Consolidation Loans from Punjab & Sind Bank (PSB)
Different loan schemes for debt consolidation.
Headquartered in the heart of the country, Punjab & Sind Bank (PSB) offers a range of financial products to different segments of its customer base. As of October 2020, PSB gives you the option to choose from a range of loans that are specifically suited for your different needs.
Punjab & Sind Bank Consolidation Loans
PSB offers different loan schemes to its customers for their varied needs such as standard loan options including home loans, education loans, business loans, etc. and specific loans such as consolidation loans.
Consolidation loan helps people pay off all their debts and consolidate them into one loan which they can repay by choosing terms as per their preference. These can be unsecured loans like personal loans or secured loans like loans against property, gold or securities.
While Punjab & Sind Bank does not brand a specific loan scheme as a consolidation loan, there are quite a few loans that can be used to consolidate your debt. Here are some of the loan schemes offered by Punjab & Sind Bank that you can avail as a consolidation loan:
- PSB Personal Loan
- PSB SB Overdraft
- PSB Gold Loan
- PSB Mortgage Loan
- PSB Sukhmoney for Senior Citizens (Reverse Mortgage Loan)
- PSB Apna Ghar Top Up Loan
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Punjab & Sind Bank Personal Loan (for Salaried Employees and Pensioners)
This loan helps borrowers to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans. Salaried employees of government organisations, public sector units and private sector units as well as pensioners holding pension account with PSB are eligible for this loan.
Features of PSB Personal Loan
Why this Loan?
- The Punjab & Sind Bank PSB Personal Loan is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet urgent personal needs other than speculative purposes
- Pensioners holding their pension account with Punjab & Sind Bank are also eligible for this loan
- This is a collateral-free loan
Punjab & Sind Bank PSB SB OD (PSB Savings Bank Overdraft)
This loan helps borrowers to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts.
Features of PSB Savings Bank Overdraft
Why this Loan?
- The Punjab & Sind Bank PSB SB Overdraft is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies having a savings bank account with PSB who need financial assistance to meet urgent personal needs
- The account can be opened and maintained at zero balance as long as the borrower is associated with that organisation. However, upon retirement, the borrower must maintain the minimum balance as required as per extant laws
Punjab & Sind Bank PSB Gold Loan
This loan helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of PSB Gold Loan
Why this Loan?
- The Punjab & Sind Bank PSB Gold Loan is meant for borrowers who want to get access to funds by pledging gold jewellery or specially minted gold coins sold by any bank to meet their financial needs
- Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
Punjab & Sind Bank Mortgage Loan
This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.
Features of PSB Mortgage Loan (Loan Against Property)
Why this Loan?
- The Punjab & Sind Bank PSB Mortgage Loan is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This is a secured loan and borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
- The bank also offers mortgage loans to its corporate and MSME borrowers. The terms are different from those for retail customers. We suggest talking to a bank representative to get more details
Punjab & Sind Bank PSB Sukhmoney (Reverse Mortgage Loan)
This loan helps senior citizens get access to funds by mortgaging their self-occupied residential property to meet their living expenses, personal needs, medical expenses or home renovation / repair / extension expenses. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts.
Features of PSB Reverse Mortgage Loan for Senior Citizens
Why this Loan?
- The Punjab & Sind Bank PSB Sukhmoney Reverse Mortgage Loan is meant for senior citizens who want to meet their living expenses or supplement pension income by pledging their self-occupied residential property used as a primary permanent residence for this loan
- The borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans. This loan cannot be availed for trading or speculative purposes
Punjab & Sind Bank PSB Apna Ghar Top Up Loan
This loan helps PSB housing loan borrowers meet their personal needs or pay off their existing loans. This is the perfect loan scheme for Punjab & Sind Bank home loan borrowers who need additional funds for meeting financial exigencies.
Features of PSB Apna Ghar Top Up Loan (for PSB Home Loan Borrowers)
Why this Loan?
- The Punjab & Sind Bank PSB Apna Ghar Top Up is meant for Punjab & Sind Bank housing loan borrowers who need additional funds for personal needs
- This loan can be used by borrowers to consolidate their debts by paying off all other loans
- This scheme is offered as a term loan and overdraft depending on the needs of the borrower
Important Note: Punjab & Sind Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Punjab & Sind Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of PSB is 7.70%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, India
- Call Centre Toll-Free Number: 1800 419 8300