Thinking of taking an overdraft against your savings account to pay off your debts?

Take a look at Punjab & Sind Bank SB OD scheme.

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.

Features of PSB Savings Bank Overdraft (Personal Loan to Salaried Class)

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 their 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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to two times the net take-home pay of the borrower

Interest

  • The interest rate applicable to this loan depends on the extant rates on PSB Savings Account

Repayment

  • Loans up to Rs. 10 lakh: This loan must be repaid within 3 years in EMIs
  • Loans Above Rs. 10 lakh: This loan must be repaid within 5 years in EMIs

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who have a Savings Bank account with PSB
  • The savings account should be at least three months old
  • The account holder should have completed at least one year of service in the organisation as confirmed/permanent employee

Margin & Security

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan

Processing Charges

  • There are no processing charges levied by the bank on 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