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Punjab and Sind Bank
Do you need money for a substantial personal expenditure and are not sure where to get it from? A personal loan might be a good idea. You can use the loan amount for any kind of expenses including a vacation, investing in your business, to manage credit card debt, to celebrate a wedding, buy an expensive household gadget, emergency medical treatment, or loss of job.
The advantages of a personal loan are that you do not need to offer any collateral or security and you can use the loan amount as you desire.
Interest rates for personal loans in India like elsewhere in the world, are relatively high as compared to other retail loans because the lenders do not have the security of holding collateral in case of customer default. That is why they charge a higher interest rate.The interest rate on a personal loan could range from 11% to as high as 32% per annum or more. It is influenced by a variety of factors like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Punjab Sind Bank Personal Loan Interest Rate
- Punjab and Sind Bank loan payment options
- How to calculate Interest/EMI on PSB Personal Loan
- How CIBIL™™ score affects Punjab and Sind Bank Personal Loan Interest Rates
- Punjab and Sind Bank Personal Loan Status
- Punjab and Sind Bank Personal Loan FAQs
- How to apply for a Punjab and Sind Bank Personal Loan
Punjab and Sind Bank loan payment options
Punjab and Sind Bank loan payment options include payment by Standing Instruction from your savings account
Punjab and Sind Bank Personal Loan Interest Rate 2018: 13.50% p.a. and above (typical range, subject to current MCLR and periodic review)
Personal Loan Interest Rates in Punjab and Sind Bank vary and the interest rates and other charges are subject to regular reviews. Punjab and Sind Bank Personal Loan Interest can range anywhere from 13.50% per annum though it can be higher, depending on your credit history amongst other factors. The final interest rate will be based loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most up to date information on the Punjab and Sind Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
How to calculate Interest/EMI on PSB Personal Loan
The Equated Monthly Instalment is the amount that you are required to pay on the same date every month towards paying off your personal loan, including interest. Each EMI consists of the principal and interest component.
You can use an online Personal Loan EMI Calculator to calculate what your EMI outflow will be. Using the calculator is free, easy and simple, and learning your EMI will help you with your monthly personal budgeting.
How CIBIL™™ score affects Punjab and Sind Bank Personal Loan Interest Rates
Often people remember their credit score only when it is time to apply for a loan. Sometimes that may be too late. Your credit score is a vital factor in the personal loan approval process and your loan application might be rejected because of a poor credit score. Be aware of your credit score before you plan to apply for a personal loan so that you can take steps to improve it, if necessary. You can obtain your credit score by requesting a copy of your credit report from one of the credit bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
It is difficult to secure a personal loan if you have bad credit. If you have a poor credit score and your loan application is approved, be prepared to pay a high interest rate and get other unfavorable terms on your loan.
Punjab and Sind Bank Personal Loan Status
When the bank receives a completed application form along with the necessary supporting documents, it determines your eligibility for a personal loan. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
Punjab Sind Bank Personal Loan Interest Rate FAQs
1. What are the minimum and maximum loan amounts?
The final amount is at the discretion of the Bank. It is advisable to contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose a loan tenure ranging from 1-5 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of complete set of required documentation. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
Yes, there is a processing fee charged which is 1.00% of the total loan amount, along with other associated charges.
6. Is there a prepayment charge?
It is best to check this at the time of applying for the loan.
How to apply for a Punjab and Sind Bank Personal Loan
There are several ways of applying for a Punjab and Sind Bank Personal Loan:
- You can apply online at the bank website
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
Punjab Sind Bank Personal Loan Interest Rate - Customer Reviews
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