Thinking of a Personal Loan to pay off your debts?

Take a look at Punjab National Bank PNB Personal Loan Scheme for Public

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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to a maximum of fifteen times the gross monthly salary of the salaried employees or Rs. 10 lakh, whichever is less

Interest

  • Loans to Govt. Employees: 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 3.00%. As of October 2020, the RLLR of PNB is 6.80% bringing the effective interest rate at 9.80%
  • Loans to Corporate Employees: 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 4.00%. As of October 2020, the RLLR of PNB is 6.80% bringing the effective interest rate at 10.80%
  • Loans to Defence/Paramilitary Personals Covered Under Rakshak Plus Scheme: 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 5 years subject to the maximum age criterion, whichever is earlier
  • Overdraft: The Overdraft Limit is adjusted within the remaining period of service or within 5 years by reducing Drawing Power equivalent to EMI amount at the beginning of every month

Eligibility

  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least two years of service
  • The salary of the employee should be routed through the Savings Bank account at the PNB branch where this loan is sanctioned

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 suitable third-party guarantee to secure this loan

Processing Charges

  • The bank charges 1.00% of the loan amount for processing this loan. However, defence personnel do not have to pat processing charges 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

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