Punjab National Bank Personal Loan @ 8.45% | Eligibility, Factors, How To Apply? and How To Calculate EMI?

Punjab National Bank Personal Loan: As the world’s first Swadeshi bank, the Punjab National Bank (PNB) commenced operations in Lahore on April 12, 1895, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. This is the first bank in the world that is wholly owned and operated by Indians and funded totally by Indian money. PNB has absorbed or merged with nine other banks during its long history.

The Punjab National Bank was nationalized in July 1969, and 13 other banks as part of more considerable banking reform. In 1986, they bought Hindustan Commercial, which resulted in 142 branches from Hindustan to the Bank’s existing network.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

How Can Get the Best Deal on a Personal Loan from PNB?

Several criteria influence your chances of receiving the best offers on a PNB Personal Loan, which are stated below:

  • Loan Amount – PNB provides loans ranging from 50,000 to 15 lakh rupees and charges lower interest rates on more significant loan amounts and vice versa; therefore, make your application by this range.
  • Customer’s monthly net take-home pay – PNB provides personal loans to all clients who earn a net take-home pay of more than 30,000. If you have a low salary, the interest rate is more significant; if you make a big salary, the interest rate is lower.
  • Credit Score – PNB assesses personal loan borrowers’ CIBIL scores, which must be a minimum of 650 to be approved. The better your CIBIL Score, the greater your chances of obtaining the most excellent deal.

Personal Loan Agreements with PNB

To apply for a personal loan from PNB, you will need to provide the following documentation.

  • If you are applying for a loan online, you will need a completed loan application form or an online form.
  • 2 Photographs of the size of a passport
  • One of the following forms of identification is acceptable: driving license, PAN, passport, voter identification card, or Aadhaar card.
  • Residential Address Proof – One of the following options is acceptable: Rent agreement with a registered tenant, passport, leave and license increase, and utility bill from the previous three months are all required.
  • Income documentation includes a copy of Form 16 from the last two years, a three-month pay stub, and a three-month bank statement showing salary credit and any EMI debit.
  • Identity documentation, such as a voter identification card, passport, driving license, or similar document.

How to Apply for a Personal Loan from PNB?

The following is a step-by-step guide on how to apply for a personal loan from PNB online:

  • PNB’s official website may be found here. Alternatively, you may contact your local PNB branch.
  • Fill out the form with your personal, professional, and financial information, as requested by the lender, and submit it.
  • Once you have completed the application form, PNB will review it to determine your eligibility and give you information on the amount of money you are entitled to receive.
  • Upon confirming your agreement to proceed with the application, you will be requested to provide the relevant papers, which may also be uploaded to the website.
  • Finally, your paperwork will be evaluated by PNB, and if your loan application is approved, the funds will be paid to your PNB account as soon as they become available.

Personal Loans Can Be Obtained Online

You may also apply for personal loans with PNB by visiting a branch or phoning their customer service department to speak with a representative.

  • Visit your local PNB office and fill out an application form with the loan amount you need, your personal information, your professional information, and your contact information, as well as your contact number.
  • The representative from PNB will go through the loan’s eligibility requirements, the loan rates and conditions, and processing costs, prepayment, and foreclosure provisions with the borrower.
  • An application reference number will be supplied to you when you have submitted the application form and all needed documentation. It is possible to follow the progress of your PNB Personal Loan application by dialling the same number.

Factors Influencing the EMI on a PNB Personal Loan

Loan amount — If you take out a larger loan, you will pay a greater interest rate. PNB offers loans with a minimum of 50,000 rupees and a maximum credit amount of 15 lakh rupees.

Loan tenure – It refers to the length of time you have to pay back your loan with PNB. As a result, if you take a 60-month loan from PNB instead of a 12-month loan, your monthly installments would be cheaper. The reasoning behind this is that if you are given a longer repayment time, you will repay in smaller installments.

How to Make Payments on PNB Personal Loan EMI?

Paying your PNB Personal Loan EMI may be done in various ways, both online and offline. You may repay your PNB EMI online by logging into your net banking account, or you can utilize the PNB mobile banking application. PNB also offers the option of paying EMI by ECI, standing instructions, or a cheque facility, which may be obtained by visiting your local PNB bank.

Criteria for Eligibility for a Personal Loan from PNB

The following are the specific qualifying requirements for a PNB personal loan:

  • Confirmed or permanent workers of the federal, state, or local governments or public sector organizations who get their salaries from PNB and have a minimum of two years of work experience.
  • Others are expected to have a minimum of three years of job experience.
  • LIC agents under the age of 60 who have been in the business for at least five years and have a regular and consistent income while having an SF account with a PNB branch are encouraged to apply.
  • Third-party assurances that are appropriate

How to Calculate the EMI for a Personal Loan from Punjab National Bank?

The EMI for a Punjab National Bank Personal Loan can be determined quickly and simply. It is a one-step loan EMI calculator that is available immediately.

To get started, just enter the essential loan criteria, such as the loan amount, interest rate, and loan term. As soon as you press the Enter key, the system will display the following information: loan EMI, total payable interest, and total payment.

The monthly installment of a loan is determined by the following factors:

Interest rates: The interest rate is determined by the circumstances of the market. At the moment, the interest rate on a Punjab National Bank loan begins at 8.45 percent per year. The effective interest rate is determined by the specifics of your demand, the product, and your profile. The monthly payment, often known as the EMI, will increase as the interest rate rises.

Loan repayment period: The overall loan payback period has a direct impact on the monthly payments. The loan duration will be extended if the EMIs are reduced. However, whether or not you will be eligible for a longer term of employment is strongly related to your age. Long-term loans are more likely to be authorized for young individuals than for older persons.

Loan amount: The loan amount, in addition to the interest rate and loan term, is the factor that has the most impact on your EMI. You must always borrow in proportion to your ability to pay back the money you borrow.

Conclusion on Punjab National Bank Personal Loan

Among the various considerations lenders use to determine whether or not to accept a fixed-rate mortgage application, your credit score is simply one of several. A house loan may be obtained even if you have terrible credit, but the interest rate is likely higher than typical.

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