Punjab National Bank (PNB) offers a range of financial products to different segments of its customer base. PNB gives you the option to choose from a range of loans that are specifically suited to your different needs. Some loan schemes are standard loans such as personal loans, housing loans, vehicle loans, business loans, etc. However, PNB also offers special loan schemes for the varied needs of its customers such as special loans for PNB employees, pensioner loans, consolidation loans, etc.
Punjab National Bank Consolidation Loans
A PNB consolidation loan helps customers 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.
Consolidation loans help customers make their lives easier by consolidating all their debts into one loan, request takeover of a high-interest loan with a relatively low-interest loan, pay off high-interest credit cards, etc. depending on their needs. The important thing to note here is that the bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so.
Here are some of the loan schemes offered by Punjab National Bank that you can avail as a consolidation loan:
- Personal Loan Scheme for Public
- Personal Loan Scheme for Doctors
- Personal Loan Scheme for Pensioners
- Advance Against Gold Jewellery/Ornaments and Gold Coins
- Advance Against Sovereign Gold Bonds
- Online Overdraft Facility Against Fixed Deposit
- PNB Loan Against Mortgage of Immovable Property
- PNB Baghban (Reverse Mortgage 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 National Bank PNB Personal Loan Scheme for Public
This loan helps borrowers to get funds to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, 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, private sector companies and institutions, etc. drawing salary through PNB are eligible for this loan.
Features of PNB Personal Loan Scheme for Public
Why this Loan?
- The Punjab National Bank PNB Personal Loan for Public 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. The borrowers must have the salary account with PNB to be eligible for this loan
- This collateral-free loan is offered as a term loan or overdraft
- There are no pre-payment charges for this loan
Punjab National Bank PNB Personal Loan Scheme for Doctors
This loan is specifically designed for doctors to help them get funds to meet their urgent financial needs. This personal loan can also be repurposed into a consolidation loan to pay off debts. Professionally qualified doctors with a net annual income or salary of Rs. 5 lakh or above are eligible for this loan.
Features of PNB Personal Loan Scheme for Doctors
Why this Loan?
- The Punjab National Bank PNB Personal Loan Scheme for Doctors is meant for qualified doctors who are employees of government units/institutions having a net annual income or salary of Rs. 5 lakh or above or private practitioners paying taxes for at least 2 years
- This loan can also be used to pay off high-interest debts, thereby using it as a consolidation loan
- There are no prepayment charges for this loan
Punjab National Bank PNB Personal Loan for Pensioners
This loan helps pensioners 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. Only the pensioners holding pension account with PNB are eligible for this loan.
Features of PNB Personal Loan for Pensioners
Why this Loan?
- The Punjab National Bank PNB Personal Loan for Pensioners is meant for pensioners, drawing pension through PNB, who need financial assistance to meet urgent personal needs including medical expenses
- This is a collateral-free loan
Punjab National Bank PNB Advance Against Gold Jewellery/Ornaments and Gold Coins
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This advance can be used to meet any financial needs such as those for a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of PNB Advance Against Gold Jewellery/Ornaments and Gold Coins
Why this Loan?
- The Punjab National Bank Advance Against Gold is meant for borrowers who want to get access to funds by pledging gold jewellery/ornaments or specially minted gold coins sold by banks to meet their financial needs
- This advance can also be availed by borrowers as a consolidation loan
Punjab National Bank PNB Online Overdraft Facility Against Fixed Deposit
This loan helps borrowers to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. against Fixed Deposits (FDs). This scheme 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 PNB Online Overdraft Facility Against Fixed Deposit
Why this Loan?
- The Punjab National Bank PNB Online Overdraft Facility Against Fixed Deposit is designed to help PNB internet banking users to meet their urgent financial needs
- The funds availed from this scheme can be used for personal needs including child’s education expenses, wedding expenses, expenses for overseas or domestic travel as well as for consolidating debts
- This facility can be availed online
Punjab National Bank PNB Loan Against Mortgage of Immovable Property
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 PNB Loan Against Mortgage of Immovable Property (Loan Against Property)
Why this Loan?
- The PNB Loan Against Mortgage of Immovable Property 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
- Borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
- The scheme is offered as a term loan or overdraft based on the needs of the borrower
Punjab National Bank PNB Baghban (Reverse Mortgage Loan)
This loan helps senior citizens who want to meet their living expenses or supplement pension income by pledging their self-occupied, residential property for this loan. 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. This loan cannot be availed for trading or speculative purposes.
Features of PNB Baghban – A Scheme for House-Owning Senior Citizens
Why this Loan?
- The Punjab National Bank PNB Baghban Reverse Mortgage Loan helps senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into liquid cash flows to meet their living expenses, personal needs, medical expenses or home renovation/repair/extension expenses
- They can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
Important Note: Punjab National 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 National 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 PNB is 7.35%. 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
Reference Facts
- Punjab National Bank Website: www.pnbindia.com and www.netpnb.com (net banking)
- Headquarters: New Delhi, India
- Call Centre Toll-Free Number: 1800 180 2222