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PNB Personal Loan
Max Tenure
nil*
Best Rate
10.95%
Processing Fee
nil*
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PNB Personal Loans
PNB offers personal loans of up to Rs. 20 Lakhs with interest rates in the range of 11.40% per annum. There are various personal loan schemes and the repayment duration varies according to them, the maximum being 84 months.
PNB Personal Loan products are categorized based on the customer segment and each segment offers delightful benefits and offers to the borrowers. personal loans help consumers tide over any unexpected emergencies, medical expenses, or plan for that much awaited vacation, kids’ higher education, marriage, and more. Whether you are a salaried individual, self-employed or a pensioner, PNB personal loans cater to your requirement, eligibility and repayment capacity.
How to Apply for Punjab National Bank (PNB) Personal Loan
Highlights of The PNB Personal Loans
Interest Rate
| Fixed Rate 14.75% 13.75% 12.75% 12.40% 12.75% 13.75% 11.40% |
| Processing Fee | Starting at 0.90% of the loan amount – based on the type of loan availed |
| Loan Tenure | 72 months or 6 years |
| Loan Amount | Up to Rs.20 lakhs |
| Prepayment Charges | NIL |
| Documentation Charges | Starting at Rs.270/- + taxes |
| Credit Score | 650 & Above |
Comparison of PNB Personal Loan Interest Rate with Other Lenders
| Lender | Interest Rates | Processing Fees |
|---|---|---|
| PNB | 11.40% - 17.95% p.a. | Up to 1% |
| Axis | 11.25% p.a. - 22% p.a. | 11.25% p.a. - 22% p.a. |
| HDFC | 10.75% p.a. - 24.00% p.a. | 10.75% p.a. - 24.00% p.a. |
| ICICI | 10.85% p.a. - 16.25% p.a. | Up to 2% |
| Yes Bank | 10.99% p.a. - 20% p.a. | 10.99% p.a. - 20% p.a. |
| Kotak Mahindra | 10.99% and above | 10.99% and above |
| Axis Bank | 11.25% p.a. - 22% p.a. | 11.25% p.a. - 22% p.a. |
| State Bank of India | 11.35 p.a. - 15.50 p.a. | Up to 1.50% |
| IDFC First Bank | 10.90% p.a. - 36% p.a. | 10.90% p.a. - 36% p.a. |
PNB Personal Loans – Types, Features & Benefits
PNB Personal Loans are segmented based on the consumer type and the requirement. PNB offers the below types of Personal Loans –
- PNB Sahyog – Personal loans for the general public
- PNB Sahyog – Personal Loans for LIC Employees
- PNB Doctors Delight – Personal Loans tailored for Doctors
- PNB Personal Loan for Pensioners
- PNB Personal Loan for Self-Employed
PNB Sahyog – Personal loans for the general public
This personal loan product from PNB covers various individuals based on their employment and income source.
- Salaried individuals working with corporate companies and other private companies
- General govt. employees and Central govt. gazette officers
- Defense & paramilitary personnel
- Employees under check off facility
The primary eligibility to get a personal loan with PNB is that you should hold your salary account with PNB. Let us see the other features:
| Purpose of Loan | Can be used to meet personal needs like marriage of self, son or daughter, medical treatment of self or family, education of children, vacation travel, etc.; |
| Eligibility | - Salaried individuals of the above-mentioned categories, who hold their salary account with PNB. (The ‘no salary account with PNB’ exception is only given to govt. employees and central govt. gazette officers.) - Govt. employees and employees of reputable schools/colleges/educational institutions/autonomous bodies/hospitals/nursing homes - should have completed a minimum of 2 years of service, including the previous employer. - For employees in private sectors and other companies, the minimum employment period is 3 years, including the previous employer. |
| Loan Amount | Up to 24 times of the gross monthly income, subject to a maximum loan amount of Rs.20 lakhs |
| Loan Tenure | 72 months or 6 years |
| Collateral/Security | Suitable 3rd party guarantee as prescribed by the bank |
| Processing Fees | 1% of loan amount + GST NIL for Defense Personnel |
| Prepayment charges | Nil |
| Documentation Charges | Rs.270 – for a loan amounts up to Rs.2 lakhs Rs.450 – for loan over Rs.2 lakhs NIL for Defense Personnel |
Click here to learn about various other Personal Loan types offered by other banks
PNB Personal Loans for LIC Employees
This latest personal loan product is aimed at LIC employees to meet any unexpected emergencies or generic personal needs.
| Eligibility | Confirmed and Permanent LIC Employees with a minimum 1 year of service. |
| Loan Amount | 24 times their gross monthly salary, subject to a maximum of Rs.20 lakhs, based on their repayment capacity. |
| Loan Tenure | 72 months or within the remaining period of their service, whichever is earlier. |
| Collateral/Security | NIL – if monthly salary credit to PNB salary account is more than Rs.75,000 in the last 3 months. Others – suitable 3rd party guarantee as stipulated by the bank. |
| Processing Fees | NIL |
| Prepayment charges | NIL |
| Documentation Charges | NIL |
PNB Personal Loan Scheme for Doctors
Doctors can avail a PNB Personal Loan to meet their personal or professional needs.
| Eligibility | Doctors with a minimum gross annual income or salary of Rs.5 lakhs or more |
| Loan Amount | The minimum loan amount is Rs.2 lakhs and the maximum is Rs.20 lakhs, subject to a maximum of 24 times the gross monthly income or salary of the applicant. |
| Loan Tenure | A maximum of 84 months or within the remaining period of their service, whichever is earlier. |
| Collateral/Security | A suitable 3rd party guarantee, as mandated by the bank. Tangible collateral equal to 100% of the loan amount. |
| Processing Fees | 0.90% of loan amount + GST |
| Prepayment charges | NIL |
| Documentation Charges | Rs. 450 |
PNB Personal Loan Scheme for Pensioners
This personal loan product is aimed at pensioners who hold their pension account with PNB and are looking for funds to take care of their personal needs or medical emergencies.
| Eligibility | Doctors with a minimum gross annual income or salary of Rs.5 lakhs or more |
| Loan Amount | The minimum loan amount is Rs.25,000. Maximum loan amount can be up to Rs.10 lakhs, based on the age of the pensioner, and their pension amount. |
| Loan Tenure | A maximum of 60 months or up to the age of 78, whichever is earlier. |
| Collateral/Security | Guarantee of the spouse who is eligible for family pension, ORGuarantee of earning children, preferably govt. employees, ORA suitable third party with net means equal to the loan amount |
| Processing Fees | NIL |
| Prepayment charges | NIL |
| Documentation Charges | Rs. 500 |
What are the Interest Rates on PNB Personal Loan?
Since PNB offers different personal loan products, the interest rate also differs.
Interest Rate of Punjab National Bank Personal Loan for General Public
| Applicant Type | CIC Score Range | Fixed Rate |
| Defense/Paramilitary Personnel with PNB salary accounts (Rakshak Plus Scheme customers also included) | NA | 12.40% |
| Govt. Employees with PNB Salary Accounts | CIC Score >= 800 CIC 750 - 799 or Nil credit history CIC 650 - 749 CIC Score less than 650 | 12.75% 13.75% 14.75% 15.25% |
| Central Govt. Gazetted Officers or equivalent who do not have a PNB salary account | CIC Score >= 800 CIC 750 - 799 or Nil credit history CIC 650 - 749 CIC Score less than 650 | 12.75% 13.75% 14.75% 15.25% |
| Corporate/Other Employees with PNB salary account | CIC Score >= 800 CIC 750 - 799 or Nil credit history CIC 650 - 749 CIC Score less than 650 | 13.75% 14.75% 15.25% 16.75% |
| Govt. Employees without PNB salary account | CIC Score >= 800 CIC 750 - 799 or Nil credit history CIC 650 - 749 CIC Score less than 650 | 13.75% 14.75% 15.25% 16.75% |
| Loan to employees under check-off facility | CIC Score >= 800 CIC 750 - 799 or Nil credit history CIC 650 - 749 CIC Score less than 650 |
*CIC – Credit Information Companies
Interest rate of PNB Personal loans to Pensioners
| Loan Type | Interest Rate |
| Term loan Demandloan Overdraft | 12.75% |
Interest rate of PNB Personal Loans for LIC Employees
| LIC Employees with PNB Salary Accounts | Presently at 9.25% |
| LIC Employees without PNB Salary Accounts | Presently at 9.75% |
Interest rate of PNB Personal Loans for Doctors
| Doctors with PNB Salary Accounts/Receipt Collection Accounts | 11.40% |
| Doctors without PNB Salary Accounts | 11.40% |
Interest rate of PNB Personal Loans for Self-employed
| Doctors with PNB Salary Accounts/Receipt Collection Accounts | CIC Score = 800 | 13.75% |
| Doctors without PNB Salary Accounts | CIC Score = 750, OR NIL Credit History | 14.75% |
Documents Required for Punjab National Bank Personal Loans
Documents Common to All
- Duly filled loan application form along with the passport size photograph
- Identity proof with unique identification number
- Address proof
- Age proof
Documents for Military/ Paramilitary Personnel
- Educational Qualification proof
- Residential address and official address proofs
- Proof of Income
Documents for Salaried Individuals
- Form 16 and latest salary slip, attested duly by the employer.
Documents for Non-salaried Individuals
- IT returns for the previous 3 financial years.
Documents for Pensioners
- Pensioner’s portion of PPO in original will be kept until the loan account is liquidated.
- The concerned pensioner must submit an affidavit stating that he/she shall not alter his/her present disbursing branch/bank without bank`s assent.
- Letter of authority (in duplicate) to be submitted for DPDO pensioners.
- The same needs to be sent via registered post to the DPDO along with written details regarding the disbursement of the loan to the concerned pensioner.
Note: Any additional document as required may be requested by PNB as part of the personal loan application process.
How to Apply for Punjab National Bank Personal Loans?
Interested applicants can apply both online and at the branch of PNB for a personal loan.
Punjab National Bank Personal Loan Apply Online
PNB offers a convenient online application process to reduce time and ease documentation.
1. On the PNB Personal Loan product page, click on the Apply Now button on the personal loan product you are interested in.
2. This opens a new page – PNB WeblenS - Online loan application page. Select ‘Retail Loans’.
3. Then Personal Loan
4. This opens the personal loan application form. You need to fill in your ‘Personal Details’, ‘Employment Details’, and ‘Asset Details’.
5. Once all the details are filled in, you submit the form for processing.
6. A representative from the bank will call you to confirm the details, collect the necessary documentation and help you with the rest of the loan application process.
7. If the online process sounds complicated to you, you can walk into the nearest branch of PNB and apply for a personal loan.
8. Upon satisfactory verification of documents and other applicant details, the loan is sanctioned, and the amount is credited to your account.
Key Factors Impacting Your PNB Personal Loan Interest Rates
- Employment Details: If you are a permanent employee of a reputed organization, you may get reduced interest rates on your personal loans. But the bank will check your employment details and assets.
- High-valued customer: if you are a high-valued customer of PNB, then you will get interest rates favorable to you.
- Loan Tenure: Interest rates may be lower if the duration of the loan is longer.
- Repayment capacity: If the bank feels that you can repay your personal loan without defaulting, you may get a lower interest rate.
- Relationship with PNB: If you have a good relationship with PNB, then you will get a lower interest rate.
Quick Links To Handle Your Personal Loan
PNB Personal Loan Customer Care
If you have any queries or complaints regarding PNB personal loans, you can contact PNB Personal loan customer care. You can reach PNB personal loan customer care through- Toll-free numbers: 1800 180 8888 OR 1800 180 5555 OR 1800 1800 OR 1800 2021
- Customer support tolled no: 0120-2490000
- People outside India can contact via +91 120 2490000
- Email ID: care@pnb.co.in
Frequently Asked Questions
1. What is the maximum amount I can borrow with PNB Personal loan?
PNB personal loan amounts are determined by your income, credit score, repayment capacity, and a few other parameters. PNB offers personal loans up to Rs.20 lakhs based on your eligibility.
2. Can I add my spouse and her income to my PNB personal loan application?
Yes, spouse can be added as a co-applicant on your PNB personal loan so that they income will help you get higher loan amounts.
3. What is the interest of a 1 lakh loan in PNB?
The interest on a ₹1 lakh loan from Punjab National Bank (PNB) typically ranges from 11.40% to 16.95% per annum. The exact interest amount will depend on the specific interest rate applied to your loan.
4. Does PNB require collateral or security for the personal loan?
Yes, PNB requires a suitable guarantee that equals the value of the loan.
5. What is the repayment schedule like?
PNB Personal Loans come with a repayment period of up to 72 months, based on the loan type and the applicant type. Please discuss with your loan officer for more details.
6. What is the processing fee? Are there any other charges?
PNB personal loans charge an average processing fee of 1% of the loan amount. Though this rate varies based on the loan type and applicant type. There are other charges like documentation charges. Please consult your loan officer for complete information.
7. Does PNB offer both fixed and floating rates of interest for their personal loan?
Yes, PNB personal loans come with the option of a fixed interest rate or a floating one. While fixed interest rates are fixed throughout the tenure of the loan, floating rates are determined based on the bank's RLLR & BSP and can increase or decrease during the tenure.
8. Will there be any charges for prepayment towards my PNB personal loan?
No, PNB doesn’t charge any prepayment penalty for their personal loan products.
9. How can I get the best interest rate on PNB personal loans?
In order to get a preferential interest rate on a Punjab National Bank personal loan, you will have to maintain a good credit score. Also, ensure that you do not have much debt in the form of credit card dues or loans. Your income will also play an important role in deciding the interest rate.
