Thinking of a special Personal Loan for Doctors to pay off your debts?

Take a look at PNB Personal Loan Scheme for Doctors

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 their high-interest credit card debts and loans. 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 consolidating debt
  • There are no prepayment charges for this loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 15 lakh or 20 times monthly gross salary/income, whichever is lower

Interest

  • The interest rate applicable to this loan is defined as the sum of two factors: Repo Linked Lending Rate (RLLR) and a Spread factor of 2.15%. As of October 2020, the RLLR of PNB is 6.80% bringing the effective interest rate at 8.95%

Repayment

  • Term Loan: This loan must be repaid within 7 years. There is no moratorium period for this loan and repayment starts one month after disbursement of loan
  • Overdraft: The Overdraft Limit is adjusted within the remaining period of service or within 7 years by reducing Drawing Power equivalent to EMI amount at the beginning of every month

Eligibility

  • Doctors employed with Public Sector Undertakings, Central Government or State Government units with net annual income/salary of Rs. 5 lakh or more
  • Private practicing doctors are also eligible for this loan if they have a net annual income/salary of Rs. 5 lakh or more and must be living at the current place of residence for at least 2 years
  • The borrowers must be paying tax for at least two years

Security Needed

  • The bank accepts tangible collateral security equivalent to at least 100% of the loan amount or third-party guarantee to secure this loan

Processing Charges

  • The bank charges 0.90% 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

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