Punjab National Bank offers personal loan to salaried, self-employed, doctors and pensioners. You must be aged below 60 years and should have minimum work experience of 2 years to meet Punjab National Bank Personal Loan Eligibility Criteria.
Each Personal Loan offered by PNB has its eligibility criteria, as mentioned below:
Following are the features of personal loans offered by PNB without collateral:
|Loan Product||Ideal for||Maximum Loan Amount||Rate of Interest||Maximum Loan Tenure|
|Personal Loan Scheme for Public||General public to meet their requirements||Rs 10 Lakhs||11.50% to 14.50%||60 months|
|PNB Doctors Delight||Meeting the professional and personal needs of doctors||Rs 15 Lakhs||9.95%||84 months|
|Personal Loan Scheme for Pensioners||Individual requirements of pensioners including medical expenses||Rs 10 Lakhs||10.75%||60 months|
Following are the features of personal loans offered by PNB that require collateral:
|Loan Product||Ideal For||Maximum loan amount||Rate of interest||Maximum loan tenure|
|PNB Baghban||Senior citizens to supplement their monthly income||Rs 1 Crore||10.55%||20 years|
|Advance against Gold Jewellery||Personal requirements of agriculturists and general public||Rs 10 Lakhs||9.55% to 10.55%||1 year|
|Loan against Mortgage of Immovable Property||Personal and business requirements||Rs 25 Lakhs for personal needs and 5 Crores for business needs||9.70% to 14%||10 years|
|Advance Against Sovereign Gold Bonds||Personal use||Rs 10 Lakhs||8.95% to 9.95%||8 years|
|Online Overdraft Facility against Fixed Deposits||Personal uses||Rs 5 Crore against Sugam Deposit and Rs 1 Crore against other deposits||1% more than FD rate||3 years|
|Purpose||Meet all individual requirements of the general public|
|Quantum of loan|
A: Minimum net monthly salary of employees in
B: The minimum loan amount is 50,000 with a maximum of 20 times the NMI or 4 Lakhs, whichever is less. B: Minimum net monthly salary of 30,000 and employee having completed 3 years of service.
C: Employees drawing salary through PNB branches and completed three years of service and drawing minimum net income as follows:
The minimum loan amount is 50,000
The maximum amount is 10 Lakhs subject to 20 times NMI for loans up to 5 Lakhs and 15 times NMI for loans between 5 Lakhs and 10 Lakhs.
D: For teachers and defence personnel the minimum net monthly income can be 7,500 at all centres.
|Security||Third party guarantee as acceptable to the bank|
|Rate of interest||11.50% to 14.50% depending on the internal credit rating of the bank|
|Type of loan||Term Loan or Overdraft facility|
|Processing charges||1.80% of the loan amount|
|Purpose||Own needs of pensioners such as medical emergencies|
|Quantum of finance|
Minimum 25,000 Maximum limit depends on the age of the pensioner
|Security||Third-party guarantee of the spouse eligible for family pension Or Third-party guarantee of employed children (preferably working with Government department) Or any other third-party guarantee acceptable to PNB|
|Rate of interest||10.75%|
|Purpose||Meet personal and professional requirements of doctors|
|Quantum of finance|
|Type of loan||Term Loan or Overdraft|
|Rate of interest||9.95%|
|Processing charges||0.90% of the loan amount|
|Purpose||Generate supplementary income for meeting the day to day requirements|
|The maximum amount of loan|
|Disbursement||In monthly instalments calculated on the Reverse Annuity basis|
|security||Equitable mortgage of the residential property|
|Rate of interest||10.55%|
|Processing fees||Half month's loan instalment subject to a maximum of 15,000|
|Purpose||To meet the personal requirements of the general public|
|Quantum of loan|
|Security||Pledge of gold ornaments and jewellery|
|Valuation||Depends on the bank's internal policies|
|Rate of interest||9.55% to 10.55%|
Loans for agricultural purposes
Loans for personal purposes
|Processing fees||0.25% of the loan amount|
|Purpose||Meet personal requirements of the general public possessing gold bonds|
|Nature of facility||Term loan and Overdraft|
|Quantum of the loan|
|Security||Lien/Pledge on the Sovereign Gold Bond|
|Repayment||Interest servicing monthly and the repayment tenure is a maximum of 8 years subject to the residual period of the bond.|
|Rate of interest||8.95% to 9.95%|
|Purpose||For personal and business purposes|
|Quantum of loan|
The least of the following subject to the satisfaction of the maximum permissible deduction:
|Maximum permissible deduction|
|Security||Equitable mortgage of property|
|Rate of interest||9.70% to 14%|
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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No, New customers who do not maintain accounts with PNB can also avail Personal Loans from the bank. Usually, the Personal Loans are available to customers maintaining salary accounts with the bank. Under exceptional circumstances, PNB grants Personal Loans to others provided their employer undertakes to deduct the EMI and credit the same to the loan account.
Personal Loans are loans where the borrower does not have to declare the end-use of funds. The other loans like home loans, vehicle loans, and so on require the borrower to state the reason for applying for the loan.
PNB sanctions Personal Loans to enable its customers to cater to all kinds of personal or business emergencies.
The personal emergencies can range from wedding expenses to education of children. Other legitimate uses of Personal Loans are catering to medical emergencies, going on a holiday, repairing the house, and so on. The borrower should ensure not to use the loan for illegitimate purposes.
Borrowers should not use Personal Loan money for speculative purposes. The speculative purposes include gambling, investing in shares, bullion, and other similar expenses.
PNB cannot determine the end-use of funds. However, the borrower has to undertake that he/she will not use the loan amount for speculative purposes.
The repayment tenure of the Personal Loan should not extend beyond the retirement date of the borrower.
Yes, pensioners beyond 75 years of age can apply for the Personal Loan, but the repayment tenure should not exceed 24 months.
The person eligible to receive family pension can stand as a third-party guarantor. Usually, the spouse is the family pension holder.
Under such circumstances, the children of the pensioner above the age of 18 can pitch in as guarantor. The bank can also accept the guarantee of any other person if it is satisfied with their credentials.