Punjab National Bank offers a range of personal lending schemes to help you during times of distress, In our everyday lives, even in special circumstances and emergencies, we need a good amount of money to meet our financial needs and responsibilities. We usually spend money on vacations, education, ownership, vehicles, marriage, medical emergencies. There are situations where we need to make significant arrangements in a shorter period of time.
You can receive the best personal interest rates from PNB, subject to an evaluation of the value of your loan, your income, your other business commitments, and the length of your loan. The following factors affecting the interest rate of a PNB personal loan are:
- Loan Amount – This is the amount the borrower has borrowed from the bank. In general, banks provide lower interest rates for larger amounts. PNB provides loans between ₹ 25,000 and ₹ 15 Lakh.
- Salary – Earnings determine your ability to repay the loan. Loans are offered at lower interest rates to those in the top pay bracket. The bank’s interest rate is dependent upon your net monthly income.
- Employer Category – PNB has an internal list of companies belonging to categories that are categorized from high to low based on company size, reputation, and existing relationship with the bank. Employees who are owned by businesses in higher business classes receive attractive discounts and low-interest rate loans.
- Bank Relationship – PNB provides special rates, offers, and fees to existing bank account holders. Those who have managed their accounts and made all payments on time in the past will benefit from a low-interest rate on PNB lending.
- Duration of the loan – Personal loans is of a shorter duration ranging from 12 months to 60 months, as they are taken for their immediate needs.
- Ability to Repay – Before granting a loan to the borrower, PNB controls the ability of the borrower to repay. The bank verifies the customer’s ability to redeem through CIBIL because it has the repayment history of previous loans. CIBIL also captures information related to the payment of credit card invoices.