Hello,

Guest!

PNB Personal Loan Interest Rate for Salary Account

Updated on: 03 Jun 2022 // 22 min read // Personal Loans
Author :(523 posts)
image

Personal loans can be a boon for salaried employees in many situations. Be it a medical emergency, travel plan, wedding, home renovation, education, or any other unexpected financial expense, a Personal Loan can be helpful in every situation. And if you are a salaried person, getting a personal loan is much easier and faster. 

Nowadays, almost every bank and NBFC (non-banking financial company) in India offers personal loans to salary account holders. One such popular lender is Punjab National Bank (PNB). PNB offers attractive features and benefits to the personal loan applicants, including the low PNB Personal Loan Interest Rate for salary account holders, nominal processing fee, easy eligibility criteria, and so on.

Read below to know everything about PNB personal loans for salaried customers.

PNB offers two types of personal loans for salaried borrowers, i.e. PNB Sahyog Rin – Personal Loan Scheme for Public and Personal Loan Scheme for Life Insurance Corporation (LIC) of India Employees.

SchemeSpreadEffective Rate of Interest
PNB Sahyog Rin – Personal Loan Scheme For PublicRLLR + BSP + 2.15% to RLLR + BSP + 7.70%9.30% to 14.85% p.a.
Personal Loan Scheme for Life Insurance Corporation (LIC) of India EmployeesRLLR + BSP to RLLR + BSP + 0.50%7.15% to 7.65% p.a.

*The current Repo Linked Lending Rate (RLLR) is 6.90% w.e.f. 01.06.2022 for existing customers.

*BSP is 0.25% at present

Here’s everything you should know about these two schemes:

PNB Sahyog Rin – Personal Loan Scheme for Public

PNB Sahyog Rin offers financial assistance to the salaried people for their personal needs. This loan can availed to meet all types of personal needs like medical treatment of self or a family member, marriage of self/son/daughter, educational expenses of wards, expenses for domestic or foreign travel, etc.

Key Features:

  • Loan amount: Up to 24 times of your gross monthly salary, subject to a maximum of Rs. 20 Lakhs, depending upon your repaying capacity.
  • Rate of interest: The rate of interest for this scheme varies between 9.30% and 14.85% p.a.
  • Processing fee: A processing fee of 1% of the loan amount is applicable and there is no processing fee for defence personnel.
  • Documentation charges: Rs. 270 for loan amount up to Rs. 2 Lakhs and Rs. 450 for loan above Rs. 2 Lakhs. No documentation charges applicable for defence personnel.
  • Prepayment charges: Nil
  • Security: Security in the form of suitable third party guarantee acceptable to the bank.
  • Repayment tenure: 
    • For Term Loan: The entire loan amount must be repaid within the remaining period of service or in maximum 72 equated monthly instalments (EMIs), whichever is earlier. Repayment will start one month after the loan disbursement.
    • For Overdraft Facility: The overdraft limit must be adjusted within the remaining period of service or in maximum 72 months by reducing Drawing Power equivalent to EMI amount at the starting of every month.
  • Eligibility: 
    • You must be drawing salary from PNB.
    • This Personal Loan is available to Defence Personnel including the officials of Military Station Headquarters, Central Reserve Police Force, Border Security Force, Central Industrial Security Force, and Indo Tib.
    • You must be a confirmed/permanent employee of Central or State Government/ PSUs with at least 2 years of experience, including service with the previous employers (if any), all reputed firms/institutions (including School, College, University, autonomous body, Hospital, Nursing Home) who are drawing salary through accounts maintained with PNB branches.
    • Other applicants must have minimum 3 years of service, including service with the previous employers (if any).

Personal Loan Scheme for Life Insurance Corporation (LIC) of India Employees

As the name suggest, this is the scheme of Personal Loan for Salaried Employee of Life Insurance Corporation (LIC) to help them meet all types of their personal needs.

Key Features:

  • Loan amount: You can get up to 24 times of your gross monthly salary as personal loan amount under this scheme, subject to a maximum of Rs. 20 Lakhs depending upon your repaying capacity.
  • Rate of interest: The interest rate for this scheme is 7.15% p.a. for LIC employees having salary account with PNB and 7.65% p.a. for LIC employees not having salary account with PNB. 
  • Processing fee: Nil.
  • Documentation charges: Nil
  • Prepayment charges: Nil
  • Security: No security is require if the salary credited in your account is more than Rs. 75,000 per month in the last 3 months. Suitable third party guarantee as acceptable to the bank is required in all other cases.
  • Repayment tenure: The entire loan amount must be repaid within remaining period of the service or in maximum 72 EMIs, whichever is earlier.
  • Eligibility: All confirmed or permanent employees of Life Insurance Corporation of India with minimum 1 year of service is eligible to apply for this loan.

PNB Personal Loan Interest Rate for Salary Account Holders

Following is the detailed table for PNB personal loan interest rates for salary account holders:

Borrower’s TypeCredit ScoreSpreadEffective Interest Rate
Loan to defence/ para military personnel drawing salaries through PNB including customers covered under Rakshak Plus schemeNARLLR + BSP + 2.15%9.30%
  • Loan to government employees drawing salaries through PNB
  • Loan to central government gazetted officer (Section Officer or equivalent and above) not having salary account with PNB.
CIC Score >= 800RLLR + BSP + 2.50%9.65%

CIC >= 750 less than 800

Or

With Nil credit history (i,e -1 or 0)

RLLR + BSP + 3.50%10.65%
CIC 650 to 749RLLR + BSP + 4.50%11.65%
CIC Score less than 650RLLR + BSP + 5%12.15%
  • Loan to corporate/other employees drawing salaries through PNB
  • Loan to government employees not drawing salary through PNB
CIC Score >= 800RLLR + BSP + 3.50%10.65%

CIC >= 750 less than 800

Or

With Nil credit history (i,e -1 or 0)

RLLR + BSP + 4.50%11.65%
CIC 650 to 749RLLR + BSP + 6.50%13.65%
CIC Score less than 650RLLR + BSP + 7%14.15%
Loan to employees under check off facilityCIC Score >= 800RLLR + BSP + 5%12.15%

CIC >= 750 less than 800

Or

With Nil credit history (i,e -1 or 0)

RLLR + BSP + 5.50%12.65%
CIC 650 to 749RLLR + BSP + 7.20%14.35%
CIC Score less than 650RLLR + BSP + 7.70%14.85%
LIC employees having salary account with PNBNARLLR + BSP
  • 7.15%
LIC employees not having salary account with PNBNARLLR + BSP + 0.50%
  • 7.65%

 

FAQs

What is the interest rate for PNB Personal Loan Scheme for Self-Employed?

The interest rate for PNB Personal Loan Scheme for Self-Employed varies from 10.65% to 11.65% p.a.

What is the interest rate for PNB Doctor’s Delight – Personal Loan Scheme for Doctors?

The interest rate for PNB Doctor’s Delight – Personal Loan Scheme for Doctors is 8.30% to 9.30% p.a. 

What is the interest rate for Personal Loan Scheme for Pensioners?

The interest rate for Personal Loan Scheme for Pensioners is 9.65% p.a.

Is there any processing fee for defence personnel for PNB personal loans?

No there is no personal loan processing fee and documentation charges applicable for defence personnel for PNB personal loans.