What is a personal loan?
A personal loan is a type of loan that you can take from a bank or a financial institution for any personal purpose. You can use a personal loan to pay for your education, medical expenses, wedding, travel, home renovation, or any other personal need. A personal loan does not require any collateral or security, which means you do not have to pledge any asset or property to get the loan. However, you have to repay the loan with interest in monthly installments over a fixed period of time.
What is Punjab National Bank Personal Loan?
Punjab National Bank (PNB) is one of the oldest and largest public sector banks in India. It offers various types of loans to its customers, including personal loans. PNB personal loan is a flexible and convenient loan option that you can avail to meet your personal financial needs. PNB personal loan has many features and benefits, such as:
– Low interest rates starting from 10.15% per annum
– High loan amount up to Rs.20 lakh
– Long repayment tenure up to 84 months
– Minimal documentation and quick processing
– No prepayment penalty
– Multiple loan schemes to suit different needs and profiles
What are the different types of PNB personal loan schemes?
PNB offers three personal loan schemes to its customers, namely:
– Personal Loan Scheme for Public: This scheme is for salaried and self-employed individuals who are permanent employees of central or state government, PSUs, or reputed companies or institutions. They should have a minimum net monthly income of Rs.15,000 and a minimum service of 3 years. The loan amount can be up to 15 times of the gross monthly salary or Rs.10 lakh, whichever is lower. The interest rate is 10.15% to 16.70% per annum. The repayment tenure is up to 60 months or the remaining period of service, whichever is earlier.
– Personal Loan Scheme for LIC Employees: This scheme is for LIC agents who are below 60 years of age and have more than 5 years of agency. They should have a regular and stable income and maintain a savings account with PNB. The loan amount can be up to 20 times of the monthly gross income or Rs.10 lakh, whichever is lower. The interest rate is 10.15% to 16.70% per annum. The repayment tenure is up to 60 months or up to 65 years of age, whichever is earlier.
– Personal Loan Scheme for Doctors: This scheme is for professionally qualified doctors (MBBS, BDS, and above) who have a net annual income or salary of Rs.5 lakh and above. They should also be taxpayers for the last two years and have filed their income tax returns. The loan amount can be up to 20 times of the monthly gross income or Rs.15 lakh, whichever is lower. The interest rate is 10.15% to 16.70% per annum. The repayment tenure is up to 84 months or the remaining period of service, whichever is earlier.
How to apply for PNB personal loan?
You can apply for PNB personal loan online or offline. To apply online, you can visit the official website of PNB and fill up the online application form with your personal and professional details. You can also upload the required documents and submit the form. You will get an instant approval or rejection message based on your eligibility and credit score. If approved, you will get a loan offer with the loan amount, interest rate, and tenure. You can accept the offer and complete the verification process. The loan amount will be disbursed to your bank account within a few days.
To apply offline, you can visit the nearest branch of PNB and meet the loan officer. You can fill up the physical application form and submit it along with the required documents. The loan officer will check your eligibility and credit score and give you a loan offer. You can accept the offer and sign the loan agreement. The loan amount will be disbursed to your bank account within a few days.
What are the documents required for PNB personal loan?
You will need to furnish the following documents for PNB personal loan:
– Loan application form, duly completed, with passport size photograph
– Identity proof with unique identification number (such as Aadhaar card, PAN card, voter ID card, etc.)
– Educational qualification proof
– Age proof
– Proof of official address and residential address
– Income proof
– Salaried: Latest salary slip and Form 16, duly authenticated by the employer
– Self-employed: IT returns for the last three financial years
– Any other document, which may be necessary as per the requirement of the case.
What are the benefits of PNB personal loan?
PNB personal loan has many benefits, such as:
– You can use the loan amount for any personal purpose, without any restriction or interference from the bank.
– You can get a low interest rate and save on your interest cost.
– You can choose a loan amount and tenure that suits your needs and repayment capacity.
– You can enjoy a hassle-free and fast loan process with minimal documentation and quick approval.
– You can repay the loan in easy monthly installments that fit your budget.
– You can prepay the loan partly or fully from your own sources, without any prepayment penalty.
PNB personal loan is a great option for you if you are looking for a personal loan that offers low interest rates, high loan amount, long repayment tenure, and multiple loan schemes. You can apply for PNB personal loan online or offline and get the loan amount in your bank account within a few days. You can use the loan amount for any personal need and repay it in easy installments. PNB personal loan can help you fulfill your personal financial goals and dreams.