Punjab National Bank offers personal loans for salaried, self-employed and pensioners including defense personnel. An applicant can borrow from minimum Rs. 25,000 to maximum Rs. 10 Lacs depending upon their employment criteria. The interest rate being charges on PNB Personal Loan ranges from 12% to 15% per annum for salaried and self-employed and 11.25% per annum for pensioners.
The repayment period for personal loans ranges from minimum 12 months to maximum 60 months. However, PNB gives you the option to pre-close your personal loan anytime after the repayment of first 12 EMIs with no charges at all.
Punjab National Bank Personal Loan at a glance
|Annual Interest Rate||11.25% – 15%|
|Loan Term||12 Months – 60 Months|
|Loan Amount||Rs. 50,000 – Rs. 10 LacsMinimum Rs. 25,000 for Pensioners|
|Time of Funding||Within 5 working days of Approval|
Punjab National Bank Personal Loan Rate of Interest
|Personal Loan Type||Applicable Interest Rate|
|Punjab National Bank Personal Loan for Public||12% – 15% per annum|
|Punjab National Bank Personal Loan for Pensioners||11.25% per annum|
Punjab National Bank Personal Loan Eligibility
|Age||21 Years to 58 YearsFor Salaried|
21 Years to 65 YearsFor Self-Employed
|Income||Rs. 10,000 to Rs. 50,000 per monthFor Salaried|
Rs. 7,500 per monthFor Teachers and Defence Personnels
Rs. 4 Lacs per annumFor Doctors
|Experience at Current Organization||Minimum 3 YearsFor Personal Loans above Rs. 4 Lacs|
- Applicant should be minimum 21 years at the time of loan application. Maximum age of the salaried applicant should not be more than 58 years and 65 years for Self-Employed at the time of loan maturity.
- Salaried applicants applying for a personal loan of up to Rs. 4 Lacs, should have a Net Monthly Income of minimum Rs.10,000 (Semi- Urban / Rural Areas), Rs.12,500 (Urban Areas), and Rs.15,000 (Metro Areas).
- Applicants applying for a personal loan of up to Rs. 5 Lacs should have a Net Monthly Income of minimum Rs. 30,000.
- Applicants applying for a personal loan of up to Rs. 10 Lacs, should have a Net Monthly Income of Rs. 30,000 (Semi- Urban / Rural Areas), Rs. 40,000 (Urban Areas) and Rs.50,000 (Metro Areas).
- The minimum salary criteria for Teachers and Defense Personnels is Rs. 7,500 per month.
- Applicant can also be a professionally qualified Doctors holding a degree of MBBS, BDS or any Medical Degree above these two and having a net annual income of Rs. 4 Lacs minimum. Also paying the taxes for last 3 year minimum.
- Applicant should have a work experience of minimum 3 Years in the current organization if applying for a personal loan of above Rs. 4 Lacs.
PNB is a good fit for you if?
Customers holding PNB Salary Account – PNB Personal Loan is a good fit for you if you already have an existing Salary Account in any of the PNB Branch since it can help you avail funds as high as upto Rs. 10 Lacs, whereas the person who doesn’t have a salary account can only avail funds as high as Rs. 5 Lacs only.
Customers who can offer check-off facility with their Employers – In case you don’t have a PNB Salary account, then you can also be eligible for the personal loan by providing an authentication from your Current Employer to pay the monthly EMI to the bank directly. Providing Check-off authentication from the employers solves your loan processing if not much since now PNB can be assured that the monthly EMIs will be received without any default.
If You’re a Defense Employees – PNB is a good fit for you if you’re a Defense Employee, be it an official appointed at any Military Station Headquarter or an official of Border Security Force (BSF), Central Reserve Police Force (CRPF), Central Industrial Security Force (CISF), Indo Tibetan Border Police (ITBP), etc.
If You’re a Pensioner – PNB Personal Loan can also be a good choice for you if you a pensioner disbursing your monthly pension through PNB branches. An eligible pensioner includes all types of pensioners including Central or State Government Pensioners including pensioners of PSUs, Defense Pensioners and Family Pensioners etc.
Why Choose Punjab National Bank?
Zero Prepayment Charges – PNB is one of the very few banks and financial institution who offers zero prepayment charges. Hence, if you have already planned to prepay your personal loan, then PNB can be a very good choice for you against several banks and FIs charging high prepayment charges ranging from 2% to upto 5% of the principal outstanding.
Zero Processing Charges for Pensioners – If you’re a pensioner who is disbursing his/her monthly pension through PNB, then availing a personal loan from PNB can be a good option for you since PNB levies zero processing charges on pensioner loans.
What to watch out for?
High Documentation Charges for Pensioners – The documentation charges for pensioner loan is higher than the charges being levied on regular personal loan offerings such as personal loan to salaried applicants. Currently, PNB charges a flat fee equal to Rs. 500 for documentation for pensioner loan in comparison of personal loan to salaried and self-employed applicants where the maximum documentation charges are equal to Rs. 450.
No Personal Loan for Defense Personnel whose retirement is due within the next 24 months – If you’re a defense personnel whose retirement is due within the next 24 months from the date of the loan application, then there is a great chance that PNB will reject your loan application. However, you can avail funds once your retirement is done and pension starts to disburse. Hence, going for PNB personal loan would not be a good choice if you have any need of finance within upcoming weeks or months.
No Pensioner Loan for Pensioners not disbursing pension through PNB Branches – If you’re a pensioners who is receiving his/her monthly through any other bank or FI than the Punjab National Bank, then you will not be eligible for pensioner loan. Since, PNB only offers pensioner loan to pensioners who are disbursing pension through PNB Branches only.
Maximum Tenure for Pensioners above the age of 75 years is limited to 24 months – If you’re a pensioner whose age is above 75 years at the time of loan application, then the repayment period for the personal loan for you would not be more than 24 months in total. This would result in high monthly EMI which could be a huge burden or even result in less sanctioned loan amount than the one requested.
Compare Punjab National Bank Personal Loans to Other Banks
|Bank Name||Punjab National Bank||SBI||ICICI Bank|
|Typical APR||11.25% – 15%||10.75% – 15.15%||10.99% – 22%|
|Loan Term||12 Months – 60 Months||12 Months – 60 Months||12 Months – 60 Months|
|Maximum Lending Amount||Rs. 10 Lacs||Rs. 15 Lacs||Rs. 20 Lacs|
|Processing Fee||1.80% of loan amountZero for Pensioners||1% of the Loan Amount||Upto 2.25% of the loan amount|
|Time to Funding||Within 5 working days||Within 2 to 3 days||Within 72 hours of approval|
|Pre-Closure||Nil||Zero to Upto 3% of the prepaid amount||5% per annum of principal outstanding|
The interest rate range levied by PNB is a slightly higher than SBI and ICICI Bank, where the minimum interest rate offered by PNB is 11.25% per annum in comparison of SBI starting from 10.75% per annum and ICICI starting from 10.99%. However, the maximum interest rate offered by PNB is lower than SBI and ICICI, since the maximum interest rate levied by PNB is 15% per annum in comparison of 15.15% per annum in SBI and 22% per annum in ICICI Bank. As far the repayment period is concerned, the tenure offered by all three banks, PNB, SBI and ICICI is same.
In comparison of maximum lending amount offered by these three banks, the amount offered by PNB is quite low with maximum Rs. 10 Lacs only whereas you can avail as high as Rs. 15 Lacs from SBI and Rs. 20 from ICICI Bank. As for the processing charges, the amount being charged by PNB is slightly higher with 1.80% of the loan amount against PNB charging only 1% of the loan amount. However, the processing fee charged by ICICI Bank is still higher than both PNB and SBI with upto 2.25% of the loan amount.
PNB takes upto 5 working days to disburse the personal loan funds, whereas SBI and ICICI Bank takes 2 to 3 days maximum. However, PNB is a good choice in case of pre-closure fee since PNB levies no pre-closure fee on the borrower in comparison of SBI charging pre-closure from zero to 3% of the prepaid amount and ICICI Bank charging 5% per annum of the principal outstanding.
Punjab National Bank Personal Loan
Punjab National Bank offers personal loan of minimum Rs. 50,000 to maximum Rs. 10 Lacs or 20 times of Net Monthly Salary. However, Applicants who don’t have an existing salary account with Punjab National Bank can apply for loan amount as high as Rs. 5 Lacs only. Whereas, Applicants having an existing salary account with Punjab National Bank can apply for a loan amount as high as Rs. 10 Lacs.
Currently, PNB levies an interest rate of 12% per annum for personal loans of upto Rs. 10 Lacs where applicant is disbursing his/her monthly salary through PNB Salary account. For applicants who are providing check-off facility with their current employers, the applicable interest rate is 14% per annum for personal loans of upto Rs. 5 Lacs.
For applicants who doesn’t have salary account with PNB, the applicable interest rate is 13% per annum for personal loans of above Rs. 5 Lacs to upto Rs. 10 Lacs. For other applicant who doesn’t fall into the above categories, will be offered an annual interest rate of 15%.
An applicant can be anyone, a salaried employee of Central/State Government including PSUs, a reputed company or educational institution, hospital or nursing home or any autonomous body who have an existing salary account in any PNB Branch or have given authorisation for check-off facility with their employers. Apart from it, permanent Defence Personnels such as officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP, etc. are also eligible for the loan. However, if the applicant is a Defense Personnel who is getting retired within the next 24 months, then the applicant may not be offered personal loan.
Apart from Salaried employees, professionally qualified doctors who are currently in practice also eligible to avail the personal loan.
The repayment period offered for personal loan by PNB ranges from minimum 12 months to maximum 60 months, where the maximum repayment period depends upon the remaining service period of the applicant. The processing fee applicable for personal loan is equal to 1.80% of the loan amount.
Documents required for PNB Personal Loan for Public for Salaried
- Employee ID
- Latest Salary certificate or Form No.16, duly authenticated by the employer.
- KYC Documents along with personal loan application and passport size photograph.
Documents required for PNB Personal Loan for Public for Self-Employed
- Copy of highest Qualification Degree.
- Copy of receipted ITRs for the last three financial years.
- KYC Documents along with personal loan application and passport size photograph.
Punjab National Bank Personal Loan for Pensioners
PNB offers personal loan of minimum Rs. 25,000 to maximum Rs. 10 Lacs depending upon the age criteria of the pensioner. However, the pensioner must be drawing his/her monthly pension through any of the PNB Branches in order to be eligible to avail the personal loan.
The interest rate offered on pensioner loan by PNB is equal to 11.25% per annum and the applicable processing charges are zero.
If the age of the pensioners is 70 years or less at the time of the loan application, then the highest amount the borrower can avail upto 18 times of his/her Net Monthly Pension or maximum Rs. 10 Lacs.
If the current age of the pensioner is above 70 years to less than 75 years at the time of the loan application, then the highest amount allowed to the pensioner is upto 18 times of the Net Monthly Pension or maximum Rs. 7.50 Lacs. However, in case the borrower is a Defense Pensioner, then he/she can avail personal loan as high as upto 20 times of the Net Monthly Pension.
If the borrower is above the age of 75 years at the time of the loan application, then he/she can borrow upto 12 times of the Net Monthly Pension or maximum Rs. 5 Lacs. As for the repayment period, it ranges from minimum 12 months to maximum 60 months if the age of the pensioner is less than 75 years. However, if the age of the pensioner is above 75 years, then the maximum tenure being offered to the borrower is 24 months.
Documents required for PNB Pensioner Loan:
- Original Copy of Pension Payment Order (PPO)
- A Guarantee Form duly signed by the guarantor.
- A Request-cum-sanction letter duly signed by the pensioner.
- Copy of Term Loan Agreement for pensioner.
- Authority letter in case of DPDO (Defence Pension Disbursing Office) Pensioners. Apart from it, an Affidavit from the borrower is necessary to be provided stating that the concerned pensioner would not change current disbursing branch without the bank’s consent.
How do I apply for PNB Personal Loan?
- At Paisa
- Choose a personal loan offering given above on the page and click on “Apply Now”.
- Fill all the required information such as your name, profession, mobile number and monthly income etc. and submit.
- Now, you need to wait for Punjab National Bank for confirmation about your loan application.
- Once your loan application got approved from PNB, then you can provide all the required documents and other necessary details for loan processing within 7 working days.
- At PNB Branch
- Through PNB Personal Loan Customer Care
- Call Punjab National Bank customer support on their toll-free number 1800-180-2222 / 1800-103-2222
- Press 1 to continue with your preferred language or Press 3 to change the preferred language.
- Press 4 to select Loan Services
- Now, your call will be transferred to the customer care representative of Punjab National Bank. You can ask any loan related query to the customer care executive and make a request to apply for a personal loan.
After I Apply
Check PNB Personal Loan Statement
- Click here to go the PNB Loan Status Checking page.
- Select “Personal Loan” from the Select Loan Type drop down.
- Enter the following details
- Serial Number of Loan Application as received on registered mobile or email id.
- Date of Birth as mentioned in the loan application.
- Security Code as shown on the page
- Click on “Submit” button.
Once I’m Approved
Check Personal Loan Statement
Check Payment Due Date
Fees & Penalties
|Type of Charge||Applicable Charges|
|Processing Charges||1.80% of the loan amountFor Salaried and Self-Employed|
|Penal Charges||2% per month on the overdue amount|
The processing charges levied by PNB on personal loans are pretty average with 1.80% of the loan amount in comparison to other banks such as ICICI charging processing fee equals to upto 2.25% of the loan amount. However, in the case of Personal Loan for Pensioners, PNB charges no process charges at all.
PNB is a good choice to go with in terms of prepayment charges since they charges no pre-closure charges on the borrowers in comparison of ICICI Bank, Axis Bank, and SBI charging pre-closure fee ranging from 2% to 5% of the outstanding amount.
As for the penal charges, the fee levied by PNB is a standard interest rate charged by most of the banks and FIs including SBI, HDFC Bank, ICICI Bank and Axis Bank etc.
What is the current MCLR applicable on PNB Personal Loan?
Currently, PNB calculates annual interest rate based on the One Year MCLR, which is equal to 8.45%.
Do I have to provide any margin money in order to avail the funds under personal loan?
No, there is no need to provide any margin money in order to avail personal loan from punjab national bank.
What would be the maximum amount deductible from my monthly pension that I have to pay for my personal loan?
The maximum amount deductible from the monthly pension of the borrower should not be more than 50% of the pension, including all the other deductions, if any. Thus, in any case the net take-home pension of the borrower cannot be any less than 50% of the pension including the proposed EMI and other deductions.
Do I have to provide any security or guarantee to avail the loan?
The security / guarantee is not necessary to be provided in case of Punjab National Bank Personal Loan for Public. However, a suitable third party guarantee is acceptable to the bank.
In case of Personal Loan for Pensioners, guarantee of spouse eligible for family pension, guarantee of earning children (preferably Govt Employee), or third party guarantee with net means equal or more than loan amount is mandatory.
Who can be my co-applicant for availing personal loan?
The applicant can be any close relative who is working as well such as brother, sister, mother, father, child or spouse.
However, the spouse to be included as a co-applicant mandatorily in case he/she is a confirmed/ permanent employees of Central or State Government including PSUs and reputed companies or educational Institutions including Schools, Colleges, Universities, Autonomous bodies, Hospitals, Nursing Homes.
What are the document charges applicable for PNB Personal Loan?
Document Charges for Personal Loans are applicable as mentioned below.
- Rs. 270 for Personal Loan upto Rs. 2 Lacs.
- Rs. 450 for Personal Loan above Rs. 2 Lacs.
- Rs. 500 for Personal Loan for Pensioners.
What is the eligibility criteria for Net Monthly Salary?
If the borrower is drawing salary through PNB account and has completed 3 years of service in the current organization, then the criteria for Net Monthly Salary is applicable as follows, valid for a maximum loan amount up to Rs. 10 Lacs –
- Minimum Rs.50,000 Net Monthly Salary for Metro Centres.
- Minimum Rs.40,00 Net Monthly Salary for Urban Centres.
- Minimum Rs.30,000 Net Monthly Salary for Semi-Urban and Rural Centres.
If the borrower has completed 3 years of service in the current organization and drawing monthly salary from bank/FI account other than PNB, then he must have a minimum Net Monthly Salary of Rs. 30,000, valid for a maximum loan amount up to Rs. 5 Lacs.
If the borrower has neither completed 3 years of service in the current organization nor drawing salary from PNB account, the criteria for Net Monthly Salary is as follows, valid for a maximum loan amount up to Rs. 4 Lacs –
- Minimum Rs.15,000 Net Monthly Salary for Metro Centres.
- Minimum Rs.12,500 Net Monthly Salary for Urban Centres.
- Minimum Rs.10,000 Net Monthly Salary for Semi-Urban and Rural Centres.
For teachers and Defence personnel, minimum Net Monthly Income is Rs.7,500 at all Centres.
What is the maximum repayment period for PNB Personal Loan?
For a regular applicant, repayment period is maximum 60 months or the age of retirement.
The maximum repayment period of 60 months for pensioners below the age of 75 years and maximum 24 months for pensioners above the age of 75 years.
Maximum repayment period of 36 months for Personal Loan offered to Army Jawans, other permanent employees of Military Station Headquarters and Para-Military Personnels, subject to the remaining period of stay at the particular posting.