Punjab National Bank Personal Loan - Frequently Asked Questions

Am I eligible for Punjab National Bank personal loan?
Punjab National Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Punjab National Bank personal loan is Rs. 15,000 per month. If you fall into this group, you can definitely apply for a Punjab National Bank personal loan.
How do I repay Punjab National Bank Personal loan?
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
What is the maximum loan one can get from Punjab National Bank?
Punjab National Bank offers personal loans as high as Rs. 4 Lakhs or 20 times monthly net salary for successful applicants depending on their financial record and repayment history.
What is the tenure for Punjab National Bank personal loan?
Punjab National Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
Are there any eligibility criteria an individual should satisfy in order to avail a PNB personal loan?
Yes, the following eligibility criteria should be met in order to avail a personal loan.

  1. An applicant should be salaried
  2. The minimum salary should be at least Rs 10,000 per month
  3. Applicant should be at least 21 years old

How will this personal loan be disbursed?
This personal loan can be disbursed in two ways, either as an overdraft or a term loan, with the borrower having an option to choose between these two.
Can an individual apply for a Punjab National Bank personal loan online?
Yes, Punjab National Bank offers an option for borrowers to apply for a personal loan through their official website. There are 4 parts for this application, three of them being mandatory and one optional. The mandatory information is related to personal details like ID proof, name, contact number, address, loan amount, repayment mode, EMI, etc. Optional information relates to security and collateral on offer.
Is there any limit on the amount one can avail from Punjab National Bank?
Yes, personal loans offered by Punjab National Bank have an upper limit of Rs 10 lakhs for individuals who have a salary account with the bank. The quantum of loan varies according to the job profile and location of an individual, with the minimum loan amount being Rs 50,000.
Will an individual be required to submit an income proof before availing a loan?
Yes, an income proof will be required before a loan is sanctioned. This proof is used to assess the repayment capacity of an individual and determine the loan quantum he/she is eligible for.
What are the processing charges associated with a Punjab National Bank personal loan?
The processing fees charged by PNB depend on the quantum of loan, with an upfront fee equivalent to 1.8% of the loan amount to be paid. The bank will charge an additional service tax and educational cess on this amount. PNB also charges a documentation fee ranging between Rs 270 and Rs 450 on each loan. These charges are waived for all defence personnel.
Can an individual choose to prepay a loan? If so, what are the prepayment charges involved?
Yes, borrowers can choose to prepay a loan, with Punjab National Bank not charging any additional prepayment charge.
Is it necessary for an individual to have an account with Punjab National Bank in order to get a personal loan?
No, it is not compulsory for an applicant to have an account with PNB. While it is easier for individuals with an account with PNB to get a loan sanctioned, others can also apply, utilising the check off facility on offer.
How can one repay a personal loan from PNB?
A personal loan from PNB can be repaid through regular EMIs, with a maximum repayment tenure of 5 years. A borrower can choose to repay the loan before this tenure ends, using the prepayment option.

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