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Personal Loan Balance transfer to PNB

Refinance PNB Personal Loan

Last Updated 07th Jun 2021

Interest Rate 8.95%
Processing Fee 1.8% + Taxes
Lowest EMI per lakh ₹ 2,073
Loan Tenure 5 years
  • 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.
  • Now apply for PNB personal loan balance transfer at 8.95%.
  • 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..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

PNB Personal Loan Balance Transfer

PNB Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to PNB must be taken 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. Individuals should proceed with the PNB balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

PNB Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • PNB Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

PNB Eligibility Criteria and Documents required

Eligibility criterion of the PNB is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the PNB Personal loan balance transfer are mentioned below:

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

Documents required for PNB Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare PNB Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to PNB?

Steps for the personal loan balance transfer to PNB are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, PNB charges lowest interest rate on personal loan balance transfer.

How do I check my PNB personal loan balance?

You can check your personal loan balance of PNB by below mentioned ways:

  • By visiting the PNB branch.
  • By calling the customer care of the PNB.
  • By logging on into the PNB mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my PNB loan application?

You can get update about PNB loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-11-03 : PNB reported an 18% decline in Q2 net profit
    PNB posted a 22% increase in net profit to Rs 621 crore in the second quarter against Rs 507 crore in the year-ago period. Bank net interest income rose to Rs 8,393 crore and the bank’s net interest margin improved to 3.21% for the quarter ended September. Further, PNB’s total income backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at Rs 23,439.
  • 2020-08-25 : PNB to offer one-time loan restructuring option
    Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
  • 2020-08-24 : PNB Q1FY21 net profit at Rs. 475.19 crore
    Punjab National Bank posted a net profit of Rs.475.19 crores for the period ended June 30, 2020, as against a net loss of Rs.596.99 crores for the period ended March 31, 2020. In addition to this, the bank reported total income of Rs.24727.72 aided by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
*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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