Thinking of a Personal Loan to pay off your debts?

Take a look at Punjab & Sind Bank PSB Personal Loan Scheme

Punjab & Sind Bank PSB 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 organisations and private sector organisations 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

Loan Amount

  • Loans to Salaried Class: The maximum loan amount offered under this loan scheme is up to a maximum of eighteen times the monthly gross salary of the salaried employees or Rs. 3 lakh, whichever is less
  • Loans to Pensioners: The maximum loan amount offered under this loan scheme is up to a maximum of fifteen times the monthly net pension of pensioners up to the age of 65 years and ten times the monthly net pension of pensioners above the age of 65 years up to 70 years or Rs. 1 lakh, whichever is less

Interest

  • As of October 2020, the interest rate applicable to this loan is 11.10%

Repayment


  • This loan must be repaid within 5 years subject to the maximum age criterion, whichever is earlier

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least three years of service who have a Savings Bank account with PSB
  • The salary of the employee should be routed through the Savings Bank account at the PSB branch where this loan is sanctioned
  • The borrowers in the salaried class working in the Govt./PSU sector should be in the age group of 21 to 60 years and salaried class working in the private sector should be in the age group of 21 to 65 years
  • The maximum age for pensioners to apply for this loan is 70 years

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • The bank may ask for employer’s sponsorship, authorisation to debit savings bank account and third-party guarantee to secure this loan

Processing Charges


  • The bank charges 1.00% of the loan amount for processing this loan

Documents Needed

  • 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
  • Authorisation to debit Savings Bank account

Reference Facts

  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, India
  • Call Centre Toll-Free Number: 1800 419 8300