 10.35% – 11.35%
Self-Employed (CIBIL > 800) ~12.50%
Self-Employed (CIBIL < 800) ~13.50%
Balance Transfer 8.95%
Government / PSU Employees & PNB PRIDE Members 11.15% – 14.00%

*Final rates depend on income, credit history, and chosen scheme.

What are the Charges Associated With PNB Personal Loans?

PNB personal loan charges are largely transparent. The processing, documentation, and penal fees are clearly defined upfront.

Fee Type Details
Processing Fee 1.0% – 1.8% of loan amount (scheme-dependent, exclusive of GST)
Documentation Fee Rs. 270 – 500 depending on loan amount and scheme
Prepayment Charges Nil for most schemes
Penal Interest Typically, 2% abovethe  applicable interest rate
Transaction Charges As per the mode and amount of the transaction

Always check the official PNB documentation for your scheme-specific fees before applying.

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What Factors Affect PNB Personal Loan Interest Rates?

PNB personal loan interest rate today is influenced by:

  • CIBIL Score: Higher scores (800+) generally get lower rates.
  • Income Stability: Reliable and sufficient income improves approval chances.
  • Loan Tenure: Longer tenures reduce EMIs but increase total interest.
  • Profile/Relationship with Bank: Salaried, self-employed, or special schemes can affect the rate.

How to Calculate EMIs for a PNB Personal Loan?

EMIs can be calculated using the standard formula:

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

Where:

  • P = Principal loan amount
  • R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
  • N = Total number of monthly instalments

Pro Tip: You can use PNB personal loan EMI calculator to get an estimate of the monthly instalments.

How to get Lower Interest Rates on a PNB Personal Loan?

While the exact rate depends on the particular scheme and profile, generally:

  • Maintain a good CIBIL score (800+).
  • Opt for the shortest feasible tenure that keeps EMIs manageable.8.90
  • Apply for a loan amount suited to your repayment capacity.

PNB may also offer scheme-based discounts or special rates depending on the borrower category.

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Frequently Asked Questions (FAQs)

What is the current interest rate for PNB personal loans?

Punjab National Bank personal loan interest rates range from 10.25% to 16.8% per annum, depending on the borrower’s profile and selected scheme. The final PNB personal loan interest rate is determined at the time of approval.

How can I reduce my interest rate on a personal loan?

A higher CIBIL score, stable income, shorter tenure, and selecting the right scheme can help reduce the interest rate.

Is the PNB personal loan a floating or fixed rate?

PNB personal loan interest rates are generally floating, as they are linked to the Repo Linked Lending Rate (RLLR). This means the rate may change over time in response to revisions in the repo rate and bank spreads.

Does PNB demand collateral for personal loans?

No, PNB personal loans are unsecured, and borrowers are not required to provide any collateral or security for standard personal loan schemes.

Can a PNB personal loan be prepaid?

Yes, most PNB personal loan schemes allow prepayment with nil charges. However, borrowers should always verify scheme-specific prepayment terms in the official loan documentation.

How can I calculate the EMI for a PNB Personal Loan?

EMI is determined by three key factors: the principal (the loan amount), the interest rate, and the tenure (the period over which you repay the loan). The calculation follows a standard formula, where P is the principal, R is the monthly interest rate, and N is the total number of monthly payments: EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N – 1]. For example, a loan of ₹50,000 at 9.5% p.a. over 12 months would have an EMI of about ₹4,374 per month.

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