What is Punjab National Bank Personal Loan?

A personal loan PNB comes under unsecured loans. In such a loan the borrower does not have to mortgage any of his assets with the bank. Banks have certain criteria to check the eligibility of the borrower. Salary slips, job location, and the credit score are some of the crucial information a bank considers before sanctioning the loan. A personal loan is a multipurpose loan; the borrower can use the loan amount according to his needs. The loan is disbursed hassle-free and in no time at all.

Why Should You Choose Punjab National Bank Personal Loan?

Punjab National Bank is a leading public sector commercial bank in India, which provides all banking facilities and loans. The bank provides all kinds of loans to its customers, be it a personal loan, car loan, home loan, property loan, etc.

People Who Can Apply for Punjab National Bank Personal Loan

  1. Defense Personnel, CRPF, CISF, BSF, ITBP.
  2. Central/ State government employees/ PSUs and all reputed companies
  3. Professionally qualified Doctors such as, MBBS, BDS and having an annual income of Rs 4 lakh & above are also eligible for a personal loan from PNB.

What Are The Benefits of Punjab National Bank Personal Loan?

  1. Best interest rates: PNB provides with the best interest rates in the market. It has one of the lowest interest rates and if you are an internal customer, then the bank also gives you some concession on the rate of interest.
  2. A Loan without any collateral: A personal loan is an unsecured loan. PNB does not ask for any collateral from the borrower. So, you don’t need to mortgage your assets for the finances.
  3. Hassle-free Documentation: You can get the personal loan with minimal documentation and quick processing. The bank needs some basic documents from the borrower like identity proof, address proof, income proof, etc.
  4. Quick Loan Approval: The loan is easily sanctioned within 48-72 hours. After verification of the documents given, the loan gets disbursed within 24 hours of verification.
  5. Multipurpose finance: Personal loan can be used for any purpose of the borrower like paying off old bills, home renovation, wedding, financing travel tours, etc.
  6. Loan tenure: PNB gives its customers upto 60 months to return the amount. So, you can be tension free and pay back the amount with ease.

Punjab National Bank Personal Loan Documentation

Salaried Individual

Self Employed People

Last 3 months salary slips & last 6 months bank statement

 ITR of minimum 2.5 lakhs for last 3 years

Identity Proof: Aadhar Card/Pan Card/VoterId/ Driving License/ Passport

Address Proof: Aadhar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address

 Two colored photographs

 PAN Card photocopy

 

Punjab National Bank Personal Loan Eligibility

Salaried Applicant

  1. The minimum age of the Applicant should be 21 years and maximum of 60 years.
  2. If the applicant is residing in a metropolitan city, then he/she should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The applicant should have a work experience of at least three years, and the salary should get deposited in their bank account only.
  4. Also, the applicant should have a good credit score, and it should be more than 700.
  5. Furthermore, the Applicant has to submit their bank statement of the last three months and the salary slip of the last six months.

Click to know more about Salaried Applicant

Self-Employed Applicant

  1. Firstly, the minimum age of the Applicant should be 25 years and maximum of 65 years.
  2. Secondly, the applicant should have filed the ITR for the last three consecutive years.
  3. The credit score of the applicant should be good, and no previous debt should be left due.
  4. The ITR filed should be of Rs 2.5 lakhs per annum at least.

Click to know more about Self-employed Applicant

Punjab National Bank Personal Loan Rate of Interest

It is necessary to compare the interest rates of the personal loan deals that are offered by all the banks. The personal loan is an unsecured loan that an individual can take for fulfilling any personal requirement. This can be for purchasing a gadget, for going on a holiday, paying your medical expenses, paying education expenses and other needs.

 

 

BPLR system

Base rate system

For public

Individuals whose salary is being disbursed through our branches as also those employees who are availing the loan under check-off facility

15.50%

Base Rate + 5.00%

For others

16.50%

Base Rate + 6.00%

For Defence Personnel only

Individuals whose salary is disbursed through branch

15.25%

Base Rate + 4.75%

For others

16.25%

Base Rate + 5.75%

 

How to Avail The Lowest Personal Loan Interest Rates?

Company’s Profile: The company of the applicant impacts significantly on the interest rates. Banks categorize companies in different categories. The borrower is offered the interest rate as per the category of the company he works for. So, look for your company's category before applying.

Good CIBIL score: If the borrower has a good CIBIL score, that is if he has a good credit history then, the bank will consider him for a good deal on the interest rate.

Internal/ regular customer: In case the borrower is an active customer of the bank, i.e. he has an account in the bank then; the chances of him getting a concession on the interest rate will be there.

Co-borrower: If a borrower’s credit rating is low then, the borrower can merge the income of spouse/father/mother to increase the loan eligibility.

About Punjab National Bank

Punjab National Bank (PNB) is a public sector bank and was founded in 1895. It is one of the oldest banks in India. This bank provides different financial products to the customers. The bank provides different types of loans like, gold loan, car loan, home loan, and a personal loan. A personal loan is one of the most availed loans as compared to other loans. This bank is one of the most reputed and trusted bank in India. They were awarded the MSME National Award for their excellent performance in the PMEGP sector in the North Zone.They have a customer base of more than 72 million.The bank is today a leading national bank with more than 6000 branches across the country.

How to Apply for PNB Personal Loan? 

Availing a personal loan is very simple, all you have to do is to:

  1. Visit www.dialabank.com and fill the application form. 
  2. Then, you will receive a call from our relationship managers.
  3. Our experts will guide you through the entire process and tell you the details of the loan. 

FAQs

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18,000 per month.

How is the interest on a personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

EMI Formula

E = P*R (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the Rate of Interest calculated every month. 

Which bank gives the cheapest personal loan in India?

The ROI depends on your income, job profiles and on many other factors but PNB is one of the best at providing a personal loan at lower interest rates.

What is the tenure of personal loan in PNB?

The loan tenure of the PNB Personal Loan is from one year to five years.

How much personal loan amount I can borrow from PNB?

The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 25 Lakh. It depends on your income and job profile also.

How much does PNB charge processing fee on a personal loan?

The processing fee charged by PNB is 1% to 3%.

Is age an eligibility factor in getting a personal loan from PNB?

Yes, age matters a lot while applying for a personal loan. The minimum age of the applicant should be 21 years and the maximum is 60 years.

How to use the loan calculator?

You just have to visit https://www.dialabank.com/emi-calculator.cfm. After that, enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

How much CIBIL score is required for a personal loan?

The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the applications are processed without hassle. In general credit scores range from 300 - 900; 300 being on the lower end of the range and 900 on the higher end.

How to close PNB personal loan before one year?

Visit PNB branch nearby with all documents. Secondly, you may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. After that, pay the pre-closure amount. Sign the necessary documents if any. Take acknowledgment of the balance amount you have paid.

Since a Personal Loan is unsecured loan, no asset needs to be released from the bank. Your Loan will close automatically once the bank receives the applicable money. The PNB will dispatch a loan closing document that you need to keep safe.

Closing a Personal Loan is as easy as applying for one. 

How to check PNB personal loan status?

Customers can keep a track of their application as well as stay updated with the current status of their loans with more comfort, with the options provided by PNB. With the wide banking options provided by PNB, it has enabled its customers to check their loan status on the website itself.

Leading Personal Loan Providers

  1. HDFC Personal Loan
  2. Axis Bank Personal Loan
  3. PNB Personal Loan
  4. ICICI Bank Personal Loan
  5. Bandhan Bank Personal Loan
  6. Bank of Baroda Personal Loan
  7. Fullerton India Personal Loan
  8. Personal Loan from Other Banks