Punjab and Sind Bank Personal Loan Interest Rates

4.5

A personal loan is your friend when you demand urgent money to fulfil your desires and purposes. You could want to go on a world tour or be married in a lavish ceremony. There are many wishes, but turning those wishes into reality takes a financial wheel. Punjab & Sind Bank offers Personal Loans at a reasonable interest rate of 13.5%. The public lender, which has its headquarters in New Delhi, operates more than 1,400 outlets to provide personal loans. On April 15, 1980, the Indian Government nationalised it along with six other banks.

  • Personal Loan offer for You

  • Up to 11.15%

    Interest Rate (p.a.)
  • Up to ₹10L

    Tenure(1 - 5 Years)
  • ₹2,182

    EMI Per Lakh
  • Up to 11.15%

    Interest Rate (p.a.)
  • Up to ₹10L

    Tenure(1 - 5 Years)
  • Up to 1.00% of loan amount

    Processing Fee

Punjab Sind Bank Personal Loan Rate Comparison with Other Banks

The following table compares Punjab and Sind Bank Personal Loan Interest Rates with other lending institutions.
  • 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

The Punjab and Sind Bank Personal Loan interest rates vary based on the applicant’s profile. Individuals applying for a personal loan from the Punjab Sind Bank can raise funds for many personal projects. The interest rates are decided after accounting for factors such as CIBIL Score, loan amount and credit history. Generally, Punjab Sind Bank Personal Loan Interest Rate commence from 11.65% per annum. 

Punjab Sind Bank Personal Loan 

The Punjab and Sind Bank Personal loan offers the following features and benefits to cater to customers' financial needs. These assist customers in raising funds to fulfill their financially driven objectives. 

Purpose Personal financial requirement and obligation
Eligibility Criteria  The applicant must maintain a salary/pension account with the Punjab Sind Bank 
Age 
  • Minimum Age: 21 Years
  •  Maximum Age: Salaried: 60 Years Pensioners: 70 Years 
Loan Amount  Salaried Employees: 
  • Permanent Employees/PSU/MNC Employees/Employees from Educational Institution:
10 Lakhs or 18 times of their Monthly Salary (whichever is less).
  • Permanent Employees from Private Institutions:
       18 times their Monthly Salary or Rs 5 Lakshs (whichever is less).  2. Pensioners up to 65 Years:        15 times the net monthly pension or        Rs 3 Lakhs (whichever is less).  3. Pensioners aged between 65 to 70 years:       10 times the monthly net income or      Rs 10 Lakhs or Rs 1 Lakhs (whichever is   less)          
Guarantor Spouse, children or Any Third Party are eligible to be guarantors
Repayment Tenure Subject to maximum age criterion. Or 72 Months 

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

The Punjab and Sind Bank personal loan interest rates for salaried individuals concerning their CIBIL Score. 

Salaried Employee (Private Sector/MNC)  CIBIL Credit Vision Score Spread  Effective EBLR (%) 
768 - 900  3.11 11.65 
753 - 767  3.21  11.75 
732 - 752  3.41  11.95 
690 - 731  3.76  12.30 
641 - 689  4.21 12.75 

Punjab Sind Bank Personal Loan Interest Rate for Salary Account

Employees who maintain their salary account with the Punjab and Sind Bank are eligible to apply for the Punjab Sind Bank Personal Loan. Customers are offered lucrative interest rates on funds they can utilise to conclude their financial obligations. 

Punjab Sind Bank Pre-Approved Personal Loan Interest Rate

Applicants can use the official communication channels established by the bank to learn more about Personal loan interest rates. 

Punjab Sind Bank Personal Loan Balance Transfer Interest Rates

Customers can contact the bank through their official channels to learn more about the personal loan schemes and interest rates.  

Punjab Sind Bank Personal Loan Interest Rates and Charges

The following charges are levied on a Punjab Sind Bank Personal Loan. 

Government/PSU/Pensioners/Approved Educational Institution  0.50% + GST 
Private institution/MNC 1% + GST 

Factors Affecting Punjab Sind Bank Personal Loan Interest Rates

The following affects Punjab Sind Bank Personal Loan Interest rates are listed below.  

  1. Credit Score: One of the most critical factors affecting a personal loan's interest rate is the applicant's credit score. The higher your credit score, the lower your interest rate will be.
  2. Loan Amount: The amount of personal loan you are applying for also affects the interest rate you will be charged. Generally, the higher the loan amount, the higher the interest rate.
  3. Loan Tenure: The tenure of your loan also affects the interest rate you will be charged. Generally, the longer the loan tenure, the higher the interest rate.
  4. Age: The applicant's age also affects the interest rate you will be charged. Generally, the older the applicant, the higher the interest rate.
  5. Employment Status: A borrower's employment status also affects the interest rate that they may be charged. Generally, applicants with stable jobs and steady income will be offered lower interest rates.

How to Calculate Punjab Sind Bank Personal Loan Interest/EMI

The Punjab Sind Bank Personal Loan Interest Rate calculator provides the following values. 

  1. Determine the loan amount.
  2. Calculate the interest rate. 
  3. Calculate the loan tenure. 
  4. Calculate the EMI.

To calculate the EMI on the personal loan, users can incorporate the following formula:

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

Where,

P is the loan amount, 

R is the interest rate per month 

and,

N is the loan tenure in months. 

Example: Loan Amount = Rs. 1,00,000 Interest Rate = 11.5% Loan Tenure = 5 Years EMI = [100000 x 0.0095 x (1 + 0.0095) ^ 60]/[(1 + 0.0095)^60 - 1] = Rs. 2,048.51

Users can also employ the personal loan calculator available online and apply the following steps: 

  1. Visit a personal loan calculator website. 
  2. Enter the loan amount, interest rate and loan tenure. 
  3. Select the processing fee and any other applicable charges.
  4. Click on the ‘Calculate’ button. 
  5. The EMI will be displayed in a few seconds.

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

You can get low-interest rates on Punjab Sind Bank Personal Loans by observing the following steps. 

  1. Maintain a good CIBIL score: A good credit score is the most crucial factor in determining the interest rates on personal loans. A good CIBIL score of 750+ will make you eligible for the best personal loan interest rates.
  2. Choose a shorter loan tenure: Punjab Sind Bank offers up to 60 months of personal loans. The shorter the loan tenure, the lower the interest rate will be.
  3. Opt for a higher loan amount: A higher loan amount increases your bargaining power and makes you eligible for lower interest rates.
  4. Check eligibility and compare offers: Punjab Sind Bank offers different customer interest rates. So, always check your eligibility and compare offers from different lenders before applying for a loan.
  5. Negotiate and apply for an overdraft facility: If you have a good relationship with the bank and negotiate well, you may be eligible for an overdraft facility at a lower interest rate than a personal loan. 

Keynotes on Punjab Sind Bank Personal Loan Interest Rate

  1. Competitive Personal Loan Interest Rates: Punjab Sind Bank offers competitive personal loan interest rates for various loan amounts. Customers can benefit from lower interest rates and flexible repayment options, making managing their finances easier and making loan payments on time.
  2. Low Processing Fees & Charges: Punjab Sind Bank offers its customers low processing fees and charges on personal loans. This helps keep the overall borrowing cost low and makes it easier for customers to take out a loan.
  3. Fast Approval Process: Punjab Sind Bank has a fast approval process for personal loan applications. This helps customers quickly get the funds without any delays or extra paperwork. 4. Flexible Repayment Options: Punjab Sind Bank offers flexible repayment options for personal loans. Customers can choose from weekly, monthly, or even yearly repayment plans, making it easier to manage their finances.
  4. Customer Support: Punjab Sind Bank provides excellent customer support. Customers can get help with loan applications and repayment queries through the bank’s customer support team.

Other Loans Offered by Punjab Sind Bank

Personal Loan by Other Banks

FAQs About Punjab and Sind Bank Personal Loan Interest Rates

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

The interest rate for the Punjab Sind Bank personal loan commences from 11.65% per annum and varies based on the applicant’s credit profile.

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

The applicant can maintain a satisfactory CIBIL score to receive lucrative interest rates.

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

The Punjab Sind Bank personal loan interest rate is floating.

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

No. But to conclude the application process, the applicant is required to produce to the guarantor for the same.

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

Yes, the Punjab Sind Bank does not levy any prepayment charges on personal loans.

What is the EMI for a personal loan worth 1 lakh?

The EMIs for a personal loan with Punjab Sind Bank vary based on the interest rate offered to the applicant.

What is the EMI for a 10 lakh personal loan?

The EMIs for a personal loan with Punjab Sind Bank vary based on the interest rate offered to the applicant.

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