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Eligibility Criteria for a Personal Loan from Punjab and Sind Bank
The personal loans of Punjab and Sind Bank are available for the benefit of salaried individuals as well as pensioners. The product name for Punjab and Sind Bank personal loans is PSB Personal Loans. The eligibility criteria set by the bank for these loans is based on many categories like the age of the applicant, relationship with the bank, employment, etc. The details of the same are mentioned below.
Eligible applicants
The eligible applicants for the loan are salaried employees or persons receiving a pension. The salaried employees can be any of the following to be eligible for the personal loan of the bank.
- Employees of any government institution of PSUs
- Permanent employees of any other reputed institution
Age of the applicant
The age of the applicant is a crucial factor for eligibility for the loan. The quantum of loan is also dependent (in the case of pensioners) on the age of the applicant. The eligible age for a personal loan of the bank for each category of the applicant is tabled below.
Age restriction | Salaried employees of government or PSUs | Salaried employees from the private sector | Pensioners |
Minimum age | 21 years | 21 years | 21 years |
Maximum age | 60 years | 65 years | 70 years |
Relationship with the bank
The bank requires the pensioners to have their pension account with the bank. There is no such requirement in the case of salaried applicants.
Purpose for loan
Apart from the eligibility of the applicant, the bank also specifies the purpose for which the loan cannot be sanctioned by the bank. PSB specifically excludes the applicants to apply for a personal loan for speculative reasons from being eligible for the personal loan of the bank.
What are the documents needed for PSB personal loans?
The documents needed for a personal loan of the bank are basic KYC documents and income-related documents that prove the eligibility of the applicant. These documents are a mandatory part of the application to be processed further. The list of documents needed for PSB personal loans are,
Identity Proof
The following documents can be provided for identity proof of the applicant
- Passport
- Aadhaar Card
- Voter ID
- Driving License
Address Proof
The following documents can be provided for identity proof of the applicant
- Passport
- Aadhaar Card
- Voter ID
- Driving License
- Latest Utility Bills
- Rent Agreement/Sale Deed of House
Income Proof
The documents for income proof of the applicant are based on the type of applicant
- For Salaried applicants
- Latest Salary Slips
- Form 16
- For Pensioners
- Pension slips
- Latest bank statement showing credit of the pension
Bank Statement
Bank statement for the past 6 months
Recent Passport Size Photographs
What are the highlights of the PSB personal loans?
The personal loans of PSB are available at affordable rates of interest and for flexible repayment tenure. These features of the PSB personal loans make it a very favoured product in this segment. The highlights of PSB personal loans are tabled below.
Category | Details |
Amount of Loan | For salaried persons Lower of,
For pensioners Pensioners up to 65 years of age Lower of,
Pensioners above 65 years and up to 70 years of age Lower of,
|
Rate of Interest | 11.10% per annum |
Tenure | Earlier of,
|
Processing Fees | 1% of the loan amount |
Guarantee | Any of the following can be provided as a guarantee
|
What is a personal loan?
A personal loan as explained above is a general-purpose loan that can be availed by eligible individuals to meet their expenses or personal nature. These expenses can be medical expenses, wedding or any other occasion, travel, education, etc. These loans are usually unsecured loans and have wide eligibility criteria so that a maximum number of borrowers can benefit from these loans.
What is a personal loan eligibility calculator?
A personal loan EMI calculator is a tool available on the website of most banks that helps the applicant to get an estimate of the amount of personal loan that can be availed by such person. For most banks, this tool also doubles as the EMI calculator for the eligible borrowers.
The inputs usually needed for such a personal loan calculator are,
- Age of the applicant
- Monthly income of the applicant
- Monthly expenses of the applicant
- Loan amount needed
- Rate of interest
- Tenure of the loan
Overview of Loans from Punjab and Sind Bank
Punjab and Sind Bank is a prominent public sector bank in India having its headquarters in the national capital of the country. The bank caters to various segments of retail and corporate banking like MSME banking, agricultural banking, international banking, digital banking, various government schemes, priority banking among many other services.
The bank has many loan products that cater to various needs of the customers. The personal loans of the bank are available to meet all the expenses of personal nature. These loans are processed quickly and do not require excess documentation for approval.
FAQs - Personal Loan Eligibility- Punjab & Sind Bank
1. Can a self-employed person apply for a personal loan at Punjab & Sind Bank?
A. No. A self-employed person cannot apply for a personal loan from Punjab Sind Bank.
2. Can pensioners apply for a personal loan even if they do not have an account with Punjab and Sind Bank?
A. PSB requires the pensioners to have their pension account with the bank for personal loan eligibility. There is no such express requirement for salaried employees whether in the employment of the Government or private sector.
3. What are the factors that usually influence the eligibility of a person for personal loans from the bank?
A. The factors that usually influence the eligibility of a person for personal loans of the bank are,
- Age of the applicant
- The income of the applicant
- The credit score of the applicant
- Relationship with the bank
- Work experience
- Employment status
- External liabilities (if any)
4. Can a person apply for a personal loan from the bank through online modes?
A. Personal loan of Punjab Sind Bank can be applied online through any of the following modes.
- Internet banking
- Mobile banking
- Website of the bank
5. Can a non-resident apply for the personal loans of the bank?
A. No. There is no specific exclusion for the Non-Resident Indians to be eligible for a personal loan of the bank as per bank guidelines. For further information or clarification, applicants can contact the bank through their customer care service by visiting their nearest branch.
6. What is the toll-free number for PSB personal loan queries?
A. The toll-free number for personal loan queries of the bank is 1800-419-8300.
7. How can a person get a personal loan without any income?
A. If a person has no source of income, they can still get a personal loan from the bank by requesting an asset-backed loan. In this type of arrangement, the loan can be sanctioned if the applicant has a fixed deposit held with the bank. The loan amount is a percentage of the fixed deposit held with the bank.
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