How to Get Loan under PNB Personal Loan Schemes Easily.

PNB Personal Loan is a very popular loan among people to meet their education, health, finance needs. No one knows when money is needed in this human life. That’s why people often want to know about the loan schemes of various banks. Today we will try to know the details of PNB Personal Loan through this article of ours. In this, we are going to talk about the personal loan scheme run by Punjab National Bank, how to apply, etc.

If you are also facing financial crunch due to any reason, and are not able to meet your education health related needs. So you can try to know about PNB Personal Loan. Punjab National Bank was the first indigenous bank of India, which was started in 1895 from Lahore with an authorized capital of only two lakh rupees and working capital of twenty thousand rupees. Today it is a well known public sector bank.

Key Features of PNB Personal Loan

Following are the salient features of PNB Personal Loan.

• Punjab National Bank offers a variety of personal loan schemes keeping in mind the different applicant segments. This includes a separate scheme for the public, a separate scheme for doctors, and a separate scheme for pensioners.
• The personal loan of Punjab National Bank starts from Rs 25000 and goes up to 15 lakhs. It means to say that this bank provides personal loan ranging from Rs 25000 to 15 lakhs.
• Punjab National Bank provides the facility to applicants to apply for personal loan offline and online.
• PNB Personal Loan has a lot of flexibility in repayment, the applicant can choose between 12 months to 60 months for its repayment. And it can be closed even earlier by paying off the loan in full.
• Punjab National Bank charges for the services rendered by it in a very transparent manner. And the applicant is informed about these charges even before applying. There are no hidden charges other than these in PNB Personal Loan.

1. PNB Personal Loan Scheme for Public

Punjab National Bank has started this type of loan scheme for the general public. And the general public can avail of this scheme for all their personal needs like medical treatment of self or any member of the family, marriage of self or son/daughter, education of dependents, domestic or foreign travel expenses. Under PNB can apply for Personal Loan. The objective of this scheme is to provide financial assistance to the public for their personal needs.

Eligibility Criteria:

• Having salary account with Punjab National Bank and permanent employee in Central Government / State Government or any Public Sector Undertaking who has worked for at least two years in association with the previous employer.
• Other than the above categories who have put in at least three years’ service in the previous employer together.
• Such LIC agents who are less than 60 years of age and have an agency for more than five years. They should have regular and stable income, and have an SF account with Punjab National Bank. PNB are eligible to take a personal loan under the Public Personal Loan Scheme.

Under this scheme, there is a provision of giving fifteen times the gross monthly salary and a maximum loan of Rs 10 lakh. Appropriate third party guarantee will be accepted as security. Repayment will start one month after the repayment of the loan, which is to be repaid in maximum 60 monthly installments. Rates of interest, processing charges, documentation charges, etc. change from time to time.

2. PNB Personal Loan Scheme for Doctors

As the name suggests, this loan scheme is only and only for doctors. Presently working doctors / serving doctors who have done MBBS and BDS. Those who have a net annual income of at least Rs 5 lakh, and have filed income tax for the last two years.

Wherever the applicant doctor resides, at least two years have elapsed while residing there. However, such doctors who are employees of the government or any institution. This rule does not apply to them.

how much loan will i get?

Under this loan scheme, doctors can take a loan of at least Rs 200000. And the maximum loan amount will be twenty times the monthly gross salary or maximum fifteen lakhs, whichever is less. It is meant to say that under this scheme, there is a provision to give a loan of at least two lakh and a maximum of fifteen lakh rupees.

This PNB Personal Loan can be repaid in a maximum of 84 equal installments. In this also the repayment time will start from one month after the repayment of the loan. Rates of interest, processing charges and documentation charges will be applicable.

3. PNB Personal Loan Scheme for Pensioners

This scheme is for old age pensioner. This scheme has been started to meet all their personal needs and medical expenses. That is, people who are getting pension through Punjab National Bank. This PNB Personal Loan Scheme is for them.

how much loan will be available

Under this scheme, it has been decided to provide a loan of at least Rs 25000. And the maximum limit of the loan is based on the age of the applicant as follows.

• For applicants up to 70 years of age, 18 times their monthly pension, 20 times for defense pensioners and a maximum of ten lakh rupees loan. Out of these two, whichever amount is less, the same amount will be approved as loan.
• There is a provision to give 18 times of their pension to the applicants from 70 years to 75 years, 20 times to the defense pensioner and maximum of Rs 7.5 lakh, whichever is less, under the PNB Personal Loan Scheme.
• There is a provision to give a maximum of 5 lakh rupees and 12 times the pension to the applicants above the age of 75 years as a loan.

Guarantee of spouse eligible for family pension or guarantee of working children, or third party guarantee shall also be admissible as security. Apart from this, the loan has to be repaid in maximum 60 monthly installments or for 78 years. In this also interest rates, processing charges and documentation charges will be applicable.

4. Bagban PNB Personal Loan Scheme for Senior Citizens

This loan scheme has been started by Punjab National Bank for such senior citizens. Those who have a house, flat etc. in their name. And they want to take loan to meet their day to day needs. Eligibility criteria prescribed to apply for a loan under this PNB Personal Loan Scheme are as below.

• The applicant should be a citizen of India.
• The applicant should be the owner of a residential house and flat, whether the flat or house is in the name of the applicant or jointly in the name of the spouse.
• If the house or flat is jointly in the name of both, then in this case the age of one spouse should be more than 60 years and the age of the other spouse should be at least 58 years.

Features of Baghban Loan Scheme

1. The maximum qualifying loan amount along with interest will be limited to Rs.1 lakh after maintaining a margin of 20% on the realizable value of the residential property.
2. Under this PNB Personal Loan Scheme, a one-time payment is allowed only for the medical treatment of senior citizen spouse and their dependents.
3. The tenure of the loan can be extended till the death of the last surviving spouse, i.e. the loan will be repaid by the bank in monthly installments as long as one of the spouses is alive.
4. As far as the repayment of the loan is concerned, the responsibility of repayment of the loan after the death of both the borrowers i.e. husband and wife will rest with the legal heir of the property. Rates of interest, processing fee and documentation charges will be applicable on this as well.

5. PNB Personal Loan against Gold Jewelry

People who have gold ornaments, and they need money for agricultural work, activities related to agriculture or non-product purposes, for medical treatment, for education, for marriage or any other unexpected expenses.  They can apply for loan under this PNB Personal Loan Scheme. Under this scheme, a loan of at least 25 thousand and maximum up to 10 lakh can be taken.

What can you give as a security?

Since the name of this scheme is the scheme to give loan against gold jewellery. So it is natural that you can only keep gold as a security. It can be gold coins issued by a schedule bank or Punjab National Bank. The weight of gold coin issued by any bank should not exceed 50 grams. 22 carat gold will be accepted as security.

Loans taken for crops or agriculture have to be harvested, sold or adjusted within a year. The bank gives a maximum time period of 18 months for repayment of such loan. Under this PNB Personal Loan Scheme, interest rates, processing fees, documentation charges are also applicable.

How to Apply Online for PNB Personal Loan

We have mentioned all the above mentioned PNB Personal Loan Scheme. Applications can be made for these both online and offline. To apply offline, you have to visit any Punjab National Bank branch near you. And there by contacting the bank officials and collecting information about the loan, you have to apply by filling the form. You can visit this official website of Punjab National Bank to apply online. After that proceed by clicking on Personal Loan New Application.

You can also get a personal loan by using your Aadhar Know How?