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PNB Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to PNB

Last Updated 26th Nov 2021

  • PNB Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to PNB.
  • Avail top up from PNB at the time of loan balance transfer to fulfil additional fund requirements.
  • PNB offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare PNB Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 8.95% Check Best Offers
Processing Fee 1.8% + Taxes
Lowest EMI per lakh ₹ 2,073
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

PNB Personal Loan Balance Transfer

PNB Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to PNB to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on PNB balance transfer ranges from 8.95% to 11.80%, while the repayment tenure ranges between 12 Months to 60 Months.

PNB Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to PNB keeping in mind the interest rate of the current Bank and PNB. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the PNB balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

PNB Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to PNB

The benefits of transferring the Personal loan to PNB are as follow:

  • PNB offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • PNB Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the PNB and avail better facilities.
  • PNB offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

PNB Eligibility Criteria and Documents Required

The eligibility criterion of the PNB is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare PNB Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare PNB Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to PNB?

Steps for the balance transfer to PNB are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the PNB personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the PNB, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from PNB in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my PNB personal loan balance?

You can check your personal loan balance of PNB in below-mentioned ways: (i) By visiting the PNB branch. (ii) By calling the customer care of the PNB. (iii) By logging on to the PNB mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my PNB loan application?

You can check the status of your PNB loan application in two ways. (i) Net banking: You are required to login into PNB net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the PNB: You can also visit the PNB branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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PNB Personal Loan News - Nov 2021
  • 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%.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
*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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