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PNB Personal Loan

Online PNB Personal Loans

Last Updated 06th Dec 2021

  • PNB Personal Loan interest rate starts from 8.90%. Check Best Offers
  • The processing fee charged on PNB personal loan is 1.8% + Taxes.
  • PNB also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your PNB personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • PNB has special schemes for different income and occupation groups.
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PNB Personal Loan Details

  • Interest Rate on PNB personal loan ranges from 8.90% to 14.45%.
  • Lowest EMI per lakh works out to be ₹ 2,071 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by PNB are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 15 Lakh
  • PNB Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by PNB on personal loan is 1.8% + Taxes
  • PNB allows personal loan foreclosure and part prepayment at Nil prepayment charges.
  • Schemes of PNB as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on PNB Personal Loan?

There are various factors that impact your chances to get the best offers on PNB Personal Loan, as listed follows:

  • Loan Amount - PNB offers loans between ₹ 50,000 and ₹ 15 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - PNB offers personal loan to all customers with a net take home monthly salary of more than ₹ 30,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - PNB has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for PNB personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - PNB offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 8.90%
  • Credit Score - PNB checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

PNB Personal Loan Documents

You require the following documents to avail personal loan from PNB

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of PNB Personal Loan Schemes

PNB offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Loan to Meet All Types of Personal Needs
  • You can avail overdraft facility as well as term loan to meet all types of personal needs.
  • PNB personal loan for pensioners provides financial assistance to the pensioners for a minimum of Rs 25,000.

How to Apply for PNB Personal Loan?

The step-by-step procedure to get a personal loan online from PNB is mentioned below:

  • Visit the official website of PNB Or contact your nearest PNB branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, PNB will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by PNB, and on successful approval of the loan, the funds will be disbursed to your PNB account immediately.

You can also apply for PNB personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest PNB branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The PNB representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your PNB Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan PNB
Maximum Annual Percentage Rate (APR) 9.26% to 14.81%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • PNB Personal Loan Interest Rate: 8.90% to 14.45%
  • Processing Fee payable to: Upto ₹ 1,800
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,071 for 60 Months ₹ 1,00,000 loan at 8.90% (lowest rate, longest time period) to ₹ 9,000 for 12 Months ₹ 1,00,000 loan at 14.45% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.26% to 14.81%
  • Total cost payable over loan tenure: ₹ 1,06,686 for 12 Months loan to ₹ 1,26,059 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the PNB take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from PNB ?

Below-mentioned is the reason why you must avail a personal loan from PNB.(1) Multiple schemes for public, pensioners and house owning senior citizens (2) Low processing fee (3) Less documentation

How much interest is charged by PNB on personal loan?

Personal loan interest rates in PNB are 8.90% to 14.45%. PNB personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from PNB ?

If you apply for loan from PNB, your lowest Personal Loan EMI per lakh will be ₹ 2,071 which corresponds to lowest interest rate of 8.90% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in PNB?

PNB personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from PNB?

PNB offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 15 Lakh

Can I add my spouse's income while applying for personal loan from PNB?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from PNB . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get PNB personal loan?

You can get a personal loan from PNB by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with PNB’s application process.

How can I check my PNB personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from PNB, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at PNB's website. In case you are unable to track your application online, you can get PNB loan assistance at PNB loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a PNB personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from PNB. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from PNB?

No, PNB does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my PNB personal loan after 1 year?

You can close your personal loan from PNB after 0 months by paying charges: Nil prepayment charges

Can I negotiate with PNB on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your PNB personal loan EMI?

You can pay your PNB personal loan EMI by using ECS facility or through Standing Instruction.PNB also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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PNB Personal Loan News - Dec 2021
  • 2021-12-06 : Punjab Bank Introduces New App for Disabled
    PNB has launched a new Andriod-based App, PNB Pride- CRMD Module Tool, to help differently-abled employees. The app will aid Special Mention Account Borrowers for banking services.
  • 2021-11-09 : PNB Increases Personal Loan Rates
    Punjab National Bank has revised personal loan rates by 25 points basis, and as a result, the lowest personal loan rates start at 8.90%.
  • 2021-10-28 : Punjab National Bank Profit Jumps To 78 percent
    Punjab National Bank (PNB) has posted a profit of 78 percent in net profit at Rs 1,105 crore for the second quarter ended September 30, 2021. Last year, the lender posted a net profit of Rs 620.81 crore during the corresponding quarter a year ago.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-09-24 : PNB Reduces Personal Lending Rates
    Punjab National Bank has decreased the personal loan rates by 25 points basis. The new personal loan rate now stands at 8.70%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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