PNB Personal Loan
For individuals looking to address immediate or future financial needs, a personal loan from Punjab National Bank can be a dependable source of funding at a low cost.
Get Personal Loan
Quick and easy personal loans with low interest and approval.
PNB personal loans offer a variety of repayment alternatives and require very little paperwork.
You can use a PNB personal loan to help with anything from financing your wedding to funding your vacation to covering your medical emergency to any other personal financial needs, so you don’t have to worry about financing.
Additional Information:
Government sector (both Central Government & State Government, Railway, Police, and PSU)
Defence sector (Defence, Indian Coast Guard & Central Armed Police)
Corporate sector
Employee should have Salary Package Account with SBI only. Click here to know more about advantages of maintaining Salary Account with SBI.
Minimum Service:
Government/Defence Sector employees: Six (6) months
Corporate Sector employees: Twelve (12) months
Age: 21-60 years. Government/Defence sector employees in service & above the age of 60 years will be considered on individual basis.
Minimum Net Monthly Salary:
Government/Defence Sector employees: ₹20,000/-
Corporate Sector employees: ₹25,000/-
Loan Amount
Minimum: ₹ 1 lakh
Maximum: ₹ 50 lakh, subject to an EMI/NMI Ratio of 65% and 30-times NMI, whichever is lower
Employee should be an Indian National
Employee should have a fair Credit score, in accordance with Bank’s internal policy
Documents Required for SBI Personal Loan
To process your loan application smoothly, please ensure you have the following documents:
KYC Documents
– Aadhaar Card
– PAN Card
– Passport / Voter ID / Driving License
Income Proof
– Salary slips (last 3 months)
– Bank statement (last 6 months)
– Form 16 or ITR
Employment Proof
– Employee ID card
– Appointment letter (if required)
Additional Documents
– Passport-size photographs
– Proof of Address
Interest Rates & Charges
The interest rates for SBI Personal Loans are determined by an individual’s profile and credit score and the amount being availed.
Interest Rate Range
– Usually, it starts from 10.50% (approx.)
Processing Fee
– Usually, around 1% to 1.5% of the loan amount + GST
Prepayment Charges
– Vary from loan to loan
– Partial or full prepayment is allowed after a certain period
Late Payment Charges
– EMIs missed will be penalized.
Repayment Terms
SBI has repayment options that are flexible.
Loan Duration
– Must be a minimum of 1 year
– Must be a maximum of 6 years
EMI Payments
– EMIs deducted automatically every month from bank account
– EMIs will remain constant during the duration of the loan
Prepayment option
– Can only be done after a certain period of time
– Decreases the total amount of interest paid
Eligibility Factor | Standard Requirement |
Age | 21–60 years (salaried), up to 65 years (self-employed), up to 78 years (pensioners) |
Type of Employment | Salaried, Self-employed, Pensioner |
Minimum Work Experience | 2 years (salaried), 3 years (self-employed) |
Minimum Net Monthly Salary | ₹15,000 – ₹25,000 |
CIBIL Score | 700+ preferred (750+ for self-employed) |
Loan Amount | ₹25,000 to ₹20 lakh (depending on scheme) |
Loan Tenure | Up to 6–7 years (depending on scheme) |
Banking Relationship | Required for most schemes |
Documents required for PNB Personal Loan
Applicants must submit the following:
Identity proof
– Aadhaar card
– PAN card
– Passport/Voter ID
– Address proof
– Utility bill
– Rent Agreement
– Aadhaar card
INcome proof
For Salaried
Last 3-6 months salary slip or bank statements
Form 16 or ITR
For Pensioners:
Pension slip
Bank statement
Proof of Employment
Offer letter/ID card or Employment certificate.
PNB Personal Loan: Interest Rates & Charges
Before proceeding with the loan application, it is essential to understand:
Interest Rate
Starting from ~10% and up per annum, depending on:
– Credit score
– Income
– Employer profile
Processing Fees
Typically from 0.5% to 1% of loan amount (plus GST)
Prepayment charges
If applicable
It depends on the loan program
Late Payment Charges
Fee applicable if the installment payment is made after the due date.
Repayment Process
With PNB, the repayment process is made easy with
Auto debit facility for EMI
Variety of tenure
Electronic payment options
EMI Calculation Example
If you take a loan for 5 years with 11% interest for 5 lakh then:
The EMI comes to around 10,870
The total amount repayable comes to around 6.5 lakh
Steps to Apply for PNB Personal Loan
It is easy to apply for a personal loan at PNB.
Online
Go to the PNB portal.
Complete the personal loan application form.
Attach necessary documents.
Submit and wait for your approval.
Offline
Go to the nearby PNB branch.
Complete the application form.
Submit the documents.
Verification will be done.
Reasons to PNB Personal Loan
It is no surprise that many prefer taking a PNB loan due to:
Reliability being a public sector banking
Lower rates of interest compared with NBFCs
No hidden clauses
Variety of repayment choices
Every locality has a branch
Things to Know About PNB Personal Loan
It is advisable to understand before you apply because
1. Loan Approval
The loan will be approved after evaluation and if one meets the set eligibility
The bank will decide if the application is approved or rejected.
2. Interest Rates
The bank is not obligated to keep the interest rate the same. The rate is decided after the bank and RBI decide the course of action.
3. Payment of EMI
The borrower has to ensure that the EMI is paid.
Failure to do this will cause hidden charges and also a low credit score.
4. Prepayment
The borrower is allowed to pay before the due date. However, there will be charges.
5. Documentation
The documents have to be authentic.
If not, the application will be rejected.
6. Insurance
The loan will be insured fully at the cost of the bank.
7. Default Consequences
– The borrower will likely suffer legal repercussions as well as fees, if any payments are missed.
– Also, missed payments can cause the borrower’s credit rating to drop.
How to Get Personal Loan Approved Faster
For personal loans that get approved quickly, here’s what to do:
– Get a CIBIL score of 700 or more
– Be prepared with the required documents
– Avoid requesting multiple loans at the same time
– Keep your job with the same employer
– Keep your debt levels low
Frequently Asked Questions
Find quick answers to common questions about MSME loans, eligibility, documents, and the application process.
1. What is the maximum loan amount offered by Punjab National Bank personal loan?
2. What is the interest rate for PNB personal loan?
3. What is the repayment tenure for PNB personal loans?
4. Is collateral required for PNB personal loan?
5. Who is eligible to apply for a PNB personal loan?
6. What is the minimum CIBIL score required?
7. How long does it take for loan approval and disbursal?
8. What documents are required for PNB personal loan?
9. Can I apply for a PNB personal loan online?
10. Are there any processing fees?
Contect
Jitender KumarÂ
Phone No: +91- 88105 67421
Address: B – 4 Bhanot Bhawan, Azadpur, Delhi – 110033
