In this article, you will learn about how to get a Rs. 20 lakh PNB personal loan.
Are you in need of money for your personal expenses, like marriage, medical expenses, or any other reason? Then a personal loan is a good offer for you.
Almost all public sector banks and private sector banks provide personal loans at decent rates of interest, like 10% to 16%. Punjab National Bank also offers a personal loan scheme for the salaried class, pensioners, and self-employed persons.
![](http://bankpediaa.com/wp-content/uploads/2023/05/pnb-personal-loan-scheme-1024x536.webp)
Who is eligible for PNB Personal Loan?
The PNB personal loan scheme is primarily for people who work for reputable organizations such as the Central Government, State Governments, and Public Sector Undertakings (PSUs).
This scheme is not for ordinary people who are not employees of any of those institutions.
Below are the eligibility criteria:-
- All confirmed and permanent employees of the Central Govt., State Govt., and PSUs.
- Employees who are drawing salary with Punjab National Bank must have a minimum of 2 years of service.
- Employees who are not drawing salary with Punjab National Bank must have a minimum of 3 years of service.
You can take PNB Personal Loan for
Personal loan can be availed to meet all types of personal needs like for
- Medical treatment of self or a family member,
- Marriage of self, son/daughter,
- Defraying expenses on education of wards,
- Expenses for domestic or foreign travel etc.
Type of PNB Personal Loan
The loan can be availed as a term loan or as an overdraft facility.
The difference between a term loan and an overdraft is that
Term Loan | Overdraft Facility |
---|---|
In a term loan facility you have to pay the loan including interest in a certain number of equal monthly installments | In an overdraft facility you can withdraw an amount within your set account limit and you have to pay interest only on the withdrawn amount. |
Interest rate is calculated on Monthly Basis | Interest rate is calculated on Daily Basis |
Rate of Interest charged can be Fixed and Floating on whole amount | Rate of Interest Charged on only used amount. |
Maximum amount of PNB Personal Loan
You can avail Loan Amount up to 24 times of your Gross Monthly Salary with a maximum of ₹ 20.00 Lakh depending upon the repaying capacity. Once again, please note that this scheme is for only salaried people.
Margin Amount
Unlike in home and vehicle loans, you must contribute your margin up to 15-20%, but in this loan there is no requirement for any margin.
CIBIL Score
The CIBIL score of a person must be equal to or greater than 650. PNB personal loan is not allowed to those whose credit score is below personal loan is not allowed to those whose credit score is below 650.
Loan Repayment Period
For Term Loan
The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 72 (Seventy two) equated monthly installments (EMIs). Repayment to start one month after disbursement of the loan.
For Overdraft Facility
The Overdraft Limit shall be adjusted within remaining period of service or in maximum period of 72 (Seventy two) months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month.
Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Monthly salary/Income (GMS/I) of the borrower(s).
Maximum Deduction allowed in PNB Personal Loan
For this purpose, all deductions including the proposed Personal Loan installment should not exceed the prescribed ceiling as under: GMS/I Max. Permissible Deduction of GMS/Income.
For Gross Monthly Salary/Income up to 30000/-, maximum permissible deduction of 50% is allowed.
For Gross Monthly Salary/Income above 30000/-, maximum permissible deduction of 60% is allowed.
Rate of Interest
At present, depending upon the CIBIL score, the rate of interest is:-
Sr No | Type | CIBIL Score | Rate of Interest |
---|---|---|---|
1 | Loan to Defence/ Para Military Personals drawing salaries through our Bank including customers covered under Rakshak Plus scheme | N.A | 11.40% |
Loan to Govt. Employees drawing salaries through our Bank
Loan to Central Government gazetted officer (Section Officer or equivalent and above) not having salary account with us.
Sr No | CIBIL Score | Rate of Interest |
---|---|---|
1 | Score greater than equal to 800 | 11.75% |
2 | Score >= 750 less than 800 | 12.75% |
3 | Score between 650 to 749 | 13.75% |
Loan to Corporate/other Employees drawing salaries through our Bank.
Loan to Govt. Employees not drawing salary with our bank
Sr No | CIBIL Score | Rate of Interest |
---|---|---|
1 | Score greater than equal to 800 | 12.75% |
2 | Score >= 750 less than 800 | 13.75% |
3 | Score between 650 to 749 | 15.75% |
Loan to employees under check off facility
The Check-off facility is the facility under which Employer of the borrower agrees to deduct the EMI from his/her salary. The EMI deducted from the salary of the employee will be directly remitted to the Bank (lender) by the employer.
Sr No | CIBIL Score | Rate of Interest |
---|---|---|
1 | Score greater than equal to 800 | 14.25% |
2 | Score >= 750 less than 800 | 14.75% |
3 | Score between 650 to 749 | 16.45% |
PNB Personal Loan Processing Fee
Processing Fee/ Upfront fee is 1.00% of loan amount + GST. For example if you avail Rs. 5,00,000/- loan, the Upfront fee is 500000 x 1.00% = 5000, and with GST of 18% the final amount is 5000 x 18% = 5900/-
Documentation Charges are Rs. 270/- + GST for loan up to Rs. 2.00 lakhs and Rs. 450/- + GST for loan above Rs. 2.00 lakhs.
CIBIL charges are Rs. 50/- + GST for single person.
There are no upfront fees or documentation charges for Defence Personals.
PNB Personal Loan documents requirement
- Application form. The bank will provide you with an application form that has to be filled up completely by you.
- Two recent Passport size photographs.
- KYC Documents: Aadhar & PAN (must be self attested by you), Employer Identity Card
- Last 3 years Income Tax return or Form16.
- Blank Stamp papers 3 or 4, as per your state stamp duty.
PNB Personal Loan process
1. First of all, you have to visit your branch and ask the loan manager if you are in need of a personal loan.
2. The loan manager will ask you to submit your documents and start the processing of your loan application.
3. Don’t forget to ask about the current rate of interest and the EMI.
4. The loan manager will extract your CIBIL information and verify your income proof.
5. When complete due-diligence has been completed and you are found to be eligible for your requested loan amount, the branch will sanction your loan.
6. After sanction, the loan manager will ask you to visit the branch for loan documentation.
7. After all the documentation has been done, your loan account will be opened in the system.
8. When the branch has completed all pre-disbursement conditions, the loan amount will be disbursed to your salary account.
PNB Personal Loan EMI calculator
Apply PNB Personal Loan Online
You can also apply for a PNB personal loan online. Go to www.pnbindia.in, then go to online services; from here, you can select Insta loan or Online loan application.
![pnb personal loan](http://bankpediaa.com/wp-content/uploads/2023/05/pnb-online.webp)
Final Words
This is how you can take a PNB personal loan if you are a salaried employee.