The total cost of borrowing and the loan’s affordability are affected by the personal loan interest rate in PNB. In PNB, the rate of interest starts at 11% p.a. For personal loans. However, they are customised for various borrower profiles, with rates changing according to employment status, credit score, and borrowing plans.
What is the Punjab National Bank Personal Loan Interest Rate?
For both self-employed professionals and salaried persons, the rate in PNB varies between 11% and 16.85% annually. The annual rate for individuals receiving pensions through PNB is 12.10 percent. However, if you want to know the exact rate, let me inform you, the loan product you selected and your creditworthiness will determine this.
Before applying for a personal loan from PNB, you must know the following information.
Loan Amount: Up to Rs.20 lakh.
Tenure: Up to 7 years for general applicants; up to 5 years for pensioners.
Processing Fee: Up to 1% of the loan amount.
Interest rates are expected to be reduced for applicants with better CIBIL scores (750 and above). Consumers who have a history of loans or accounts with PNB may qualify for lower rates. I hope you understand what is the personal loan interest rate in PNB.
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How to Apply Personal Loan in PNB?
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Embarking on the journey of acquiring a personal loan involves a crucial understanding of the personal loan interest rate in PNB that shapes the financial commitment. In my exploration, Punjab National Bank (PNB) emerged as a noteworthy player, offering diverse interest rates tailored to different salary brackets and age groups.
PNB's approach to personal loan interest rates is both nuanced and client-centric. The rates are not one-size-fits-all but rather a spectrum that considers the applicant's income and age, creating a financial landscape that accommodates diverse needs.
Punjab National Bank Personal Loan Interest Rate Chart:
| Particulars | Salaried/Self-employed/Pensioners |
Interest Rate |
8.90% p.a. to 14.45% p.a. |
Processing Fee |
Up to 1% of the loan amount |
Loan Tenure |
Up to 84 months |
Loan Amount |
Up to Rs.20 lakh |
Salary/Income |
As per the terms and conditions laid down by the bank |
Employment Status |
Salaried/Self-Employed/Retired employees/Doctors |
Credit Score |
650 and above |
PNB Personal Loan Schemes
Personal Loan Scheme |
Best For |
Interest Rate |
Personal loan scheme for public |
Salaried individuals |
8.90% p.a. to 14.45% p.a. |
Personal loan for doctors |
Doctors |
8.90% p.a. |
Personal loan for pensioners |
Retired individuals |
9.25% p.a. |
PNB personal loan interest rate for salary account is therefore a range. The specific rate charged is determined by your salary and age.
Eligibility Criteria:
PNB's eligibility criteria for personal loans are designed to be inclusive while ensuring financial prudence. The common aspects include a stable income, good credit history, and adherence to the bank's policies.
Navigating the Application Process:
In my personal experience, the application process was streamlined and transparent. PNB's customer service was instrumental in guiding through the documentation maze, ensuring a seamless transition from application to approval.
Empowering Financial Journeys – PNB's Personal Loan Solutions.
Read More:
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Does Personal Loan Affect Home Loan Eligibility?
What is the personal loan interest rate in PNB?
Agarwal98
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2023-10-19T13:35:41+00:00 2023-10-19T13:35:42+00:00Comment
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