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Features of Professional Loan OD by PNB

  • Flexible Overdraft Facility: The Professional Loan OD allows professionals to withdraw funds up to a sanctioned limit, providing flexibility to manage short-term or recurring financial requirements. Unlike a term loan with fixed EMIs, the overdraft account is a running account where funds can be withdrawn or deposited anytime within the approved limit.
  • Purpose of the Loan: The facility is tailored for self-employed professionals to meet their personal and professional financial requirements. This includes funding business expansion, purchasing equipment, managing working capital, or covering personal expenses like education, marriage, or medical needs.
  • Target Group: Self-employed professionals, including doctors, chartered accountants, company secretaries, architects, engineers, lawyers, data analysts, software developers, financial consultants, and LIC agents with minimum 5 years in business.
  • Banking Relationship: Professionals maintaining a savings or current account with PNB for the last 2 years with minimum annual credit transactions of ₹5 lakh may receive preferential treatment.
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  • Loan Amount and Limit: The overdraft limit is determined based on the applicant's income: Up to 10 times the average gross monthly income (max ₹5 lakh) for most professionals, and up to ₹20 lakh or 24 times gross monthly income for doctors. The limit is reviewed periodically, and the Drawing Power (DP) may be adjusted based on repayments.
  • Interest Rates: Competitive interest rates starting from 8.90% p.a. for doctors under PNB Doctor's Delight scheme and 10.40% p.a. (floating) for other professionals. Interest is charged only on the utilized amount, calculated on a daily reducing balance basis. Professionals maintaining a salary account or providing 100% collateral may qualify for 1% discount.
  • Repayment Flexibility:
    • No Fixed EMI Structure: Unlike traditional loans, the overdraft facility does not require fixed monthly EMIs. Borrowers can repay any amount at any time.
    • Drawing Power Adjustment: The DP is reduced monthly by an amount equivalent to the EMI to ensure gradual repayment.
    • Fund Reuse: Funds can be reused within the sanctioned limit, offering flexibility for recurring expenses.
    • No Prepayment Penalties: Borrowers can repay surplus amounts without charges.
  • Tenure: The overdraft facility is available for up to 5 years for most professionals or until the applicant reaches 65 years of age (whichever is earlier). For doctors, the tenure can extend up to 7 years.
  • Processing Fees and Charges:
    • Processing Fee: Capped at 1% of the loan amount with no hidden charges.
    • No Prepayment Penalties: Borrowers can repay the overdraft amount without incurring prepayment charges.
    • Other Charges: As per PNB's standard terms for overdraft facilities.
  • Collateral/Security: The Professional Loan OD is typically unsecured for eligible professionals with strong credit profiles. However, providing tangible collateral security equivalent to 100% of the loan amount can result in lower interest rates (e.g., 1% discount under Doctor's Delight scheme).
  • Quick and Hassle-Free Processing:
    • Online Application: Professionals can apply via PNB website or PNB ONE mobile app.
    • PNB Swaagat Facility: Offers instant OTP-based approval for loans up to ₹10 lakh without branch visits.
    • Minimal Documentation: KYC documents, income proof, and professional certifications.
    • Fast Disbursal: Typically completed in 2 to 7 working days, subject to verification.
  • Customized for Professionals: The loan is tailored to the unique needs of self-employed professionals, with the PNB Doctor's Delight scheme offering exclusive benefits for medical professionals. Flexible repayment options align with professional cash flow patterns.
  • Additional Benefits:
    • No Hidden Charges: Transparent fee structure communicated upfront.
    • Extensive PNB Network: With over 10,000 branches and digital banking options, managing your overdraft is convenient.
    • Tax Benefits: Interest paid on the overdraft may be tax-deductible for professional purposes (consult a tax advisor).
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Benefits of PNB Professional Loan Overdraft

  • Flexible Fund Access: The overdraft facility allows professionals to withdraw funds as needed, up to the sanctioned limit, providing unmatched flexibility to manage cash flow for professional or personal expenses.
  • Interest on Utilized Amount Only: Interest is charged only on the amount withdrawn and utilized, not on the entire sanctioned limit, calculated on a daily reducing balance basis. This makes the facility cost-effective, especially for professionals who repay quickly or use funds sporadically.
  • No Fixed EMI Requirement: Unlike traditional loans with fixed monthly EMIs, the Professional Loan OD offers repayment flexibility. Borrowers can repay any amount at any time, as long as the outstanding balance stays within the limit.
    • Customized for Professionals: The facility is specifically designed for professionals, addressing their unique financial needs, such as purchasing equipment, upgrading infrastructure, or managing working capital for their practice.
    • No Prepayment Penalties: Borrowers can repay surplus amounts or reduce the outstanding balance without incurring prepayment charges, allowing cost savings and flexibility in managing finances.
    • Unsecured OD: Professionals with strong credit profiles can avail the facility without pledging collateral, simplifying the borrowing process.
    • Secured OD Option: Higher limits and lower interest rates available by pledging assets like property or fixed deposits.
    • Quick and Hassle-Free Processing: The application process is streamlined, with options to apply online via PNB ONE app or at a PNB branch. PNB Swaagat offers instant OTP-based approval for loans up to ₹10 lakh.
    • Transparent Charges: PNB ensures transparency with no hidden fees. Processing fee is capped at 1% of the loan amount.
    • Long Tenure Options: The overdraft facility can be sanctioned for tenures up to 5 years (7 years for doctors), providing ample time to manage repayments.
    • Builds Credit History: Timely repayments and responsible use of the overdraft facility can enhance the borrower's credit score, improving eligibility for future loans.
    • Doctor's Delight Scheme: Exclusive benefits for doctors including lower interest rates (starting from 8.90% p.a.), higher limits (up to ₹20 lakh), and extended tenure (up to 7 years).
    • Access to PNB's Extensive Network: With over 10,000 branches and robust digital banking platforms, PNB ensures easy account management through internet banking or mobile apps.
    • Tax Benefits: Interest paid on the overdraft may be tax-deductible when used for professional purposes (consult a tax advisor for eligibility).
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How to Apply for PNB Professional Loan Overdraft

  • Option 1: Online Application
    • Visit PNB's Official Website:
      • Go to the PNB website: https://www.pnbindia.in or download the PNB ONE mobile app.
      • Navigate to the "Loans" or "Personal Banking" section and select "Personal Loan" or "Overdraft Facility". Look for Professional Loan OD or PNB Doctor's Delight (for doctors).
    • Check Eligibility:
      • Use the eligibility calculator (if available) to confirm whether you meet the criteria (profession, income, age).
      • Typical eligibility includes being a self-employed professional (e.g., doctor, CA, engineer) aged below 60 with stable income.
    • Fill Out the Application Form:
      • Provide personal details (name, contact information, address, PAN, etc.).
      • Enter professional details (type of profession, registration certificate number, years of practice).
      • Specify income details (based on ITR, bank statements).
      • Indicate desired overdraft limit and purpose.
    • Upload Documents:
      • Upload scanned copies of required documents (see below for list).
      • Ensure documents are clear and in prescribed format (PDF or JPEG).
    • Submit the Application:
      • Review the application for accuracy and submit it online.
      • For PNB Swaagat (up to ₹10 lakh), you may get instant OTP-based approval.
      • You'll receive an application reference number for tracking.
    • Verification and Approval:
      • PNB will verify your documents and may contact you for additional information.
      • A credit appraisal will assess your income, credit score (minimum 750 required), and repayment capacity.
      • If approved, you'll receive a sanction letter detailing the overdraft limit, interest rate, tenure, and terms.
    • Disbursal:
      • Upon acceptance of sanction letter, the overdraft account is activated in your PNB account.
      • Funds can be accessed typically within 2-7 working days post-approval.
    • Track Application Status:
      • Use the application reference number to track status via PNB ONE app or website.
      • Contact PNB's toll-free numbers: 1800 180 2222 or 1800 103 2222 for assistance.
  • Option 2: Branch Application
    • Visit a PNB Branch:
      • Locate the nearest PNB branch using the branch locator on https://www.pnbindia.in.
      • Request to speak with a loan officer handling personal loans/overdrafts.
    • Discuss Requirements:
      • Explain your need for Professional Loan OD and provide details about your profession, income, and desired limit.
      • The loan officer will guide you on eligibility, interest rates, and options.
    • Complete the Application Form:
      • Fill out the physical loan application form provided by the branch.
      • Attach physical copies of all required documents (listed below).
    • Submit Documents:
      • Hand over the completed form and documents to the loan officer.
      • Ensure you receive an acknowledgment receipt or application reference number.
    • Verification and Approval:
      • The branch will process your application, conduct verification (income, KYC, credit check).

Eligibility Criteria for PNB Professional Loan Overdraft

  • 1. Applicant Category
    • Self-Employed Professionals: The facility is primarily for professionals engaged in independent practice, including:
      • Doctors (MBBS, BDS or higher qualifications, registered with Medical Council).
      • Chartered Accountants (registered with ICAI).
      • Company Secretaries (registered with ICSI).
      • Architects (registered with Council of Architecture).
      • Engineers, Lawyers, Data Analysts, Software Developers with recognized degrees.
      • LIC Agents with minimum 5 years in business and consistent income.
    • Government Sector Professionals: Doctors or other professionals employed in government sectors may also qualify under specific schemes.
  • 2. Age Criteria
    • Minimum Age: 21 years at the time of application.
    • Maximum Age: Typically below 60 years at loan maturity (up to 65 years for doctors under PNB Doctor's Delight).
  • 3. Income Requirements
    • Minimum gross annual income of ₹6 lakh for last 2 years for self-employed professionals (₹5 lakh net for doctors).
    • Income must be verifiable through:
      • Income Tax Returns (ITR) for last 2-3 years.
      • Bank Statements (6-12 months) showing professional earnings.
      • Profit & Loss Account and Balance Sheet (certified by CA if applicable).
    • For LIC agents: Minimum 5 years in business with consistent commission income.
  • 4. Professional Experience
    • Minimum 2-3 years of professional practice for most applicants (5 years for LIC agents).
    • Proof of practice may include:
      • Registration Certificate from relevant professional body.
      • Practice Establishment Proof: Lease agreement for office/clinic, business registration, or GST certificate.
  • 5. Creditworthiness
    • A good credit score (minimum 750 as per CIBIL or other bureaus) is required.
    • No history of defaults, loan write-offs, or significant credit issues.
    • Debt-to-income ratio should ideally be below 50%.
  • 6. Banking Relationship
    • Must maintain a savings or current account with PNB for last 2 years.
    • Minimum annual credit transactions of ₹5 lakh in previous financial year.
    • Existing PNB customers may get pre-approved offers or better terms.
  • 7. Collateral (Optional)
    • Typically unsecured for eligible professionals with strong profiles.
    • For secured OD or better rates, collateral options include:
      • Immovable Property: Residential or commercial with clear title.
      • Fixed Deposits: PNB or other bank FDs.
      • Other Assets: LIC policies, government securities.
    • 100% collateral can secure 1% interest discount under Doctor's Delight.
  • 8. Residence Stability
    • Continuous occupancy at current residence for at least 2 years (verified via Aadhaar, utility bills).
    • May be relaxed for government-employed professionals.
  • 9. Tax Compliance
    • Must have filed ITR for last 2-3 years showing required income levels.
    • No major tax liabilities or non-compliance issues.
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Documents Required for PNB Professional Loan Overdraft

  • 1. Application Form
    A duly filled and signed loan application form, available at PNB branches or downloadable from https://www.pnbindia.in. For online applications, the form is completed digitally.
  • 2. Identity Proof (Any one of the following, self-attested)
    PAN Card (mandatory for all applicants).
    Aadhaar Card, Passport, Driving License, Voter ID.
  • 3. Address Proof (Any one of the following, self-attested)
    Aadhaar Card, Passport, Utility Bill (electricity, water, or gas bill, not older than 3 months).
    Registered Rent Agreement, Property Tax Receipt.
  • 4. Income Proof
    For Self-Employed Professionals:
    Income Tax Returns (ITR) for last 2-3 years with computation of income.
    Profit & Loss Account and Balance Sheet for last 2 years, certified by CA.
    Bank Statements (6-12 months) showing professional income credits.
    GST Returns (if registered under GST).
    For Government Professionals:
    Salary Slips (3-6 months), Form 16 for last 2 years, Salary Account Statements (6-12 months).
  • 5. Professional Documents
    Proof of Qualification:
    Degree/diploma certificate (e.g., MBBS for doctors, CA certificate).
    Registration Certificate:
    Certificate from relevant body (Medical Council, ICAI, Council of Architecture, etc.).
    Proof of Practice:
    Office/clinic lease agreement or ownership documents.
    Business registration or GST certificate (if applicable).
    Experience Proof:
    Documents showing minimum practice period (2-5 years).
  • 6. Banking Proof
    PNB account statements for last 2 years showing minimum ₹5 lakh annual credits.
    If account is with another bank, provide those statements as well.
  • 7. Photographs
    2-3 recent passport-sized photographs (for offline applications).

Factors Considered for PNB Professional Loan Overdraft

  • 1. Professional Profile
    Profession Type: Doctors, CAs, architects, engineers, etc. with recognized qualifications.
    Registration: Valid registration with professional bodies (Medical Council, ICAI, etc.).
    Experience: Minimum 2-3 years practice (5 years for LIC agents).
    Reputation: No professional misconduct or disciplinary actions.
    Educational Background: Degree/diploma from a recognized university or institution.
    Continuity of Practice: No major gaps or interruptions in professional engagement.
  • 2. Financial Factors
    Income Level: Minimum ₹6 lakh gross annual income (₹5 lakh net for doctors).
    Income Stability: Consistent earnings verified via ITRs, bank statements.
    Credit Score: Minimum 750 CIBIL/other bureau score.
    Debt-to-Income Ratio: Ideally below 50%.
    Banking Relationship: PNB account for 2+ years with ₹5 lakh annual credits.
    Existing Loans: Outstanding EMIs and obligations considered in eligibility assessment.
    Surplus Income: Disposable income after regular expenses and obligations.
  • 3. Loan-Specific Factors
    Loan Amount: Up to 10x monthly income (max ₹5 lakh) or ₹20 lakh for doctors.
    Purpose: Professional or personal needs (no speculative uses).
    Collateral: Unsecured for strong profiles; collateral can lower rates.
    Tenure: Up to 5 years (7 years for doctors) or until age 65.
    Repayment Capacity: Assessed based on income vs. existing liabilities.
    Utilization History: Prior usage and repayment record with credit lines or ODs.
  • 4. Documentation Quality
    Completeness: All required documents submitted.
    Accuracy: No discrepancies in information.
    Validity: Current documents (not expired).
    Verifiability: Documents can be cross-checked with authorities.
    Professional Credentials: Valid degree, council registration certificates, and work proofs.
    Digital Submissions: E-verified documents preferred for online applications.
  • 5. External Factors
    Economic Conditions: Interest rates may vary with RBI policies.
    Regulatory Compliance: Adherence to RBI guidelines on lending.

Frequently Asked Questions (FAQs)

1. What is the PNB Professional Loan Overdraft (OD)?
The PNB Professional Loan Overdraft is a flexible financial product designed for self-employed professionals to meet personal and professional expenses. It allows professionals to withdraw funds up to an approved limit, with interest charged only on the utilized amount.
2. Who is eligible for the PNB Professional Loan OD?
Eligible applicants include:
- Self-employed professionals such as doctors (MBBS, BDS, or higher), chartered accountants (CA), company secretaries (CS), architects, engineers, lawyers, data analysts, software developers, financial consultants, and LIC agents with 5+ years of business.
- Minimum gross annual income of ₹6 lakh (or ₹5 lakh net for doctors) for the last 2 years.
- Minimum credit score of 750 (CIBIL, Experian, etc.).
- PNB savings/current account for 2 years with annual credit transactions of ₹5 lakh.
- Age typically below 60 years (relaxations for doctors).
- Continuous residence for 2 years (not mandatory for government-employed doctors).
3. What is the maximum overdraft limit available?
- For most professionals (e.g., CA, CS, architects): Up to 10 times the average gross monthly income, with a maximum of ₹5 lakh.
- For doctors: Up to ₹20 lakh or 24 times the gross monthly income, whichever is lower, under the PNB Doctor’s Delight scheme.
4. What are the interest rates for the Professional Loan OD?
- Floating Rates: Start at 10.40% p.a. to 16.95% p.a. for most professionals.
- Fixed Rates: Range from 11.40% p.a. to 17.95% p.a.
- Doctors (PNB Doctor’s Delight): Rates start at 8.90% p.a., with a 1% discount for maintaining a PNB salary/receipt-collecting account or providing 100% collateral.
- Interest is charged only on the utilized amount, not the entire limit.
5. What is the tenure of the overdraft facility?
- Up to 5 years for most professionals or until the applicant reaches 65 years of age, whichever is earlier.
- Up to 7 years for doctors under specific schemes.
- The Drawing Power (DP) is adjusted monthly based on EMI payments.
6. Is collateral required for the Professional Loan OD?
The overdraft is typically unsecured (no collateral needed) for applicants with strong credit profiles and income.
Providing 100% collateral (e.g., property, fixed deposits) can lower the interest rate and improve approval chances.
7. What documents are required to apply?
- Identity Proof: Aadhaar, PAN, Passport, Driving License, or Voter ID.
- Address Proof: Aadhaar, utility bills, or rent agreement.
- Income Proof: ITR for 2-3 years, bank statements (6-12 months), balance sheet/profit-loss statement.
- Professional Proof: Degree/certificate (e.g., MBBS, CA certificate), registration with professional body (e.g., Medical Council, ICAI).
- Banking Proof: PNB account statements showing 2 years of activity and ₹5 lakh annual transactions.
- Residence Proof: Documents proving 2 years of residency (if applicable).
- Photographs: 2-3 passport-sized photos (for offline applications).
8. How can I apply for the Professional Loan OD?
Online:
- Visit www.pnbindia.in or use the PNB ONE app.
- Navigate to “Personal Loan” or “Overdraft Facility,” fill the application form, upload documents, and submit.
- Use PNB Swaagat for instant OTP-based approval (up to ₹10 lakh).

Offline:
- Visit a PNB branch, request the application form, submit it with documents, and follow up with the loan officer.
9. What is the processing fee for the Professional Loan OD?
The processing fee is up to 1% of the loan amount, with no hidden charges.
For doctors under PNB Doctor’s Delight, the fee may be lower.
10. Are there prepayment or foreclosure charges?
No, there are no prepayment or foreclosure charges, allowing professionals to repay the overdraft early without penalties.

List of Kotak Mahindra Bank Overdraft Facilities

  • Personal Loan Overdraft for Self-Employed Professionals
  • PNB Doctor’s Delight Overdraft
  • Overdraft for LIC Agents
  • PNB Sanjeevani Scheme Overdraft
  • PNB GST Express Loan Overdraft
  • PNB Mahila Udyami Overdraft (for Female Professionals)
  • PNB Sampatti Scheme Overdraft (Loan Against Property for Professionals)