Punjab National Bank Personal Loan – Interest Rate, Eligibility and Documentation in 2024
Get detailed information of Punjab National Bank Personal Loan – Punjab National Bank (PNB) is one of the top nationalized banks in India that offers personal loans up to Rs 20 lakhs for salaried individuals and self-employed professionals.
PNB personal loans have features like minimal documentation, flexible tenure, competitive rates, and nil foreclosure charges.
If you plan to obtain a personal loan from PNB, here is a detailed guide on the key aspects covering eligibility, interest rates, documents required, application process, customer care contacts, and loan terms & conditions.
PNB Personal Loan Customer Care
For any queries, assistance, or information related to personal loans, PNB account status, or application process, you can contact the bank through the following channels:
- Toll-Free Numbers: 1800 180 2222 & 1800 103 2222
- Landline Numbers: 080-26143632 & 0120-2497777
- Email ID: care@pnb.co.in
- Timings: 24 x 7 customer care services
Call the toll-free numbers anytime or email your queries to the PNB customer care team for quick resolution.
Eligibility for Punjab National Bank Personal Loan
To qualify for a PNB personal loan, the broad eligibility criteria are:
Salaried Individuals:
- Age between 21 to 60 years
- Work experience of a minimum of two years
- Net monthly income > Rs. 15,000 (metro cities); > Rs. 12,000 (non-metro areas)
Self-employed Professionals:
- I have been in the same business for the last 3 years.
- Proper business documentation, including registration proof, accounts, IT returns, etc.
Documents Required for PNB Personal Loan
When applying for a Punjab National Bank personal loan, you must submit certain documents as proof of identity, residence, and financial status. The critical documents required are:
- Duly filled loan application form
- Identity proof – Aadhaar, PAN, Passport etc.
- Address proof – Voter ID, Utility bills, etc.
- Salary Slips of the last three months (for salaried individuals)
- The last six months’ bank account statements
- Business registration documents, IT returns, etc. (self-employed)
- CIBIL report
- Passport sized photographs
- Age proof
- Signature verification proof
PNB Personal Loan Interest Rates
PNB levies competitive interest rates on personal loans starting from 11.15% annually. The rates vary based on your income, company profile, credit score, loan amount, and chosen repayment period.
Besides a nominal processing fee of up to 2% of the loan amount, there are no foreclosure or prepayment charges.
PNB Personal Loan Amount
Salaried applicants can avail from Rs 50,000 to Rs 20 lakhs based on eligibility, while self-employed can get up to Rs 7.5 lakhs. The minimum loan amount is Rs 25,000.
Loan Tenure
You can opt for a flexible repayment period of 1 to 5 years to repay the Punjab National Bank personal loan comfortably. The available tenure options are:
- 1 year
- 2 years
- 3 years
- 4 years
- 5 years
Of course, the longer the repayment, the lower the EMI and outflow, albeit the total interest paid is higher. Use PNB’s personal loan EMI calculator to arrive at optimal tenure.
End Use of PNB Personal Loan Amount
PNB approves personal loans for a variety of personal expenses, including:
- Marriage
- Higher education
- Travel
- Home Renovation
- Purchase of consumer durables
- Medical expenses
- Debt consolidation
So whether you have a wedding or higher education goal, want to renovate your home, or consolidate existing debts at a lower rate, the PNB personal loan amount assists in fulfilling most requirements conveniently.
How to Apply for a PNB Personal Loan
You can choose either of the two application modes for availing of a Punjab National Bank personal loan – offline through a branch visit or online via a website/app.
Offline Application Process
- Visit your nearest PNB branch and meet the loan officer.
- Request for personal loan application form and submit duly filled along with required documents
- PNB will evaluate the application on various eligibility parameters
- If approved, they will convey the loan amount, interest rate, and tenure offered via branch visit, email, or call
- Accept their offer, complete the documentation signing, and obtain the loan disbursal.
Online Application on Website / Mobile App
- Visit the PNB website (www.pnbindia.in) and click the “Personal Loan” link.
- Select the option to apply online and complete the personal loan application form.
- Provide your personal details, income, employment, and loan requirement information.
- Upload scanned copies of your KYC and income documents as per the list
- Pay the processing fee using Netbanking or a Debit card to complete the application
- Track the application status using the reference number until approval is conveyed.
- If approved, visit a branch for documentation formalities and avail of disbursal.
- The online application channel offers convenience and faster processing.
How to Calculate Punjab National Bank Personal Loan EMI
It is essential to calculate regular EMI outflows on the Punjab National Bank personal loan amount using the EMI calculator before applying. This gives a clear picture of repayment capability from monthly income without default.
PNB offers an online EMI calculator to self-determine monthly installments. Steps are:
- Enter the required loan amount.
- Input your preferred loan tenor – 2 years, three years, etc.
- Assume the applicable rate of interest.
- Click the “Calculate EMI” button.
The calculator provides a detailed break-up of the EMI amount, total interest payable, and overall repayment figures. Adjusting loan amount, tenure, and interest rate can derive an optimal EMI suited to repayment capacity without default.
PNB Personal Loan Disbursal Process
Once your Punjab National Bankpersonal loan application is approved, the loan amount disbursal process comprises the following steps:
- Visit the PNB branch with documents for verification.
- Complete documentation, including signing Loan agreement, ECS mandate for EMI/ACH clearing
- Process cheque for applicable processing fees (up to 2% of the loan amount )
- PNB will credit the approved loan amount directly to your bank account via NEFT, usually within five working days
- Repay the loan in EMIs through auto-debits from your account on due dates.
Tracking PNB Personal Loan Application Status
After applying for the loan, you can track real-time application status by:
Calling up the PNB branch or credit team handling your application
Mailing to the branch email ID requesting the latest update
Using PNB internet/mobile banking to check status
Visiting the branch and meeting the concerned Loan Manager
This assists in getting clarity on the application stage, reasons for any delay if applicable, and expected loan approval date.
PNB Personal Loan Statement
While repaying the loan, you can access the personal loan account statement from PNB through the following:
- Net Banking – Login to view the account summary with principal outstanding, interest due, EMIs paid, next payment date, etc.
- Mobile Banking App – Check personal loan details and generate online account statements
- By visiting the branch counter – With identification proof, get an account statement from the home branch
- Via Customer Care – Call the toll-free number & talk to the agent for personal loan balance details after answering security questions.
- This assists in tracking dues and ensuring the account remains standard.
PNB Personal Loan Preclosure and Foreclosure
Although the ideal duration is to service a PNB personal loan for the entire tenure, the bank allows part prepayments or forecloses the whole loan at any time without attracting any prepayment penalties or charges.
To initiate foreclosure:
- Apply to the PNB branch with intent for full & final settlement.
- Obtain the pending dues certificate and remit the payment.
- Collect No Dues certification and complete preclosure formalities.
- This saves on interest outgo.
In summary, PNB offers quite flexible and attractive personal loan schemes. You can fulfill aspirations and uphold a healthy credit profile by making informed financing decisions, comparing options, and ensuring fiscal discipline. Follow the application process to avail of a PNB personal loan.
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