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You can avail personal loans up to Rs. 15 lakh from Punjab National Bank to meet a wide range of personal financial expenses. PNB personal loan interest rate starts as low as 8.80% p.a. and requires submission of minimal documentation. The following sections discuss details of the documents required to apply for a personal loan from Punjab National Bank.
Punjab National Bank Personal Loan Documents Required
Applicants need to furnish the following documents to avail a personal loan from Punjab National Bank:
Common Documents:
- Duly filled Loan Application Form along with passport size photograph
- Proof of Identity with Unique Identification Number
- Age Proof
- Address Proof
For Military/ Paramilitary Personnel:
- Proof of Educational Qualification
- Proof of residential address and official address
- Proof of Income
For Salaried Individuals:
- Form 16 and Latest Salary Slip, duly authenticated by the employer
For Non-Salaried-
- IT returns for the last 3 financial years
Common Documents for Demand Loan, Term Loan and Overdraft:
- Pensioner`s Portion of PPO in original (to be retained until loan account is liquidated)
- For DPDO Pensioners, Letter of authority (in duplicate) to be taken – ANNEXURE – I. The same needs to be sent by registered post to the DPDO along with information in writing regarding disbursement of the loan to the concerned pensioner.
- The concerned pensioner must submit an Affidavit stating that he/she shall not change his/her present disbursing branch/bank without bank`s consent. Guarantee – PNB 58 H.
For Demand Loan:
- Letter of request cum sanction letter for advance under personal loan scheme for pensioners Ann-I
- Letter of Authority Ann-II
- Promissory Note- PNB 728
For Term Loan:
- Request-cum-sanction Letter for Personal Loan to pensioners- PNB-1112
- Term Loan Agreement – PNB-1113
For Overdraft:
- Request-cum-sanction Letter for Personal Loan to pensioners-PNB-1112
- Overdraft agreement
Note: Any additional document as deemed necessary may be requested by PNB as part of the personal loan application process.
Important Aspects
Given below are some tips that could help you increase your chances of securing a personal loan from Punjab National Bank:
- Maintain a high credit score: It is one of the first things that lenders look at when lending money to a person. A credit score closer to 900 (usually 750 or above) indicates responsible credit behaviour and a lower risk for the lender and thus, helps increase the chances of approval of your personal loan.
- Avoid applying for multiple loans at the same time: Avoid applying for multiple loans with several lenders at the same time. This shows you to be credit-hungry and also increases the number of hard enquiries for your credit report, which in turn adversely affects your credit score. This can decrease the chances of approval for your personal loan.
- Try and meet the lender’s eligibility criteria: Be aware of the lender’s eligibility criteria and ensure your profile matches it before applying for a loan.
- Employment stability: Having a stable job and history of employment usually indicates sufficient funds to repay the loan and lower risk of default for the lender and thus, helps increase the chances of approval of your personal loan.
- Low credit utilization ratio: It is the ratio of the amount of credit availed to the available credit limit. Maintaining a low credit utilization ratio (30% or lower) usually indicates higher credit worthiness and thus, enables you to secure additional credit more easily.
FAQs
Q1. What is Punjab National Bank personal loan interest rate?
Punjab National Bank offers personal loans at an attractive interest rate starting as low as 8.80% p.a. However, interest rate applicable to a particular applicant usually varies based on applicant profile such as his/her credit score, age, loan amount, etc.
Q2. What is the maximum loan amount that I can avail through a personal loan from Punjab National Bank?
Punjab National Bank offers personal loans of up to Rs. 15 lakh, subject to some key terms and conditions.
Q3. Who can avail a personal loan from Punjab National Bank?
Salaried individuals, doctors and pensioners can avail a personal loan from Punjab National Bank, provided they meet the bank’s eligibility criteria.
Q4. What is the tenure option available on Punjab National Bank personal loans?
You can repay your Punjab National Bank personal loan within a tenure ranging between 12 to 60 months.
Q5. Can I prepay my Punjab National Bank personal loan?
Yes, customers can partly or fully prepay the loan, without any prepayment penalty.
Q6. Do I need to open an account with PNB to avail a loan from them?
No, not all types of PNB personal loans require applicants to have an existing relationship with the bank. However, having an existing banking relationship with Punjab National Bank may enable you to avail several complimentary value added services in addition to a personal loan.
Please Note: PNB is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.