PNB Personal Loans

Punjab National Bank, or PNB, is one of the largest public-sector banks in India. The bank was founded in 1894 and had its headquarters in Delhi. Punjab National Bank has an extensive network of 7000 branches, more than ten thousand ATMs across 764 cities and over 110 million customers. Such a vast network of branch offices is impressive and speaks of the bank’s position in the banking industry.

PNB Personal Loans

PNB provides personal loans to its customers for meeting their varied financial needs at affordable rates of interest. In addition, PNB also provides hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on PNB personal loans.

Benefits of PNB Personal Loans

PNB personal loans are loaded with customer-friendly benefits and features. Here are a few highlights of PNB personal loans.

1. Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's credit score, repayment capability, credit history, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.

3. Attractive interest rates ranging between 2% - 6.55% on top of the MCLR or 11.65% - 12% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Simplified loan application and approval process with minimal documentation.

6. Special offers on the applicant being an existing customer of PNB.

7. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

8. Facility of personal loan transfer from other banks to PNB.

Here is a summary of all the information regarding PNB personal loans.

Interest Rate	11.65%-12%
Minimum Loan Amount	Rs 50,000
Maximum Loan Amount	Rs 10 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of PNB Personal Loans

PNB offers the following types of personal loans

PNB Personal Loans for General Public

These personal loans are available for the general salaried and self-employed customers.

Eligibility Criteria

1. Minimum income of Rs 10,000- Rs 12,500 per month in non-metro cities.

2. Minimum income of Rs 15,000 per month in metro cities.

3. Sound repayment capability and a good credit score.

4. Minimum age of 21 years.

5. Maximum age of 60 years.

6. Minimum work experience of 2 years for salaried people and 5 years for self-employed people.

PNB Personal Loans for Pensioners

These personal loans are available for senior citizens only.

Eligibility Criteria

1. Available only for senior citizens holding pension accounts in PNB.

2. Sound repayment capability and a good credit score.

3. Minimum age of 60 years.

4. Maximum age of 75 years.

PNB Personal Loans for Doctors

These personal loans are offered exclusively to doctors holding accounts in PNB.

Eligibility Criteria

1. Minimum age of 21 years.

2. Maximum age of 60 years.

3. Minimum income of Rs 5 lakhs per annum pan-India.

4. Minimum 2 years of work experience.

5. Minimum 2 years of stay at current residence.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
Kotak Mahindra Bank	11.00% - 24.00%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
IndusInd Bank	10%-30.50%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
ICICI Bank	11.50% - 16.75%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for PNB Personal Loans

Applicants need to submit the following documents while applying for PNB personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Two copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

5. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

How to Apply for PNB Personal Loans Online

Customers can directly apply for PNB personal loan online by following these steps.

1. Go to the PNB website and select ‘personal loans’ from the PNB loan products tab.

2. Click on the type of the personal loan required and click on apply.

3. Download the application form.

4. Fill in the details such as the name, salary details etc. and sign the document electronically.

5. Upload the scanned copies of the required documentation and click submit.

How to Apply for PNB Personal Loans Offline

Applicants can also directly walk in the personal loan centers of PNB along with the necessary documents. They can fill up the PNB application form and submit it with the documentation. The loan is approved within a maximum of ten working days.

Frequently Asked Questions

1: What is the duration for PNB personal loan application approval?

Answer: PNB notifies the applicants of the loan approval within a maximum of 7-10 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of PNB personal loans?

Answer: PNB provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 10 lakhs.

3: What is the rate of interest on PNB personal loans?

Answer: PNB offers reasonable interest rates ranging between 2% - 6.55% on top of the MCLR or 11.65% - 12% per annum.

4: Is prepayment of loan allowed with PNB personal loans?

Answer: Yes, PNB personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure.

5: Does PNB personal loan have any pre-closure charges?

Answer: Yes, PNB personal loans charges a fee of 5% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with PNB personal loans?

Answer: Here is a list of fees associated with PNB personal loans.

Loan Processing Charges	1.8% of the loan amount + GST
Foreclosure Charges	5% of the loan amount + GST
Pre-payment or Part-payment charges	nil
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Loan documentation charges	Rs 270 - Rs 450 + GST
Loan cancellation charges	nil