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Key Features of Punjab National Bank Personal Loan

  • Competitive Interest Rates: Interest rates start at 10.40% p.a. (floating) to 17.95% p.a. (fixed), with lower rates for specific groups like doctors (from 8.90% p.a.) and pensioners (from 11.50% p.a.).
  • Flexible Loan Amounts: Loan amounts range from ₹25,000 up to ₹20 lakh for salaried individuals and doctors, ₹10 lakh for pensioners, and ₹5 lakh for self-employed professionals.
  • Extended Repayment Tenure: Loan tenures range up to 7 years (84 months) for salaried individuals and doctors, and up to 5 years for pensioners and self-employed professionals.
  • No Prepayment Charges: PNB allows borrowers to prepay or foreclose their personal loans without any prepayment charges for floating-rate loans.
  • Minimal Documentation: The Loan application process requires minimal paperwork, ensuring quick processing. Required documents include KYC documents, income proof, and professional proof for specific categories.
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Benefits of Personal Loans from Punjab National Bank

  • No Collateral Required: These are unsecured loans, meaning you don't need to pledge assets like property or gold. This reduces risk to your personal wealth and makes the loan accessible even if you don't own significant assets.
  • Quick Disbursal: For pre-approved customers or digital applications, funds can be credited within hours or a few days, ideal for urgent needs like medical emergencies or last-minute travel plans.
    • Flexible Usage: Unlike home loans or auto loans, there's no restriction on how you use the funds (except for speculative activities like gambling or stock trading).
    • Tailored for Diverse Profiles: Specific schemes cater to different groups: Doctors enjoy lower rates (from 8.90% p.a.), pensioners get fixed rates from 11.50% p.a., and female employees benefit from PNB Matritva scheme.
    • Credit Score Improvement: Timely repayment of a PNB personal loan can boost your credit score, as the bank reports to credit bureaus like CIBIL.
    • Preferential Rates for Existing Customers: Salary or pension account holders with PNB may receive lower interest rates or faster processing, enhancing affordability.
    • Top-Up Loan Facility: Existing borrowers with a good repayment history can apply for additional funds.
    • Balance Transfer Option: If you have a high-interest loan elsewhere, PNB allows transferring it to their lower-rate personal loan.
    • Digital Convenience: The PNB WebLenS platform enables end-to-end processing without visiting a branch.
    • No Co-Signer Needed: Unlike some lenders, PNB doesn't mandate a guarantor or co-applicant in most cases.
    • Competitive Edge for Existing Customers: If you have a salary or pension account with PNB, you may qualify for pre-approved loans with better terms.
    • Wide Reach: With branches across India, PNB ensures accessibility to personal loan products.
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How to Apply for Personal Loans

  • 1. Check Eligibility
      • Age: Minimum 21 years; maximum 60 years (salaried) or 65 years (self-employed) at loan maturity, up to 78 years for pensioners.
      • Occupation: Salaried employees with at least 2 years of continuous service or self-employed with 2 years of business.
      • Credit Score: A good CIBIL score (preferably 700 or higher) increases approval chances.
  • 2. Gather Required Documents
    • Identity Proof: Aadhaar card, PAN card, voter ID, passport, or driving license.
    • Address Proof: Aadhaar card, utility bills, driving license, or bank statement.
    • Income Proof: Salary slips for salaried; ITR for self-employed; pension proof for pensioners.
    • Other Documents: Loan application form with photos, bank statements.
  • 3. Choose Application Method
    • Online Application: Via PNB website (www.pnbindia.in) or PNB WebLenS platform.
    • Pre-Approved Personal Loan: For existing customers with good account relationship.
    • In-Person at a Branch: Visit nearest PNB branch.
    • Third-party Platforms: Apply through BankBazaar, Paisabazaar, or Buddy Loan.
  • 4. Loan Details
    • Loan Amount: ₹25,000 to ₹20 lakh based on profile and income.
    • Interest Rates: 10.40% to 17.95% p.a. (lower for doctors and existing customers).
    • Tenure: 12 to 84 months (7 years) for salaried/doctors, up to 5 years for others.
    • Processing Fees: Up to 1% of loan amount (0.90% for Doctor's Delight scheme).
  • 5. Post-Application Steps
    • Verification of documents and credit score.
    • Approval and disbursal within hours for pre-approved loans or 1-7 days for standard applications.

Eligibility Criteria for Punjab National Bank Personal Loans

  • Age Requirements:
    • Applicants must be at least 21 years old when applying.
    • Maximum age at loan maturity: 60 years (salaried), 65 years (self-employed), 78 years (pensioners).
  • Applicant Categories:
    • Salaried Employees: Working with government, PSUs, or private companies with minimum 2 years service.
    • Doctors: MBBS/BDS or higher qualifications with 2+ years practice (Doctor's Delight scheme).
    • Self-Employed: Professionals like CAs, engineers with at least 2 years of operation.
    • Pensioners: Drawing pension through PNB with age-specific limits.
    • Female Employees: Permanent female employees under PNB Matritva scheme.
  • Income Criteria:
    • Salaried: Minimum net monthly income of ₹15,000.
    • Self-Employed/Doctors: Minimum gross annual income of ₹5 lakh.
    • Pensioners: Sufficient pension to cover EMIs (loan up to ₹10 lakh).
  • Creditworthiness:
    • CIBIL score of 700+ preferred for better rates.
  • Employment/Business Stability:
    • Salaried: 2+ years with current employer.
    • Self-Employed/Doctors: Business/professional practice operational for at least 2 years.
  • Bank Relationship:
    • Existing PNB customers (salary/pension/savings account holders) get preferential terms.
  • Loan Amount Eligibility:
    • Minimum: ₹25,000
    • Maximum: Up to ₹20 lakh (salaried/doctors), ₹10 lakh (pensioners), ₹5 lakh (self-employed).
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Documents Required for Punjab National Bank Personal Loans

  • Identity Proof (any one):
    - Aadhaar Card
    - PAN Card
    - Passport
    - Voter ID
    - Driving License
  • Address Proof (any one):
    - Aadhaar Card, Voter ID
    - Utility bill (electricity, water, etc., not older than 3 months)
    - Rent agreement
    - Passport
  • Income Proof:
    For Salaried:
    - Latest 3-6 months' salary slips
    - Form 16 or latest Income Tax Return (ITR)
    - 6 months' bank statement (salary account)
    For Self-Employed/Doctors:
    - Last 2-3 years' ITR with computation of income
    - Professional certificates (for doctors)
    - 6-12 months' bank statement (business/personal account)
    For Pensioners:
    - Pension Payment Order (PPO)

Factors for Punjab National Bank Personal Loans

  • Loan Amount:
    - Range: ₹25,000 to ₹20 lakh based on income, credit score, and profile.
    - Higher income supports larger loans as EMIs must fit within disposable income.
  • Interest Rates:
    - Range: 10.40% to 17.95% p.a., with lower rates for doctors (from 8.90% p.a.).
    - Fixed or floating rate options available.
    - Higher credit scores secure lower rates.
  • Repayment Tenure:
    - Up to 84 months (7 years) for salaried/doctors, 60 months for others.
    - Younger applicants can opt for longer tenures.
  • Processing Fees and Charges:
    - Up to 1% of loan amount (0.90% for Doctor's Delight scheme).
    - No prepayment charges for floating-rate loans.
  • Credit Assessment:
    - Bank checks credit score and debt-to-income ratio (ideally ≤50%).
    - Stable employment or business reduces perceived risk.
  • Digital Accessibility:
    - Online applications via PNB website, WebLenS platform.
    - Pre-approved loans for existing customers with instant disbursal.

Frequently Asked Questions (FAQs)

What is the maximum loan amount I can get?
Up to ₹20 lakh for salaried individuals and doctors, ₹10 lakh for pensioners, and ₹5 lakh for self-employed professionals, depending on your income, credit score, and repayment capacity.
What are the interest rates for personal loans?
Rates range from 10.40% to 17.95% p.a. (floating or fixed). Specific schemes: Doctor's Delight starts at 8.90% p.a., pensioners from 11.50% p.a. Rates depend on credit score, income, and relationship with PNB.
Who is eligible for a personal loan?
Salaried individuals (government/PSU/reputed firms) with 2+ years of service, doctors with MBBS/BDS or higher qualifications, pensioners drawing pension through PNB, and self-employed professionals with 2+ years of operation. Age: 21-60 (salaried), 65 (self-employed), or 78 (pensioners) at loan maturity.
What is the repayment tenure?
Up to 7 years (84 months) for salaried individuals and doctors, and up to 5 years for pensioners and self-employed professionals. Tenure depends on your repayment capacity and loan amount.
Are there any prepayment charges?
No prepayment charges for floating-rate loans, allowing early repayment without penalty. Fixed-rate loans may have charges (check with the bank).
What are the processing fees?
Up to 1% of the loan amount (0.90% for Doctor's Delight scheme). No processing fee for some pre-approved loans for existing customers.
What documents are required?
Identity proof (Aadhaar/PAN/passport), address proof (utility bills/Aadhaar), income proof (salary slips/Form 16 for salaried; ITR/professional certificates for doctors; pension proof for pensioners), 6 months' bank statements, and passport-size photos.
Can I apply online?
Yes, through the PNB website (www.pnbindia.in), PNB WebLenS platform, or third-party platforms like BankBazaar, Paisabazaar, or Buddy Loan. Existing customers may get pre-approved offers with paperless processing.
How long does loan approval take?
Digital/pre-approved loans can be approved and disbursed in hours. Branch applications typically take 1-7 days, depending on verification.
Can NRIs or co-applicants apply?
No, NRIs are not eligible. Co-applicants may be required in some cases for high loan amounts or weaker credit profiles.
What can I use the loan for?
Flexible for personal needs like medical emergencies, weddings, travel, home renovation, or debt consolidation, but not for speculative purposes (e.g., stock trading).
Is a good credit score mandatory?
A score of 700+ improves approval chances and secures better rates, but lower scores may still qualify with higher rates or stricter terms, subject to bank discretion.
Can I get a loan if I'm not a PNB customer?
Yes, but existing customers (salary/pension/savings account holders) may get faster approvals, higher limits, or benefits like lower processing fees.
What happens if I miss an EMI?
A penal charge (typically 2% above the applicable rate) is applied. Consistent defaults may impact your credit score and lead to recovery actions.
Is there a loan calculator available?
Yes, PNB's website offers an EMI calculator to estimate monthly payments based on loan amount, tenure, and interest rate.

List of Punjab National Bank Personal Loans

  • PNB Personal Loan Scheme for Public
  • PNB Doctor's Delight – Personal Loan Scheme for Doctors
  • PNB Personal Loan Scheme for Pensioners
  • PNB Personal Loan for Self-Employed Professionals
  • PNB Matritva
  • PNB Pre-Approved Personal Loan (PAPL)
  • PNB Personal Loan Overdraft Facility