Punjab National Bank is one of the best and oldest public sector banks in India. PNB personal loans are available at competitive interest rates and flexible repayment terms. You can take the loan for any personal requirements like personal loan for education, marriage, treatment, travel etc. Punjab National Bank offers personal loans under different types of schemes as per the requirement and the eligibility criteria. Check below all the major features, interest rates, eligibility criteria and other details in this blog.
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Punjab National Bank Personal Loan: Major Features
Punjab National Bank offers a range of personal loans to meet different types of financial needs. Some of the major features of PNB personal loans are the competitive interest rates, flexible repayment tenures ranging from 12 to 60 months, simple and quick application process etc. Make sure that your CIBIL score is good as the bank may reject the loan immediately if you have derogatory marks on credit reports. Check in detail about some of the major features of PNB personal loans below:
| PNB Personal Bank | Major Features |
| Type of Loans | Personal Loan Scheme for LIC employees Personal Loan Scheme For Public Personal Loan Scheme For Doctors Personal Loan for Pensioners |
| Maximum Loan Amount | Up to 24 times of net monthly income (Max INR 20 lakh) |
| Repayment Period | Up to 6 years |
| Rate of Interest | 12% to 17.95% |
| Application Link | Click here to apply |
Also Read: Looking for an education loan? Check here all about PNB Overseas Education Loan
PNB Personal Loan Eligibility Criteria
The eligibility criteria for a Punjab National Bank (PNB) personal loan must be fulfilled for taking a personal loan. Some of the major eligibility criteria are that the applicants must be salaried individuals, self-employed professionals, or pensioners with a steady income. Check more details below:
- CIBIL Score must be good i.e. above 700. Interest rates will be increased with low credit scores.
- Salaried applicants should be between 21 to 58 years old, while self-employed individuals can apply up to 65 years of age.
- Minimum 3 years of employment with current employer or overall 3 years of experience with multiple employers.
- All confirmed or permanent employees of the Central/State Government, PSUs, and reputable organizations with salary being credited in PNB are eligible.
- Such individuals must have a minimum of 2 years of service and must receive their salary through accounts maintained with PNB branches.
PNB Personal Loan Interest Rate
PNB personal loan interest rates vary depending on multiple factors such as the organisation where the applicant is working, CIBIL score, loan amount, loan scheme selected etc. The interest rate gets higher if your CIBIL score is low. Any personal loan with low CIBIL score attracts a high rate of interest. Check below the interest rate for PNB personal loan:
| PNB Personal Loan | Rate of Interest (Floating) | Rate of Interest (Fixed) |
| Personal loan for defence or paramilitary personnel drawing salaries through PNB | RLLR+BSP+2.15% (Presently 11.40%) | 12.40% |
| Personal loan for govt employees with salary account in PNB | RLLR+BSP+2.50% (Presently 11.75%) | 12.75% to 15.25% |
| Personal loan for govt employees not having salary account in PNB | RLLR+BSP+2.50% (Presently 12.75%) | 13.75 to 15.25% |
| Loan to employees under the check-off facility | RLLR+BSP+5.50% (Presently 14.75%) | 15.75% to 17.95% |
Also Read: Studying abroad and want more funds? Check here all about YES Bank Education Loan Top-up
How to Apply for Punjab National Bank Personal Loan?
You can apply for PNB personal loan online through the official website or by visiting the branch. You just need to fill out a loan application form and submit the required documents. The bank will check the details, verify the documents and start the approval process for the personal loan. Check the steps involved in applying for Punjab National Bank personal loan below:
- Visit the official website of the Punjab National Bank
- Go to the personal banking section and select loans
- Select the relevant scheme of the loan e.g. PNB Sahyog Rin – Personal Loan Scheme For Public
- Fill out the loan application form and upload the relevant documents i.e. Aadhaar Card, PAN Card, salary slips and bank statements for the last 3 months, details of employment, ITR (for self-employed individuals) and any other as applicable
- Submit the form and wait for the bank to verify it
- Track the loan application online
Punjab National Bank offers quick personal loans under various categories. If you have a good CIBIL score and less existing debt, the bank will quickly approve the loan with a low rate of interest. Check some FAQs based on PNB personal loans below.
FAQs
PNB personal loan interest rates range from 12% to 17.95%. The specific rate depends on factors like the loan scheme, the applicant’s employment status, and credit score.
Salaried individuals, self-employed professionals, and pensioners with stable incomes are eligible. Applicants should be between 21 and 58 years for salaried individuals, and up to 65 years for self-employed.
The maximum loan amount is up to 24 times the net monthly income, with a maximum limit of INR 20 lakh.
The repayment tenure for PNB personal loans is flexible, ranging from 12 to 60 months.
You can apply online through the PNB website or by visiting a branch. Simply fill out the application form and submit the required documents like Aadhaar, PAN, salary slips, and bank statements.
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