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PNB Personal Loan Interest Rate

Current PNB Personal Loan Interest Rate

Last Updated 11th Jun 2021

Interest Rate 8.95% - 14.50%
Tenure Upto 60 months
Processing Fee 1.8% + Taxes
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Minimum Income ₹ 30,000
Eligible Age 21 to 58 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
  • Today’s PNB personal loan interest rate starts at 8.95%.
  • PNB offers the lowest personal loan rate of 8.95% to borrowers who are existing customers of the bank or are working with top corporations.
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PNB Personal Loan Rates and Charges

  • PNB offers personal loans to salaried individuals at a minimum rate of 8.95%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as PNB personal loan rates and charges. As listed below:
PNB Personal Loan Rates and Charges
Interest Rate 8.95% to 14.50%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees 1.8% + Taxes

Interest rates on PNB Personal Loans Schemes

As on today, PNBPersonal loan interest rates are in the range of 8.95% to 14.50%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on PNB personal loan remains unchanged at 8.95% as on 07 Jun, 2021. The last revision on PNB Personal Loan was announced on 07 Jun, 2021 when the rate was 8.95%. PNB also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

PNB Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 8.95% 1.8% + Taxes Nil prepayment charges
Self-Employed Professional Starting from 12.65% 1.8% + taxes Nil prepayment charges

PNB Personal Loan Rate Comparison with Other Banks

Here is a comparison of PNB Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars PNB HDFC Bank SBI
Rate of Interest Starting from 8.95% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee 1.8% + Taxes Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 15 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

PNB Personal Loan Balance Transfer Interest Rates

PNB personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with PNB at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently PNB offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on PNB Personal Loan?

You can get the lowest PNB personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the PNB personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from PNB as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, PNB may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. PNB offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is PNB personal Loan interest rate?

Today, the lowest interest rate on PNB Personal Loan is 8.95%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in PNB personal loan?

You can reduce the interest to be paid on PNB personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when PNB provides discounted personal loan offers

Is PNB personal a floating rate loan or fixed-rate loan?

PNBis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did PNB personal loan rate drop in 2021?

Presently, PNB offers personal loans at an interest rate starting at 8.95%. There has been no change in personal loan rates of PNB for a long time and continue to stand at 8.95%.

How do I check my eligibility to get a personal loan at a low rate from PNB?

The lowest rate on PNB is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at PNB official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in PNB?

The lowest personal rate offered by PNB on a personal loan is 8.95%.

What is the interest rate charged by PNB on personal loan?

Personal loan interest rates in PNB are 8.95% to 14.50%. PNB personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the PNB personal loan interest rate?

You can ask for a reduction in your PNB personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from PNB?

No, there is no need for any collateral or security while availing a personal loan from PNB. PNB personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from PNB early?

If you want to prepay your entire personal loan from PNB, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the PNB personal loan scheme availed by you, before making any decision.

How does PNB calculate the interest on a personal loan?

The interest for PNB personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, PNB personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of PNB personal loan interest calculation.
  • Reducing rate method:  As per the PNB personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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.
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