Punjab & Sind Bank Personal Loan ₹1 Lakh

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For emergencies or sudden need of a minimum of Rs. 1 Lakh, a personal loan can be a lifesaver in this situation. Punjab & Sind Bank offers a Rs. 1 Lakh personal loan with suitable interest rates, a flexible repayment structure and a hassle-free application process. This is a reputed bank in the nation that takes care of the financial needs of the borrowers when they need it the most. Certain eligibility needs to be fulfilled to get the loan sanction letter. If you are eligible for the desired loan amount, a personal loan from Punjab & Sind Bank is just a click away. Continue with this guide, and you’ll be completely prepared to apply for a Punjab & Sind Bank personal loan of Rs. 1 Lakh.

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1 Lakh Punjab Sind Bank Personal Loan EMI Calculator

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

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹1,00,000

Interest Payable

Total Amount Payable

Table of Content

1. Eligibility for 1 Lakh Punjab & Sind Bank Personal Loan

2. Documents Required

3. Interest Rates and Fees

  • 3.1 Interest Rates
  • 3.2 Fees

    • 4. Repayment Options for Punjab & Sind Bank 1 Lakh Loan

    5. What is the EMI for a 1 Lakh Loan?

    6. Applying for the Punjab & Sind Bank 1 Lakh Loan

    7. Alternative Options to Consider for a 1 Lakh Loan

    Read more
    Written By
    Kirti Bansal
    Kirti Bansal
    Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
    Reviewed By
    Piyush Bothra
    Piyush Bothra
    Chief Financial Officer, Square Yards
    Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

    Last Updated: 26th September 2024

    Eligibility for 1 Lakh  Punjab & Sind Bank Personal Loan

    There are several factors that determine Rs. 1 Lakh personal loan eligibility at Punjab & Sind Bank. These factors may include income, employment, credit history, and age. Here is the eligibility criteria for personal loans at Punjab & Sind Bank:

    • The applicant must be at least 21 years old.
    • The applicant’s age must be between 60 and 70 years old.
    • Individuals earning a salary must work for the government or a public sector organisation.
    • Pensioners must have a pension account with the bank.
    • The applicant must have a salary or pension account with Punjab & Sind Bank.
    • When determining eligibility, the bank may evaluate the applicant’s monthly income and credit score.

    Documents Required

    Here’s a table detailing the required Rs. 1 Lakh personal loan document at Punjab & Sind Bank:

    Document Type Description
    Proof of Identity PAN card, Aadhaar card, Voter ID, Passport
    Proof of Address Recent utility bills, Passport, Aadhaar card
    Proof of Income Last 3 months’ salary slips (for salaried individuals)
    Bank Statements The last 6 months’ bank statements
    Proof of Employment Employment ID, Joining letter, Form 16
    Income Tax Returns Last 2 years’ ITR (for self-employed)

    Interest Rates and Fees

    Rs. 1 Lakh loan interest rate and fees for a personal loan from Punjab & Sind Bank can vary depending on your credit profile, loan amount, and tenure. Here’s an overview of interest rates and fees for Punjab & Sind Bank Personal Loans:

    Interest Rates

    CIBIL Score Interest Rate
    768-900 10.55%
    753-767 10.65%
    732-752 10.85%
    690-731 11.20%
    641-689 11.65%

    Fees

    Fee Type Charges
    Processing Fee 1.00% + GST
    Document Charges Stamp charges
    Inspection Charges –
    Prepayment Charges –

    Repayment Options for Punjab & Sind Bank 1 Lakh  Loan

    Punjab & Sind Bank offers various repayment options for a personal loan of 1 lakh, making it convenient for borrowers to choose a plan that best fits their financial situation. When repaying a personal loan from Punjab & Sind Bank, there are several options available:

    • Equated Monthly Instalments (EMI):
    • The loan can be repaid through EMIs, which include both principal and interest.
    • The borrower can choose from weekly, monthly, or yearly repayment plans.

    • Repayment Methods:
    • Standing Instruction Registration: The borrower can set up standing instructions at their bank for automatic EMI deductions.
    • Internet Banking: The borrower can use the bank’s internet banking platform to make EMI payments.
    • Electronic Clearing Service (ECS): The borrower can opt for automated payments through ECS.
    • Mobile Banking App: The borrower can conveniently repay via the bank’s mobile app.

    What is the EMI for a 1 Lakh Loan?

    To calculate the Equated Monthly Installment (EMI) for a ₹1 lakh loan, you’ll need the interest rate and the loan tenure. Here is an example based on an interest rate of 12% and tenure of 3 years:

    Assuming an interest rate of 12% per annum and a loan tenure of 3 years (36 months), you can calculate the EMI using the following formula:

    EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)​

    Where:

    • P is the loan amount (₹1 lakh)
    • r is the monthly interest rate (annual rate / 12)
    • n is the loan tenure in months

    Let’s calculate the EMI using these values:

    The EMI for a ₹1 lakh loan with an interest rate of 12% per annum over a tenure of 3 years (36 months) would be approximately ₹3,321 per month.

    Note: You can also use the online calculator to calculate the monthly EMI with desired loan tenure and interest rate.

    Applying for the Punjab & Sind Bank 1 Lakh  Loan

    Applying for a Punjab & Sind bank Rs. 1 Lakh loan is a simple and hassle-free task with Urban Money. Here is the step-by-step process to apply for the Punjab and & Sind Bank’s personal loan:

    Step 1: Visit the official website of Urban Money.

    Step 2: Scroll down to the Personal Loan option and click on it.

    Step 3: Now, you will see a list of banks and financial institutions offering personal loans. Look for Punjab & Sind Bank.

    Step 4: Upon finding the Punjab & Sind Bank tab, click on Apply Now.

    Step 5: Fill out the required information such as Name, Mobile Number, City and loan type. 

    Step 6: Upon filling in the information, click on Submit. 

    Step 7: Wait for Urban Money to contact you regarding the loan.

    Alternative Options to Consider for a 1 Lakh  Loan

    Here are some alternative options to consider for a Rs. 1 Lakh loan:

    • Canara Bank Personal Loan
    • RBL Bank Personal Loan
    • Karnataka Bank Personal Loan
    • Bajaj Finserv Peronal Loan
    • IDBI Bank Personal Loan
    • AU Small Finance Bank Personal Loan
    • YES Bank Personal Loan
    • CITI Bank Personal Loan
    • HDFC Bank Personal Loan
    • Deutsche Bank Personal Loan
    • HDFC Sales Personal Loan

    FAQs

    Can I get a 1 Lakh Personal Loan from Punjab & Sind Bank?

     Yes, you can get a Rs. 1 Lakh Loan from Punjab & Sind Bank.

    What are the interest rates for a small Punjab & Sind Bank Personal Loan?

    The interest rate for personal loans at Punjab & Sind Bank depends on the borrower’s CIBIL Score. The interest rate for personal loans at Punjab & Sind Bank ranges from 10.55% to 11.65%.

    How much will my monthly payments be (estimate)?

    The monthly EMI for Rs. 1 Lakh depends on the loan tenure and interest rate. For example, if the loan tenure is years and the interest rate is 10.55%, the monthly EMI will be approximately Rs. 4,640.

    Are there any hidden charges in Punjab & Sind Bank personal loans?

     No, there are no hidden charges in Punjab & Sind Bank personal loans.

    Quick Links

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