PNB Personal Loan Interest Rate

⋆ Interest Rate 9.99% ⋆

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      PNB Personal Loan Interest Rate

      PNB Personal Loan Interest Rate

      PNB Personal Loan Interest Rate

      The PNB personal loan interest rate has been set at 8.95% p.a. Various criteria help determine the specific interest rates, like the applicant’s credit score, their age at the time of loan maturity, and other standards set by the banks. PNB offers personal loans to salaried personnel across government institutions and corporates. Other important factors like the type of employer and the applicant’s net monthly income also influence the PNB personal loan interest rate.

      Different Types of PNB Personal Loan Interest Rate

      PNB does not classify its personal loan offers based on either the applicant type or end-use of the loan amount. Accordingly, the PNB personal loan interest rate begins at 8.95% in all cases.

      Balance Transfer for PNB Personal Loan Interest Rate

      A key characteristic of the PNB personal loan is that the borrowers have the alternative to transfer their existing personal loan from another bank to PNB at a lower rate of interest by completing a simple balance transfer. As a result, the balance transfer interest rate for PNB starts at a low-interest rate of 10.50% p.a.

      PNB Reducing vs. Flat Balance Method of Interest Calculation

      Flat Balance Method: This method of interest rate calculation implies that the interest is calculated on the full principal amount of the personal loan during the entire duration of the loan.

      Reducing Balance Method: This method of interest rate calculation implies that you have to calculate only that outstanding loan amount for every month. It is also called the Diminishing balance interest calculation. Thus, as the due loan amount decreases every month, so does the resultant rate of interest.

      Hence, compared to the Flat balance method, the overall interest produced is lower in the reducing balance method. PNB uses the Reducing interest rate to calculate the payable interest on personal loans. Consequently, as the outstanding loan amount decreases monthly, the amount of interest also decreases.

      EMI Calculation Using the Reducing Balance Method of Interest Calculation

      The accompanying table portrays the monthly EMIs calculated using the decreasing equilibrium strategy for premium computation for various credit residencies and financing costs:

      Loan Amount (Rs.) and Interest Rate

      Monthly EMI Payout

      1-year loan tenure 2-year loan tenure 3-year loan tenure 4-year loan tenure 5-year loan tenure
      1 lakh @ 11% p.a. Rs. 8,838 Rs. 4,661 Rs.3,274 Rs. 2,585 Rs.  2,174
      5 lakh @ 13% p.a. Rs. 44,659 Rs. 23,771 Rs. 16,847 Rs. 13,414 Rs. 11,377

      EMI Calculation Using Flat Balance Method of Interest Calculation

      The accompanying table portrays the month to month EMIs determined utilising the level equilibrium technique for premium computation for various credit residencies and loan fees:

      Loan Amount (Rs.) and Interest Rate

      Monthly EMI Payout

      1-year loan tenure 2-year loan tenure 3-year loan tenure 4-year loan tenure 5-year loan tenure
      1 lakh @ 11% p.a. Rs. 9,250 Rs. 5,083 Rs. 3,694 Rs. 3,000 Rs. 2,583
      5 lakh @ 13% p.a. Rs. 47,083 Rs. 26,250 Rs. 19,306 Rs. 15,833 Rs. 13,750

      PNB Personal Loan Interest Rate Calculation

      Loan Amount (Rs.) Tenure (years) Total Interest Payout (Rs.) Total Amount Repaid (Rs.) The proportion of Interest in Total Amount Repaid
      1 Lakh @ 12% 1 6,619 1,06,619 6%
      10 Lakh @ 15% 3 2,47,952 12,47,952 20%
      20 Lakh @ 20% 5 11,79,266 31,79,266 37%

      Interest Rate Comparison of PNB Personal Loan with Others

      Particulars PNB Citi Bank Axis Bank ICICI Bank State Bank of India
      Interest Rate 8.95% p.a. onwards Starting from 8.95% p.a. 8.95% p.a. onwards 8.95% p.a. onwards From 9.60% onwards
      Tenure 12 to 72 months 12 to 60 months 12 to 60 months 12 to 60 months 12 to 72 months
      Loan amount Up to Rs. 15 lakh Up to Rs. 30 lakh Rs. 50,000 to Rs. 15 lakh Up to Rs. 25 lakh Up to Rs. 20 lakh
      Processing Fee Up to 1.8% of the loan amount Up to 3% of the loan amount Up to 2% of the loan amount Up to  2.25% of the loan amount Up to 1.5% of the loan amount

      How to Get a Lower PNB Personal Loan Interest Rate?

      Below listed are some of the points you should keep in mind to help you avail of a lower PNB personal loan interest rate:

      • Make sure that you have no or minimal debt at the time of loan application
      • Make sure that you pay your credit card bills and loan EMIs on time without any delay.
      • Go for a personal loan with your existing banker, that is, the bank where you have an existing current/savings account.
      • Maintain a respectable employment track record.
      • You should either be a government servant or work at a well-respected private company.
      • Try and maintain a CIBIL score of 750 or above.

      Factors Affecting Personal PNB Personal Loan Interest Rate

      Some explicit candidate elements influencing the PNB Personal Loan Interest Rate are given underneath:

      • Credit Score: A credit score demonstrates your credit conduct and reimbursement limit. A score more like 900 is viewed as a decent score. For the most part, a high credit score prompts the candidate to be charged a lower financing cost and vice-versa.
      • Applicant’s Age: The candidate’s age likewise influences the interest charged by the bank. For example, the nearer you are to retirement, the higher is the loan fee.
      • Net Income: Lenders mull over the candidate’s income when choosing the loan fee. Candidates with higher payments are generally offered a slower pace of interest as they represent a lower danger to the loan specialist. At the same time, candidates with lower yearly incomes might be charged a higher pace of interest.
      • Employment Details: Lenders may offer individual advances at a lower financing cost if the candidate works with a presumed association. Additionally, the loan fee may differ with the idea of employment of the candidate, whether they are independently employed or salaried.
      • Relationship with the bank: If you have a current relationship with the bank, you might be charged a lower pace of revenue at the hour of applying for an individual advance.

      FAQs About PNB Personal Loan Interest Rate 

      ✅ What is a PNB Personal Loan?

      PNB is financial help that can be used to finance your personal needs without providing security in exchange for the loan. Personal Loans are multipurpose loans and can be used for a variety of needs.

      ✅ How does the PNB Personal Loan work?

      PNB Personal Loan works like any other loaning product except that you are not required to submit any security to avail of Personal Loans. All you need are your KYC and income proofs. Once approved and disbursed, the loan amount can be used for several personal purposes.

      ✅ What is the PNB Personal Loan Interest Rate?

      The PNB Personal Loan interest rate is 8.95% – 11.25% per annum. Visit Dialabank’s digital platform to compare rates of interest and offers from different banks across India for all your credit needs.

      ✅ How can I get a PNB Personal Loan?

      To get a Personal Loan, you will have to visit the nearest branch with basic documents(Aadhar Card, PAN Card) and income proof(salary slip, bank statement) and fill an application form. You can also contact Dialabank to avail yourself of the best financial advice and get personally curated deals and offers for all your financial needs.

      ✅ How to apply for a Personal Loan in PNB?

      Apply for a Personal Loan by visiting the nearest PNB branch with all the required documents. You can also apply online with Dialabank and avail yourself of personalised assistance for all your financial needs.

      ✅ Why apply for the PNB Personal Loan?

      PNB’s Personal Loans are unsecured, come with competitive rates of interest, have long tenure for easy repayment, and can be used for a variety of personal needs and requirements. So apply for a Personal Loan today and say goodbye to all your financial worries.

      ✅ How much EMI on PNB Personal Loan?

      You can use Dialabank’s EMI calculator to calculate your PNB’s EMI and also apply for all your Personal Loan needs with personalised assistance.

      ✅ How much is the CIBIL score required for the PNB Personal Loan?

      Your CIBIL score is a significant factor that affects your Personal Loan eligibility. PNB needs you to have a CIBIL score over 750 to consider your loan application for approval.

      ✅ How to calculate PNB Personal Loan EMI?

      Use your loan amount, loan tenure, and rate of interest to calculate your Personal Loan EMI using the formula, EMI = P*R*[((1+R)^n)/((1+R)^n)-1]

      ✅ What can I use the PNB Personal Loan for?

      Fund your wedding, a family event, or a vacation, pay for your personal expenses, medical and utility bills, renovate your home, or buy a consumer good. A PNB Personal Loan can be used for all your personal needs.

      ✅ Can I prepay for PNB Personal Loan?

      If you have a well-planned repayment strategy and have got a good PNB Personal Loan Interest Rate, then Yes, you may prepay your PNB Personal Loan by visiting your loan branch. You may also contact the bank’s customer care number for any loan-related queries.

      ✅ What documents are needed for the PNB Personal Loan?

      Aadhar Card, Voter ID, PAN Card for KYC and Salary Slips, Bank Statement, and ITR File as Income proof are the only documents that you will need for the PNB Personal Loan. Any other documents, as asked by the bank, shall also be duly submitted.

      ✅ How to check PNB Personal Loan status?

      Visit your PNB loan branch to know the status of your loan application, and you may also contact their customer care number for any updates or loan-related queries.

      What is the PNB personal loan customer care number?

      Contact 1800 180 2222 for any queries.