Unsecured personal loans from Punjab National Bank cater to all your financial needs. Whether funds are needed for a medical emergency, a dream vacation, a home renovation, or meeting the expenses of professional requirements, PNB has a dedicated scheme. You can apply under the designated categories based on the purpose and type. PNB Instaloans are the most preferred choices offering quicker disbursal and minimal documentation for eligible customers. Continue reading to know more details.
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Overview of PNB Personal Loans
Punjab National Bank personal loans provide financial assistance to self-employed and salaried individuals to meet their expenses, including personal loans for education. The maximum loan amount that can be availed is 24 times the gross monthly salary with a maximum of INR 20 lakhs. The interest rates start from 12.40% p.a. You are not required to contribute margin money towards the loan but a security in the form of a third-party guarantee may be required. The loan must be repaid within the period of service (or employment) or in a maximum of 72 months (6 years), whichever is earlier.
Faster loan approval, hassle-free disbursement process, and convenient online application process with minimal documentation make it a desired choice among borrowers.
| Maximum Loan Amount | Up to INR 20 lakhs |
| Interest Rates | 12.40% p.a onwards |
| Repayment Tenure | Up to 6 years (72 EMIs) |
| PNB Personal Loan Schemes | Personal Loan for Public, Pensioners, PNB Baghban, PNB Doctor’s Delight, etc. |
| Application Process | Online via PNB’s official website |
Also Read: Having a bad credit history? Check out how to avail of personal loans with low CIBIL scores.
Punjab National Bank Personal Loan Schemes
Punjab National Bank offers various dedicated personal loan schemes. All of them are for different purposes and you must fulfil the eligibility criteria. A minimum monthly salary requirement and an excellent CIBIL score for personal loans are needed. Let’s explore the different PNB personal loan schemes, maximum loan amount, and interest rates offered.
Personal Loan Scheme for Public
PNB personal loan for the public is for the employees drawing salaries from Punjab National Bank. The purpose of the loan is to meet all kinds of expenses, for example, marriage, education abroad, or travel.
- The maximum loan amount is up to INR 20 lakhs.
- The interest rates start from 12.40% p.a.
- 1% of the loan amount is charged as processing fees.
Personal Loan Scheme for Pensioners
This scheme is for those drawing pensions through PNB. They can use the funds for personal needs, including medical expenses. Guarantee of a spouse or earning children is required to avail of PNB pensioner personal loans. The loan can be repaid in 60 months (5 years) or up to 78 years of age, whichever is earlier.
- A maximum loan of up to INR 10 lakhs for up to 70 years, up to INR 7.5 lakhs for those aged between 70 to 75 years, and up to INR 5 lakhs for those above 75 years is offered.
- A fixed interest rate of 12.75% p.a is charged.
- No processing charges are applicable, but a fee of INR 500 is charged for documentation purposes.
Personal Loan Scheme for Doctors
PNB personal loan for doctors- PNB Doctor’s Delight is for medical professionals to meet personal/ professional expenses. There are no prepayment charges.
- The minimum loan amount is INR 2 lakhs and the maximum amount is up to INR 20 lakhs.
- The minimum gross annual salary must be INR 5 lakhs and above.
- The loan can be repaid for up to 84 months (7 years).
- The fixed interest rate on PNB personal loans for doctors is 12.40% p.a. However, doctors maintaining their salary account with PNB are offered a concession of 1% and the effective interest rate is 11.40% p.a.
PNB Baghban
PNB Baghban is a personal loan scheme for senior citizens to help them address their financial needs. The scheme aims to enable them to generate income or supplement pensions to meet day-to-day requirements.
- To be eligible, they must be a resident of India, have an owned residential flat, and be above 60 years old.
- The maximum loan amount along with the interest rates is offered up to INR 1 crore.
- A fixed interest rate of 13% p.a is charged.
PNB Personal Loan for LIC Employees
This loan scheme is for LIC employees to meet all kinds of personal needs. A minimum of 1 year of service with LIC is necessary to be eligible for the loan.
- The maximum loan of up to INR 20 lakhs can be availed.
- If the salary credited is more than INR 75,000 in the last three months, no security is required. However, if that’s not the case, a suitable third-party guarantee is needed.
- Interest rate start from 12.40% p.a.
Also Read: Check out the details of personal loans from SBI. Know about interest rates, features, eligibility criteria, documentation, and how to apply.
PNB Personal Loan Interest Rates
Punjab National Bank personal loan interest rates are attractive. These start from 12.40% p.a which is low compared to other banks like Union Bank of India personal loan interest rates. The interest rates depend on the CIC score (credit score) and the type of scheme chosen. Check out the interest rates on different schemes of personal loans from Punjab National Bank-
| PNB Personal Loan Schemes | Interest Rates |
| PNB Personal Loan for Public | 12.40% to 17.95% p.a |
| Personal Loan for Self-employed | 13.75% to 14.75% p.a |
| PNB Doctors Delight | 11.40% to 12.40% p.a |
| Personal Loan for Pensioners | 12.75% p.a (fixed) |
| PNB Baghban | 13.00% p.a (fixed) |
Please Note: The interest rates are subject to change based on RBI and PNB’s guidelines. Kindly check the official website for the latest interest rates.
Eligibility Criteria
To be eligible for PNB personal loans, you must fulfil the criteria related to age, income, work experience, and credit score. Usually, the age must be a minimum of 21 years with a stable source of income. Besides, a minimum annual income of INR 5 lakhs is generally required. Applicants must also have a minimum of 2 years of work experience and a credit score of more than 750. Check out specific eligibility criteria for PNB personal loans-
Salaried Employees
- Must be a government or private employee drawing a salary through PNB.
- At least 2 years of employment in the current organization is required.
Self-Employed Individuals
- Must have a minimum annual income of INR 6 lakhs.
- A suitable third-party guarantee or collateral may be required for loan sanction.
Doctors
- Must have a net annual income of more than INR 5 lakhs and be a taxpayer for at least 2 years.
- Should have been practising in the current location for a minimum of 2 years.
Pensioners
- Must draw their pension through PNB.
- The maximum loan amount varies based on age: up to INR 10 lakhs for those under 70, INR 7.5 lakhs for ages 70-75, and INR 5 lakhs for those above 75.
Documents Required
When applying for PNB personal loans, applicants are required to attach documents related to identification, address, and income. This helps the bank verify your background and financial requirements before sanctioning the loan. Make sure to keep the list ready-
- PAN Card, Voter ID, Passport, Driving License (any one)
- Latest salary slips
- Form 16
- ITR for the last 2 years
- Proof of business continuity and ownership
- Utility bills or rental agreements for address verification
Also Read: Want a quick personal loan for higher education abroad? Check out all the information on Bajaj Finserv Personal Loan for Higher Education.
How to Apply for PNB Personal Loans?
Personal loans from PNB can be easily applied offline and online. You can visit the nearest bank branch and contact the bank representative. Let them know your financial requirements and understand the terms and conditions of the scheme. Proceed with the loan application form once you have fulfilled the eligibility criteria and attached the documents mentioned. To apply for Punjab National Bank personal loans, follow the given steps.
- Visit the bank’s official website.
- Navigate to the ‘Products’ section on the main menu bar.
- Click on ‘Personal Loans’.
- Go through the desired PNB Personal loan scheme.
- Click on ‘Apply’.
- Fill in the required fields (personal, employment, and asset details).
- Submit the loan application form online.
This was all about Punjab National Bank (PNB) personal loans. Make sure to check your eligibility and income details before applying for the loan. Learn how to increase the CIBIL score to avail of lower interest rates on PNB personal loans.
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
Interest rates on a 1 lakh loan from PNB start from 10.40% p.a. Education loans up to INR 7.5 lakhs are offered at 12.25% p.a onwards. Based on your CIBIL score, the interest rates may differ.
You can check the PNB personal loan eligibility under the dedicated loan scheme. Usually, the minimum age must be 21 years with a stable source of income. Annual income of INR 5 lakhs and more is also required. Applicants must also have a minimum of 2 years of work experience and a credit score of more than 750.
To be eligible for PNB personal loans, the CIBIL score of the applicant must be more than 650. You can avail of attractive interest rates if your CIBIL score ranges from 750 to 800.
PNB offers different schemes like Personal Loan for Public, Personal Loan for Pensioners, PNB Baghban for senior citizens, PNB Doctor’s Delight, etc.
Personal loans from PNB can be easily applied online. Visit the official website and head to the personal loan section. Check the eligibility criteria and click on the loan scheme you wish to apply for. Now, click on ‘Apply Now’ and complete the required fields by filling out personal details, employment details, and asset details.
