Punjab National Bank Personal Loan Eligibility | Punjab National Bank Personal Loan

Punjab National Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

Age	Minimum 21 years
Age	Maximum 65 years
Nationality	Indian
Employment Type	Salaried or Self-employed
Employment status	Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum Income	Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan Amount	Rs.70 lakhs (Based on your repayment capability)
Tenure	Minimum – 6 months
Tenure	Maximum – 60 months
Credit Score	Preferred 750

These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank

Documents Required for Punjab National Bank Personal Loan

Important documents to be submitted while applying for personal loans

Completed loan application
3 Passport size photographs
Statement of Bank Account/ Pass Book for last six months
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
IT returns for the three years for self-employed professionals
Form 16/IT returns for the last two financial years for salaried employees

Factors Affecting Punjab National Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Punjab National Bank Personal Loan

Punjab National Bank(PNB) was founded in 1894 by luminaries from different parts of India with the intention of serving the people and develop the economy of the country. Headquartered in New Delhi, it is one of the oldest financial services company in India. The bank has 80 million customers, 6937 branches and around 16,684 ATMs across 764 cities.

Punjab National Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum – 21, Maximum – 60

Minimum Loan Amount for Punjab National Bank Personal Loan:

Punjab National Bank provides personal loans starting from Rs.50000

Maximum Loan Amount for Punjab National Bank Personal Loan:

Punjab National Bank provides loans to a maximum of Rs.4,00,000 or 20 times monthly net salary whichever is lower subject to minimum Net monthly salary as under

Metro Centers: Rs.15000/-

Urban Centers: Rs.12500/-

Semi- Urban/ Rural Centers: Rs.10000/-

And Rs.5,00,000/- or 20 times monthly net salary whichever is lower for those Salaried persons having completed service of 3 years in the present organization & drawing net monthly salary of not less than Rs. 30,000/- p.m.

For employees drawing salary through Punjab National Bank and completed 3 years of service in the present organization:

Max. Rs.10 lakhs or 20 times of Net monthly salary for loan up to Rs.5 lakhs and 15 times of Net monthly salary for loan above Rs.5 lakhs and up to Rs.10 lakhs.

Punjab National Bank Personal Minimum Salary Requirement

Metro Centers: Rs.50000/-

Urban Centers: Rs.40000/-

Semi- Urban/ Rural Centers: Rs.30000/-

For teachers and Defense personnel minimum Net Monthly Income shall be Rs.7500/- at all Centers.

Punjab National Bank Personal Loan Tenure: Punjab National Bank offers loans for a tenure with maximum of 60 months

Punjab National Bank Personal Loan Interest Rate: The interest rate for Punjab National Bank personal loan is 13.99% to 16.99%

Punjab National Bank Personal Loan Charges

Loan processing charges: 1.8% of loan amount up to Rs.2 lakhs- Rs.270/-, above Rs.2 lakhs- Rs.450

Foreclosure charges: NIL

How can I get Punjab National Bank Personal loan?

Personal loan Application Process for Existing Customers

Existing customers can apply for a Punjab National Bank Personal online or visit a nearby Punjab National Bank branch for the application. You can also download the home loan application form from the Punjab National Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.

Personal loan Application Process for New Customers

The process to apply for Punjab National Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.

You can also check your eligibility for a personal loan through CreditMantri and apply for it.