Hello friends, do you know how to take Punjab National Bank PNB Personal Loan? Today we will tell you about Punjab National Bank Personal Loan in this article.
Often people have this question in their mind that how PNB Bank gives loan, to know this you have to read our article Punjab National Bank PNB Personal Loan Scheme completely.
In this era of inflation, somewhere people need a personal loan. Now the person who is taking the loan should have complete information about that Personal Loan.
Through this article our aim is to make the reader get the correct and accurate information about Punjab National Bank PNB Personal Loan and PNB Loan Scheme and it should be easy to read and understand.
In this article, we have given Punjab National Bank personal loan information in mother tongue Hindi which is a must read.
In this article you will know what is this Punjab National Bank Personal Loan. Along with this, you will also know how to get Punjab National Bank PNB Personal Loan? What documents will be needed to take a personal loan. Even if the loan is available then what will be the interest rate of that personal loan. We will know the answers to all these questions in this article.
Table of Contents
- 1 What is Personal Loan
- 2 Features of PNB Personal Loan
- 3 Benefits of PNB Personal Loan
- 4 Uses of PNB Personal Loan
- 5 Types of PNB Personal Loan
- 6 PNB Personal Loan Eligibility
- 7 Documents Required for Personal Loan In Punjab National Bank
- 8 PNB Personal Loan Interest Rate
- 9 PNB Personal Loan Fees & Charges
- 10 Punjab National Bank Customer Care
- 11 FAQs for PNB Personal Loan
What is Personal Loan
A personal loan is a type of loan that a borrower can obtain from a bank, credit union, or online lender. It is an unsecured loan, which means that the borrower does not need to provide any collateral to secure the loan.
Personal loans can be used for a variety of purposes, such as debt consolidation, home improvement, medical expenses, or even a vacation. The loan amount, interest rate and repayment terms depend on the borrower’s creditworthiness, income and other factors.
Typically, personal loans have a fixed interest rate and a fixed repayment tenure, which means the borrower will make equal monthly payments for the term of the loan. Some lenders may also charge an origination fee, which is a one-time fee that is deducted from the loan amount.
It’s important to note that personal loans differ from credit cards or lines of credit, which are revolving forms of credit that can be used over and over again. With a personal loan, the borrower receives a lump sum amount of money and repays it over time along with interest.
Features of PNB Personal Loan
PNB, or Punjab National Bank, is a leading public sector bank in India that offers personal loans with attractive features. Some of the key features of PNB Personal Loan are:
- Loan Amount: PNB offers personal loans ranging from Rs 10,000 to Rs 10 lakh depending on the eligibility of the borrower.
- Flexible Repayment Tenure: Borrowers can choose a repayment tenure ranging from 12 to 60 months depending on their preference and financial capability.
- Competitive interest rate: PNB personal loans come with a competitive interest rate that is based on the creditworthiness of the borrower and other factors.
- Quick Loan Approval: PNB offers quick loan approval and disbursement within 48 hours of loan approval, subject to documentation and verification.
- No Collateral Required: PNB personal loans are unsecured, which means borrowers are not required to provide any collateral to secure the loan.
- Minimum Documentation: PNB requires minimal documentation for personal loan processing, making it easy for borrowers to apply and get approved.
- Prepayment Option: PNB allows borrowers to prepay their loan amount without any prepayment penalty, which can help them save on interest charges.
- Top-up loan facility: PNB also offers top-up loan facility to existing personal loan borrowers who have a good repayment track record. It allows borrowers to avail additional funds over and above their existing loan amount.
Benefits of PNB Personal Loan
Following are the benefits of Personal Loan:
- The customer can avail a personal loan from Punjab National Bank at any point of time for his personal expenses. The customer can avail a personal loan for hospital expenses, for the wedding of any member of his family, or for a holiday.
- If you have already taken a loan and have not repaid the loan on time, then your credit score might be very low. So to solve this problem you can take Punjab National Bank Personal Loan and pay all the installments on time. This can increase your credit score.
- If you are in unwanted debt with multiple credit cards, you can repay all those loans in one go by taking a Punjab National Bank Personal Loan.
Uses of PNB Personal Loan
PNB Personal Loan can be used for a variety of purposes, including:
- Debt Consolidation: If you have multiple loans or credit card debt with high interest rates, you can use PNB personal loan to consolidate them into a single loan with a low interest rate. This can help you save on interest charges and ease your loan repayment.
- Home repairs: You can use the PNB personal loan for home repairs or renovations like painting, flooring or kitchen remodeling.
- Medical Expenses: If you have unexpected medical expenses, such as hospital bills or surgery costs, PNB personal loan can help you cover the expenses without draining your savings.
- Education expenses: You can use the PNB personal loan to meet your or your child’s education expenses, such as tuition fees, books, or accommodation.
- Wedding expenses: If you are planning a wedding, PNB personal loan can help you cover expenses, such as venue rent, catering or decorations.
- Travel Expenses: You can use PNB personal loan to meet your travel expenses, such as airfare, hotel accommodation, or sightseeing.
- Business Expenses: If you are a small business owner, you can use PNB personal loan for your business expenses like inventory, equipment, or marketing.
These are some of the common uses of PNB personal loan, but there are many other ways in which you can use the loan amount to meet your financial needs.
Types of PNB Personal Loan
PNB offers a variety of personal loans to meet the specific needs of borrowers. Here are the types of PNB personal loans:
- PNB Personal Loan Scheme: This is a general purpose personal loan offered by PNB to salaried and self-employed individuals. Loan amounts range from Rs 10,000 to Rs 10 lakh with a flexible repayment tenure of up to 60 months.
- PNB Pensioners Loan: This personal loan is designed for pensioners who receive their pension through a PNB branch. The loan amount can be up to 18 times the monthly pension, subject to a maximum of Rs 5 lakh, with a repayment tenure of up to 60 months.
- PNB Pratibha Loan Scheme: This personal loan is designed for meritorious students who have secured admission in premier educational institutions in India and abroad. With a repayment tenure of up to 84 months, the loan amount is Rs. Can be up to 10 lakhs.
- PNB Green Ride Scheme: This personal loan is designed for individuals who want to buy an electric vehicle. With a repayment tenure of up to 60 months, the loan amount is Rs. Can be up to 10 lakhs.
- PNB Festival Loan: This personal loan is designed for individuals who want to meet their festival-related expenses, such as buying gifts, renovating their homes, or going on a vacation. The loan amount can be up to Rs 50,000 with a repayment tenure of up to 12 months.
Each type of PNB personal loan has its own eligibility criteria, interest rate and repayment tenure, so it is important to choose the right loan based on your needs and financial capability.
PNB Personal Loan Eligibility
The eligibility criteria for PNB personal loan varies depending on the type of loan. The general eligibility criteria for PNB personal loan scheme are as follows:
- Age: The minimum age of the borrower should be 21 years and the maximum age should be 60 years for salaried individuals and 65 years for self-employed individuals at the time of loan maturity.
- Income: The minimum monthly income of the borrower should be Rs.15,000 for salaried individuals and Rs.25,000 for self-employed individuals.
- Employment Status: Salaried individuals should be employed with a Government, Public Sector or a reputed private company while self-employed individuals should be running a business for at least 2 years.
- Credit Score: The borrower should have a good credit score of at least 650.
- Work Experience: Salaried individuals should have minimum 2 years of work experience and Self Employed individuals should have minimum 3 years of professional experience.
- Documentation: The borrower should provide all the necessary documents like identity proof, address proof, income proof and bank details as per the requirements of the bank.
Note that these eligibility criteria are subject to change at the discretion of PNB. It is important to check the specific eligibility criteria for the type of PNB personal loan you are interested in before applying.
Documents Required for Personal Loan In Punjab National Bank
Here is a list of documents required to apply for a personal loan in Punjab National Bank (PNB):
- Identity Proof: Passport, PAN Card, Aadhaar Card, Voter ID Card or Driving License.
- Address Proof: Aadhaar Card, Voter ID Card, Passport or Utility Bill (Electricity, Telephone or Water Bill) which is not more than 3 months old.
- Income Proof: Latest Salary Slip for Salaried Individuals, Income Tax Returns of last 2 years for Self Employed Individuals, or Audited Financial Statements of last 2 years for Self Employed Professionals.
- Bank Statement: Bank statement of last 6 months for salaried individuals and 12 months for self employed individuals.
- Passport Size Photograph: Recent passport size photograph of the applicant.
- Loan Application Form: Duly filled and signed loan application form.
- Proof of Employment/Professional: For salaried individuals, a copy of appointment letter, or experience certificate or salary certificate. For self-employed individuals, a copy of the Business Registration Certificate, GST Registration Certificate, or any other relevant document.
- Other Documents: In addition to the above, PNB may require other documents as per its internal policies or the type of loan being applied for.
Note that the above documents are indicative and may vary depending on the profile of the applicant and the specific loan product. It is important to check with PNB for the specific documents required before applying for a personal loan.
PNB Personal Loan Interest Rate
The interest rates for PNB personal loan may vary depending on the type of loan and other factors such as credit profile of the borrower, loan amount and tenure. Here are the indicative interest rates for some of the PNB personal loans:
- PNB Personal Loan Scheme: Interest rate starts from 8.95% p.a. for salaried individuals and 9.20% p.a. for self-employed individuals.
- PNB Pensioner’s Loan: Interest rate starts from 9.70% per annum.
- PNB Pratibha Loan Scheme: Interest rate starts from 8.75% per annum.
- PNB Green Ride Scheme: Interest rate starts from 8.85% per annum.
- PNB Festival Loan: Interest rate starts from 12.45% per annum.
Note that the above interest rates are indicative and subject to change at the discretion of PNB. The actual interest rate offered may be higher or lower depending on the eligibility of the borrower and other factors. It is important to check the current interest rates before applying for PNB Personal Loan.
PNB Personal Loan Fees & Charges
|Fees & Charges||PNB Personal Loan Scheme|
|Processing fee||Up to 1.80% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 15,000.|
|Prepayment charges||Nil for floating rate loans, and 2% of the prepaid amount for fixed rate loans.|
|Late payment charges||2% per month on the overdue amount.|
|Cheque bounce charges||Rs. 500 per bounced cheque.|
|Loan cancellation charges||Rs. 1,000 or 1% of the sanctioned loan amount, whichever is higher.|
|Legal charges||As per actuals.|
|Stamp duty charges||As per applicable state laws.|
|Duplicate statement issuance charges||Rs. 50 per page.|
|EMI bounce charges||Rs. 500 per bounced EMI.|
|Loan re-booking charges||Rs. 1,000 or 0.25% of the loan amount, whichever is higher.|
Punjab National Bank Customer Care
Punjab National Bank (PNB) provides various customer care channels to assist customers with their queries and concerns related to personal loan or any other banking services. Here are some of the ways to reach PNB Customer Care:
- Toll-free Number: Customers can call the toll-free numbers 1800 180 2222 or 1800 103 2222 to connect with PNB customer care representatives.
- Email Support: Customers can send email to PNB at [email protected] for any query or complaint related to their personal loan or other banking services.
- Chat Support: PNB also provides live chat support through its official website for quick assistance.
- Branch Visit: Customers can visit the nearest PNB branch for any query or concern related to their personal loan or other banking services.
- Grievance Redressal: PNB has a dedicated Grievance Redressal Mechanism for customers to lodge complaints or grievances. Customers can access the grievance redressal portal on the official website or visit the nearest PNB branch for assistance.
It is important to have your loan account number and other relevant details ready while contacting PNB Customer Care for quick and efficient resolution of your queries or concerns.
FAQs for PNB Personal Loan
1. What is the maximum loan amount offered by PNB under Personal Loan Scheme?
Ans. The maximum loan amount that can be availed under the PNB personal loan scheme is up to Rs 10 lakh.
2. What is the minimum and maximum repayment tenure for PNB Personal Loan?
Ans. The minimum repayment tenure for PNB Personal Loan is 12 months, and the maximum tenure is 60 months (5 years).
3. Is it mandatory to provide collateral or security to avail PNB Personal Loan?
Ans. No, PNB Personal Loan is an unsecured loan, and hence, there is no need for collateral or security.
4. What is the interest rate for personal loan by PNB?
Ans. The interest rate charged by PNB for personal loans ranges from 8.95% to 13.45% per annum depending on the creditworthiness of the borrower.वाली ब्याज दर उधारकर्ता की साख के आधार पर 8.95% से 13.45% प्रति वर्ष तक होती है।
5. What is the processing fee charged by PNB for Personal Loan?
Ans. The processing fee charged by PNB for Persoanl Loan is up to 1.80% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs.15,000.
6. What are the prepayment charges applicable for PNB Personal Loan?
Ans. No prepayment charges are applicable for floating rate loans. For Fixed Rate Loans, 2% of the prepaid amount is charged as prepayment fee.
7. How can I apply for PNB Personal Loan?
Ans. You can apply for PNB Personal Loan online by visiting the official website of PNB or by visiting the nearest PNB branch.
8. What are the documents required to avail PNB Personal Loan?
Ans. The documents required to avail PNB Personal Loan include identity proof, address proof, income proof, bank details and photograph. Specific document requirements may vary depending on the loan amount and borrower profile.
9. Can I close my PNB Personal Loan before the end of the repayment tenure?
Ans. Yes, you can terminate your PNB Personal Loan before the end of the repayment tenure by paying the outstanding loan amount along with applicable prepayment charges (if any).
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