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Punjab National Bank offers a wide variety of loans to its customers. They include personal loans, car loans, pre-approved loans, business loans, home loans, pension loans, and more. One such category is “Insta loans”, where Punjab National Bank provides finances starting at 11% per annum. These loans are offered for a period of 5 years.
The PNB Insta loans are offered to:
- salaried employees
- Individuals working for the state or central government
- PSUs
- Paramilitary forces
- Defence forces
- Retired individuals taking their pension through PNB account
If you are an entrepreneur holding a savings account in Punjab National Bank with satisfactory account operations, you can apply for the E-Mudra loan scheme.
Interest Rates of PNB Insta Loans
Loan Type | Interest Rate |
|---|---|
PNB Insta Personal Loan | 11.00% - 14.50% per annum |
PNB Insta Pension Loan | 11.50% per annum |
Disclaimer: The above interest rates are as of when this page was written and are subject to change. For the latest rates, refer to the official PNB website or contact the bank.
PNB Insta Loans Types
1. PNB Insta Pre-Approved Personal Loan
The PNB Insta Personal Loan offers instant cash to eligible borrowers.
Here's who can apply:
- Individuals working for the Central Government, State Government, PSUs, defence, or paramilitary forces
- Must have their salary account with PNB for at least the past 2 years
If you're approved, you'll get the benefits of:
- Instant loan disbursal in minutes
- Special rates, offers, and charges for pre-approved customers
- The flexibility to choose your loan amount and repayment term
The loan amount ranges from Rs 25,000 to Rs 8 lakh. The higher amount is available in states with e-documentation enabled. Otherwise, the maximum loan amount is Rs 5 lakh.
2. PNB Insta Pre-Approved Pension Loan
Punjab National Bank offers the PNB Insta Pension Loan, with fast approval and cash in just minutes. This loan is perfect for retired individuals who get their pension through PNB.
Loan amounts range from INR 25,000 to 8 lakh. You can get a higher amount if your state offers e-documentation. Otherwise, the maximum loan amount is Rs 5 lakh.
3. PNB Insta E-Mudra Loan
Need a quick loan for your business? If you're an existing PNB customer or an entrepreneur, the PNB Insta E-Mudra Loan can help. Get approved and funded instantly to take care of your business needs.
Just make sure you've had savings or a current account with PNB for at least the past year and your account is in good standing.
4. PNB Insta Personal Loan for Salaried Employees
PNB offers personal loans to salaried employees who hold a salary account with other banks. Below are the things you need to have to apply for this type of loan:
- Valid PAN and ADHAAR.
- Fully KYC complaint Salary/saving bank account where salary is being credited with a bank other than PNB (Salary credited for last one year is mandatory).
- The contact number linked with Aadhaar.
- The contact number linked with the Salary bank account or savings account where the salary is being credited.
- ITR log-in credentials (Last one year ITR is mandatory)
- Account Aggregator ID
Eligibility Criteria for PNB Insta Personal Loans
PNB Insta Personal Loan:
- Age: Must be below 60 years old.
- Occupation: Employed by the federal government, state governments, PSUs, military, or paramilitary forces.
- Account: Must have a salary account with PNB for at least 2 years.
PNB Insta Pension Loan:
- Age: Must be younger than 70 years old.
- Account: Must be a pensioner receiving pension through Punjab National Bank.
PNB Insta E-Mudra Loan:
- Age:
- Minimum: 18 years old to apply.
- Maximum: 60 years (time of maturity of the loan)
- Occupation: Must be a businessman.
- Account: Must have an active savings or current account with PNB for at least 1 year with a good transaction history.
Documents Required for PNB Insta Loans
- Proof of Identity (any one): Passport, driver's license, voter ID card, or Aadhaar card.
- Proof of Address (any one): Passport, driver's license, voter ID card, Aadhaar card, utility bill (latest), LPG book, etc.
- PAN Card Copy
- Proof of Income (for salaried applicants):
- Last two pay stubs
- Most recent Form 16 salary certificate
- Bank Statement:
- For the last 3 months (or)
- Last 6 months Passbook (if applicable)
- Evidence of End Use (if required by the bank)
How to Apply for PNB Insta Loans: Step-by-Step Process
1. Head to the PNB website: Visit the official Punjab National Bank website at pnbindia.in.
2. Navigate to InstaLoans: Click on "Online Services" and then select "InstaLoans".
3. Choose your loan type: Click on "Personal Loans" if you're applying for a personal loan, or "e-Mudra Loans" for a business loan.
4. Identify yourself: Provide your customer ID as well as your registered mobile number.
5. Verify your phone: The bank will send a one-time code (OTP) to your phone. Provide it to verify your number.
6. Fill out the application: After verifying your phone, select "Personal Loans" or "e-Mudra Loans" again (depending on your initial choice). Then, complete the application by entering the required details.
7. Aadhaar Authentication: To proceed, enter your Aadhaar number and accept the terms and conditions. Click "Submit".
8. Verify your Aadhaar: To confirm your identity, enter the 6-digit code sent to your mobile phone.
9. Finalise your application: Enter your personal details, loan amount, loan tenure, and any other required information.
10. Submit your application: Click "Next" to complete the process and submit your application for approval.
Recommended Read: Punjab National Bank MSME Loan
Frequently Asked Questions:
1. How can I repay the pre-approved personal loan in PNB?
You can pay back your loan in EMIs. On a certain date each month, your PNB account will be automatically charged to cover the loan balance and the EMI amount. You can also make a direct transfer of funds to your pre-approved personal loan through IBS, PNB ONE, or by check.
2. Who can apply for PNB Insta loans?
PNB Insta Loans come in different categories with varying eligibility requirements. They are available for salaried individuals working in the Central or State Government, Defence, paramilitary forces, retired individuals who receive their pension through PNB, business owners, and salaried employees.
3. Do I need any security to provide for PNB Insta loans?
No, you are not required to give any security or collateral to apply for PNB Insta loans.
4. What is the tenure of PNB Insta loans?
PNB Insta loans are provided for a duration of 5 years.
5. Is PNB Insta loan available for salaried employees?
Yes, PNB offers personal loans for salaried employees, even if you hold a salary account in any other bank.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
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