Punjab National Bank (PNB) offers pre-approved personal loans to existing customers with an excellent credit history. These loans require minimal to no documentation with quicker processing time. PNB Pre-approved personal loans are offered at low interest rates and disbursed directly to your savings account. You can apply online via the PNB One App or the bank’s official website. To know more details, read this blog further.
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What are PNB Pre-approved Personal Loans?
PNB Pre-approved personal loans are the instant loans offered by the bank to existing PNB customers. This lets you obtain personal loans for any purpose quickly and conveniently through their mobile banking app, PNB One. The maximum amount of loan offered is up to INR 20 lakhs. However, you can apply for up to INR 8 lakhs with a single OTP in just 4 clicks.
The interest rates on PNB pre-approved personal loans start from 11.00% p.a onwards. Depending on the eligibility criteria and repayment capacity, the interest rates can vary and go up to 14.00% p.a. Check out some key features of pre-approved personal loans by PNB Bank.
- Loans up to INR 8 lakhs with a single OTP.
- Loans up to INR 20 lakhs without branch visits.
- Hassle-free and paperless sanctions are available.
- End-to-end online application process.
- Repayment tenure is up to 60 months ( 5 years) or up to 65 years of age, whichever is earlier.
Also Read: Check out the details of personal loans from SBI. Know about interest rates, features, eligibility criteria, documentation, and how to apply.
PNB Pre-Approved Personal Loans Eligibility Criteria
PNB Pre-approved personal loans are available for existing customers who maintain a salary account with the bank. The service is targeted to both salary account holders and pensioners who maintain accounts with PNB Bank. Let’s check out the eligibility criteria for PNB pre-approved or PNB Insta Loans for different categories-
For PNB Pre-approved Personal Loans
- Must be an employee of the Central Government, State Government, Public Sector Undertakings (PSUs), Defence, or Paramilitary forces.
- Should have a salary account with PNB for at least the last 2 years.
- Applicants must be under 60 years of age.
For PNB Pre-approved Pension Loans
- Available to all types of pensioners who maintain their pension accounts with PNB.
- Applicants must be below 70 years of age.
For PNB Pre-approved E-Mudra Loans
- Applicants should be at least 18 years old at the time of application and not older than 60 years at loan maturity.
- Must be a businessman with an active savings or current account with PNB for the past 12 months and satisfactory account operations.
Also Read: Know about the PNB Multi-currency travel card, a popular Forex card among international students and travellers. Check out the features, benefits, limits, and charges.
Documents Required
PNB personal loans require the least documentation through National E-Governance Services Limited (NeSL) for loan approval and disbursement. For loans up to INR 4 lakh, minimal documentation is required. However, for loans exceeding this amount, standard documents such as income proof, identity proof, and address proof may be necessary.
- PAN Card/ Voter ID/ Aadhaar Card
- Salary slips for the last 3 months, Form 16, and ITR for the previous year.
- Last 6 months’ bank account statements.
- E-sign and E-stamping using NeSL (Aadhar OTP based)
- Udyam Registration Number (mandatory)
How to Apply Online for PNB Pre-Approved Personal Loans?
You can apply for PNB Pre-approved personal loans online via the bank’s mobile application, PNB One and the bank’s official website. By following the simple steps, you can apply easily.
- Login to the PNB One App.
- Click on ‘Pre-approved Personal Loans’.
- Confirm your details and click on ‘Next’.
- Select the required amount and tenure and confirm.
- Read the ‘E-sanction Letter’ and ‘Key Fact Statement’ and confirm the details.
- Enter the OTP shared on the registered mobile number.
- After OTP verification, the loan amount will be disbursed to your operative account.
Also Read: Check out the details of PNB Forex rates on foreign currency cash. Also, know the fees and charges on FX-Trading.
PNB Pre-approved Personal Loan Terms and Conditions
PNB Pre-approved personal loans can be used for personal use, including marriage, medical expenses, or education by applying for a PNB overseas education loan. However, to avail of these loans, you must fulfil the eligibility criteria and submit the required documents. Let’s explore some important terms and conditions you must know of before applying for PNB Insta loans-
- Your minimum annual gross income/ salary must be at least INR 6 lakhs for the last 2 years.
- The CIBIL score for personal loans must be 750 and above.
- The maximum loan amount shall be 10 times the average Gross monthly income of the last two years.
- You should have a savings or current account with the bank for at least two years, showing regular transactions totalling at least INR 5 lakhs in the previous financial year.
- You must provide security through a suitable third-party guarantee (other than a close relative). The minimum gross annual salary of the guarantor should be INR 6 lakhs and the credit score should be more than 650.
This was all about PNB pre-approved personal loans. They offer a quick and convenient way to access funds. You can meet your financial needs efficiently with minimal documentation and a fast approval process. However, it’s essential to carefully review the terms and conditions before accepting the loan offer.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
The maximum loan amount for a PNB pre-approved personal loan is INR 20 lakhs. However, you can avail of a loan of up to INR 8 lakhs with just a single OTP.
The interest rate for PNB pre-approved personal loans starts from 11.00% p.a. and can go up to 14.00% p.a. depending on your creditworthiness and other factors.
To be eligible for a PNB pre-approved personal loan, you must be an existing customer of the bank with a salary account or pension account. You should have a good credit history and meet the bank’s income criteria.
Some important terms and conditions for PNB pre-approved personal loans are mentioned below:
-Minimum annual income of INR 6 lakhs for the past two years.
-CIBIL score of 750 and above.
-Loan amounts up to 10 times the average gross monthly income.
-Provide a third-party guarantor
You can easily apply for a PNB pre-approved personal loan through the PNB One app or the bank’s official website. The process involves a few simple steps and requires minimal documentation.
The minimum CIBIL score for PNB pre-approved personal loans must be 750 and above. For the third-party guarantor, the credit score should be more than 650.
