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Housing Finance

Housing Finance

Who is Eligible for a Housing Loan ?

Individuals in the age group 18-70 years having regular income wishing to own residential properties in India are eligible to avail Housing Loan.

What is the maximum amount which one can get as Housing loan ?

For Construction, addition or purchase of new/old house/ flat- Need Based, no upper cap.

For Land/Plot - Rs.50 lac

(Rs 100 lac in Metros/ State Capitals by CH only)

(Rs 300 lac in all centers by ZM only)

(Rs 500 lac in Metros/ State Capitals by ZM only in cases where land is allotted by State Development Authorities/ Housing Boards)

For Repair/Renovation/ alterations - Max Rs.25 lac

For Furnishing- 10% of loan amount max Rs.5 lac

How much applicant has to contribute from own sources to get Housing loan?

Following are the minimum amount one has to contribute:

For loans upto Rs.75.00 lac - 20%

For loans above Rs.75.00 lac - 25%

For Land/Plots - 25%

What is the ROI at present?

At present under floating option Bank is financing at (MCLR 1 Year+0.05%) for Housing loans (presently 9.45%). Under fixed option ROI is fixed at rates higher by a fixed spread of 50 basis points with reset clause of five years. 0.50 % extra will be charged on H/L for 3rd House under CRE.

Option can be changed from fixed to floating and vice versa with flat charges of 2% fee on Balance outstanding.

How does one benefit if the interest is calculated on a daily reducing balance?

On the annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year.

In the case of the daily reducing balance, which is the methodology we employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly

Can one get an in-principle approval and actually avail of the loan later?

Before you choose the house you want to buy, we give you an in principle approval based on your income and repayment capacity. This makes the entire process of identifying and buying a house easier and more flexible. You won`t be under pressure to identify a house as you know how much funds the bank would make available to you.

And how long is this approval valid?

This in-principle approval is valid for 6 months to give you sufficient time to choose a flat/house of your choice.

How long does it take to get one`s loan sanctioned?

Your loan can get sanctioned in 3 to 7 working days after completion of all the desired formalities by you.

What will be the repayment period of housing loan?

You will get the housing loan for a maximum period upto 30 years, inclusive of moratorium period, if any, or upto your age of 70 years, whichever is earlier. The Bank may, at its discretion, subject to maximum repayment period of 30 years, permit the repayment

upto your age of 70 years. Moratorium or repayment holiday may be permitted where the house is constructed till completion of construction or 18 months (6 months in case of repair/renovation/addition/ alteration) from the date of disbursement of first instalment of the loan, whichever is earlier.

However, in case of finance for under construction house/ flat from Private builders, maximum moratorium of 36 months or possession whichever is earlier may be permitted subject to monthly servicing of interest.

In case of joint-borrowers, the repayment period is fixed according to the age of younger borrower, depending upon the repaying capacity.

Can Housing Loan be given for purchase of PLOT?

Yes, it can be given for purchase of Plots (upto 60% of the cost of Plot) for constructing the house building thereon at a later stage. Loan amount for purchase of plot has been restricted to 60% of housing loan eligibility.

Can I apply jointly with my spouse? Will both our salaries be taken into consideration for calculating the repaying capacity?

Yes, your salaries can be clubbed for the purpose of calculation of the repaying capacity. This can be done either when the property is jointly held with the spouse or the spouse stands as a coborrower.

Besides, income of parents and earning children (whether married or unmarried) is also taken into account for determining the income for the purpose of applicant borrower`s repaying capacity. In such cases, they are made co-borrowers.

Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.

What security do I have to furnish?

PNB requires mortgage of the property for which the loan is being taken. Where mortgage can`t be provided, other tangible security needs to be provided. The title of the property should be clear, for which a certificate would be required from the Bank`s

approved advocate, safeguarding your interests as well as Bank`s interests.

In case mortgage cannot be created immediately in situations like house/flat is being purchased/allotted by the Housing Board, Development Authorities or Co-operative Society/Builder, and title/conveyance deed are executed in favour of purchaser only

after completion of construction & possession/ making full payment of the cost of house/flat, a stamped Tripartite Agreement is executed amongst Housing Board/Development Authority/Cooperative Society/ Builder, the intending borrower and the Bank before release of the loan. To secure such loan, GUARANTEE of person(s) acceptable to the Bank is also obtained.

In case funds for accommodation of housing property have already been raised by me, can the additional loan on pari passu or 2nd charge basis be sanctioned to me by PNB?

Yes, the facility is available (Max. Rs.20.00 lac) for confirmed employees of Central/ State Govt./ PSUs, who might have raised funds for construction/ acquisition of house/ flat from their employer

What are the processing fees charged by the bank?

A very nominal upfront fee of 0.50% (Max. Rs.20,000/-) is charged by us for loan amount of upto Rs.300 lac. For loans above Rs.300 lac a flat upfront fee of Rs.50000/- is charged (Plus taxes as applicable).

What are other charges I have to pay?

Documentation charges of R.1350/- plus all other out of pocket charges viz. CIBIL, Advocate fee, Valuation charges, Central Registry etc.

What is EMI?

EMI stands for Equated Monthly Installments. Such installment comprises of both principal and interest component.

Can I prepay the loan? Are there any charges?

Yes, you can prepay the loan at any stage without any charges on loans sanctioned on Floating rate of interest. In case of loans sanctioned at fixed rate of interest there are no charges in case it is pre-paid from your own sources. However, prepayment charges of 2% are levied in case of shifting of Housing Loan A/c by takeover to other banks/ housing finance institutions. You can also deposit more than your EMI amount into your loan account and bring down your interest burden as and when funds are available with you.

Where can I avail PNB Housing loans?

You can contact any of the PNB branches for availing Housing loan.

If I have funds, is it still worthwhile to avail of a bank loan for buying a house?

It is generally advantageous to take a Housing loan as it would enable you to get tax exemptions. However, please consult your CA/ income tax advisor to know benefits in your specific case.

What are the tax benefits of taking PNB Housing Loan?

Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan.

Under Section 24(1), interest repayment of Rs.2, 00,000/- per annum qualifies for tax saving under the new Finance Act. An added benefit under Section 80(c) on repayment of principal amount to the extent of Rs.1, 50,000/- is also available on the same loan subject to

compliance with conditions stipulated in the IT Act.

Recently Government has also announced an additional rebate of Rs.50000/- on interest on fresh H/Loans for sanction this year only.

How does PNB housing loan compare with those offered by other institutions?

There is total transparency with regard to the rate of interest and the fees charged by us.

You pay substantially less in repayments as compared to others.

We have no upper limit. The loan amount is determined by repaying capacity and the value of property to be financed.

We offer loans for the longest tenors (up to 30 years) with the flexibility to pre-pay the loan without any charges/penalty.

We provide finance for both new and old houses/flats and for construction of houses.

Cost of furnishing the house can also be included in the project cost.

With PNB Housing Loan, you can choose between fixed rates of interest and floating interest rates.

We levy interest based on daily reducing balance, unlike the annual/monthly reducing balance method used by several other financiers/banks and accordingly actual effective rate of interest is much less when compared to other banks.

You can also avail Overdraft facility upto Rs.25.00 lac for personal need over & above your Housing Loan from day one. *

Top up loan is available after three years under Flexible Housing Loan Scheme of the Bank.* Under this variant Flexibility to avail Housing loan in shape of Term Loan & Overdraft under Flexible Housing Loan variant (80%-T/Loan & 20%-OD), where OD component is proportionately increased which is equivalent to reduction in term loan component after three years. Besides, borrowers are entitled to 20% increase in the original total limit sanctioned after a lapse of five years.

Online application facility also available.

There are no hidden charges.

Are NRIs are also eligible for Housing loan from PNB?

Loan to NRI/ PIOs is also available for acquisition/construction/repairs/ renovation/improvement of flat/house to be owned in their names. NRIs/PIOs in India as also for the purpose of purchase of plot. This flat/house, acquired by utilization of the loan, can be used for self occupation/letting out. Loan can also be considered where NRI/PIO is a principal borrower with resident close relative(s)

What are the documents required by PNB at the time of applying Housing Loan?

While applying for housing loan, you are required to furnish the following information/ documents:

Loan application form, duly completed, with Photograph.

Identity Proof

Address/ Residence Proof

Age Proof

Education Qualification Proof

Income Proof:

Salaried Class : Salary Certificate issued by the employer (indicating gross and net salary), Income Tax Return, Bank Statement of Salary account for last six months.

Agriculturist : Record of land holding and cropping pattern or any other proof of income.

For all other individuals : Last 3 years Income Tax Returns or Assessment Order and Computation of Income Statement; Bank Statement of Account for last six months.

Income Proof of spouse/ earning children/ co-borrowers (if applicable).

Undertaking of the borrower/co-borrower as to whether he/she owns residential property in his/her name.

Any other document which may be necessary as per requirement of the case.

*conditions apply

*conditions apply

Depository Services

Depository Services

General

What is a Depository ?

Depository is an organization where the securities of a shareholder are held in the electronic form. This is done at the request of the shareholder through the medium of a Depository Participant (DP). A depository is similar to a Bank. If an Investor wants to utilize the services offered by a depository, he/she has to open an account with the depository through a DP.

What is a Depository Participant ?

DP is your representative in the depository system and is similar to your bank branch. Your DP will maintain your securities account balances and intimate to you the status of your holdings from time to time. According to SEBI guidelines, financial institutions, banks, custodians, stock brokers etc., can become depository participants. PNB is a registered DP with National Securities Depository Limited (NSDL).

What are benefits of opening a demat a/c ?

The benefits of participation in a depository are:

  • Quick transfer of securities
  • No stamp duty on transfer of securities
  • Elimination of risks associated with physical certificates such as bad delivery, fake securities, etc
  • Reduction in paperwork involved in transfer of securities
  • Reduction in transaction cost
  • Nomination facility
  • Change in address recorded with DP gets registered electronically with all companies in which investor holds securities eliminating the need to correspond with each of them separately
  • Holding investments in equity, debt instruments and Government securities in a single account
  • Automatic credits into demat account, of shares, arising out of split/consolidation/merger etc

What is a authorized branch of D.P ?

For extending the benefits of depository services to our clients, a number of braches are authorized to maintain your securities account. They are dealing with a centralized Depository participant (PNB).

Why should an Investor prefer to buy shares in the depository mode ?

When you buy shares in the depository mode you will become the owner of those shares in the depository within a day of the settlement being completed. You will not have to apply to the Company for registering the shares in your name. Thus, there will be no possibility of loss or theft when the share certificates are posted to the company. You will have no fear that any fake or stolen shares may have been delivered to you.

What is dematerialisation ?

Dematerialisation is a process by which the physical certificates of an investor are taken back by the Company / Registrar and actually destroyed and an equivalent number of securities are credited in the electronic holdings of that investor. This is done at the request of the investor. An investor will have to first open an demat account with a DP and then request for the dematerialisation of his certificates through th DP so that the dematerialised holdings can be credited into that account.

Can my electronic holdings be converted back into certificates ?

Yes. If you wish to get back your securities in the physical form all you have to do is to request the DP for the Rematerialisation of the same. Rematerialisation is the term used for converting electronic holdings back into certificates. The authorized branch will forward your request to NSDL through our DP after verifying that you have the necessary security balances. NSDL in turn will intimate the registrar who will print the certificates and dispatch the same to you.

How will an Investor know that his DP has updated his account after each transaction ?

Just like a bank branch, the authorized branch will give you a statement of account. The statement of account will be dispatched to you periodically by the DP.

What if there are any discrepancies in the statement ?

In case of any discrepancy in the statement of account, you can contact the DP. If the discrepancy cannot be resolved at the DP level an investor may approach NSDL for clarification.

What happens if I lose my account statement ?

Simple, inform the authorized branch and obtain a duplicate account statement . Your statement cannot be used by anybody else for trading in your account.

Is an investor restricted from having account with only one DP ?

There are absolutely no restrictions to the number of DPs you can open accounts with.

Does an investor have to keep any minimum balance of securities in his client account ?

No, the depository has not prescribed any minimum balance. In fact, you can even have zero balance in your account.

What security do I have if the only proof of my holdings in the depository is merely a piece of paper indicating my account balance ?

When you open an account with an authorized branch, you sign an agreement with the DP in which the DP indemnifies you for any misuse of your holdings. The depository will also ensure that the interests of the investors are protected so your grievances, if any, against the DP will be resolved by the depository

Is it possible for me to get the securities allotted to me in public offerings directly in the electronic form ?

Definitely, in fact the public issue application form itself contains a provision for you to indicate the manner in which you want the securities to be allotted to you. All you have to do is to mention your client account number and the name of the DP and any allotment due to you will be credited into that account.

Who will give me the benefits arising out of my holdings, say a bonus or dividend ?

When any corporate event such as rights, bonus or dividend is announced for a particular security, the depository will give all the details of the clients having electronic holdings of that security as of record date/book closure to the registrar. The registrar will then calculate the corporate benefits due to all the shareholders. The disbursement of cash benefits such as dividend/interest will be done by the registrar whereas the distribution of securities entitlements will be done by the depository based on the information provided by the registrar.

Do I have any option for the manner in which I wish to receive my corporate benefits ?

In case of those corporate events where you can exercise your option such as rights issue or optional conversion of debentures to shares, you do have a choice of either physical or electronic

Dematerialisation

Can an investor dematerialise any share certificate ?

The investor can dematerialise only those certificates that are already registered in his name and belong to the list of securities admitted for dematerialisation at NSDL. Shares held in street name (market deliveries) cannot be dematerialised

Is a transfer deed required for dematerialising certificates ?

No. The certificates have to be accompanied by a Demat Request Form (DRF) which can be obtained from the authorized branch and there is no need for a transfer deed.

Can an investor dematerialise shares, which are pledged with a bank, which is a DP as well ?

The investor can, with the permission of the bank.

Do dematerialised shares have distinctive/ certificate numbers ?

No. Dematerialised shares do not have any distinctive or certificate numbers. These shares are fungible - which means that 100 shares of a security are the same as any other 100 shares of that security.

Can odd lot shares be dematerialised ?

Yes. Odd lot share certificates can also be dematerialised.

Is dematerialisation compulsory ?

No. According to the Depositories Act, 1996, an investor has the option to hold shares either in physical or in dematerialised form.

Is it compulsory to mention the ISIN number of the company while filling up the Demat Request form ?

Yes, the ISIN name and number should be mentioned. This, to a certain extent, ensures that the security mentioned in the Demat Request Form is the same as the one the client intends to dematerialise. However, the client need not remember cryptic numbers and can take the help of his DP in filling these forms, which we will gladly do it for him.

Rematerialisation

Does NSDL keep blank share certificates of companies ?

During a Rematerialisation process, the request goes from the DP to the R&T agent via NSDL. The R&T Agent, after processing the request, will print and despatch the share certificate directly to the investor. In this process, NSDL does not directly handle certificates.

What should the investor do if his name has been wrongly spelt on the certificates given to him after a remat ?

During a remat the instruction from the investor travels to the R&T agent from the DP via NSDL. The R&T agent processes it and sends the certificate, with the name printed as it appears in the beneficiary account, to the investor directly. Despite this, if the name is mis-spelled, then the investor can send it for rectification to the R&T agent along with the relevant documents.

Since depository is the registered holder in company`s books, will a remat be a case of transfer from Depository to investor and a stamp duty charged on it ?

No. Transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner shall not be liable to stamp duty related to transfer.

Can odd lot securities be rematerialised ?

The investor has the option of rematerialising his total holdings or part of it. In addition to this, he has the option to get the certificates in market lot or jumbo lot. In view of this, beneficiary owners can remat their securities even if it is an odd lot.

Pledging

Can locked-in securities be pledged ?

Yes. However they cannot be invoked before the lock-in release date.

Who will receive corporate action benefits on the pledged securities ?

Even after the securities are pledged, the pledgor continues to remain the beneficiary holder of those securities and will receive benefits of a corporate action, if any.

Corporate Actions

How will the investor receive dividend/interest, if any, on the securities he is holding ?

NSDL gives the issuer/ R&T agent of the security for which dividend has been announced a list of beneficial owners as of the record/ book closure date. Based on this list provided by NSDL, the issuer/ R&T agent directly forwards dividend payment to the investor, as in case of the physical environment. Presently, NSDL does not handle cash corporate actions

If an investor has holdings in dematerialised form will the bonus/ rights issue against this be in the same form ?

The bonus/rights issue against holding in dematerialized form can be either in the physical/dematerialised form as per the choice of the investor. If no choice is given, then by default the securities will be issued in the form they are currently held. Thus if a shareholder holds some shares in physical form and some others in demat, then bonus/rights shares will be received in both the forms in proportion to the holdings in each form.

If an investor has holdings in physical form, can the bonus/ rights issue against this be in the dematerialised form ?

Yes, if the investor chooses to receive this non cash corporate action in dematerialised form, they will be credited to the depository account. Please note that this facility will be available only in case of those companies linked up with NSDL.

Will the rights issue form be sent by the depository or issuer ?

As in the physical segment the issuer/ their R&T agent will mail the rights form directly to all investors including those in the electronic segment.

How will the investor confirm that he has received his bonus/ rights entitlement ?

The statement of holding and transaction statement sent by the investors DP, will show the bonus/ rights credit into his account. This report is sent to the investor on monthly basis. In addition, an allotment advise will be send by the issuer/ their R&T agent for bonus/ rights entitlement.

Public Offerings

Does the applicant get preference in allotment if he applies in dematerialised form ?

The basis of allotment is independent of the form (physical/ dematerialised) in which securities are applied. Thus the applicant won`t get preference in allotment if he applies for securities in dematerialised form.

If the applicant is allotted securities in dematerialised form, when will he get electronic credit in his account ?

If securities are allotted in the dematerialised form, these would be credited to applicants account any day between allotment date and listing date, at the discretion of the company.

How will the applicant come to know that his application for public issue in electronic form has been accepted ?

The issuer company/ their R&T agent will forward the applicant the allotment advise giving the number of shares allotted in dematerialised form.

Safety Measures

How will an investor know that the DP has updated his account after each transaction ?

At least once a month, the DP will give the investor a statement of holdings and a transaction statement, which details out the current balances and the various transactions done through that depository account. In addition, NSDL forwards a statement of holding every month to randomly selected list of beneficial owners, which acts as a counter check.

What is to be done if there are any discrepancies in the statement of holdings ?

In case of any discrepancy in the statement of holdings, the investor can contact his authorized branch. If the discrepancy cannot be resolved at this level, the investor may approach NSDL. NSDL also sends out statement of holdings to clients of DPs picked at random. In case the balance in the investors account as indicated by his authorized branch does not tally with the balance as indicated by NSDL, the investor may contact his DP/ NSDL for clarification.

What security does an investor have if only proof of his holdings in the depository is merely a piece of paper indicating his account balance ?

There are various checks and balances in the depository design to ensure safety of the investor holdings.

What happens when a DP goes bankrupt ?

In all such cases there is absolutely no need for an investor to be unduly concerned as enough provisions are there for the investor to transfer his account from the defunct DP to another DP or get the securities rematerialised. There cannot be any lien on the account holder`s assets by creditors belonging to the DP or NSDL and therefore the account holder`s assets are absolutely safe. There is no credit risk in case of a defunct NSDL or its DPs.

How confidential are the Depository Account details ?

There are strict systems and procedures established to protect the confidentiality of investor information at the depository to ensure that these are available to only authorised persons

Car Loan

Scheme for financing purchase of car by public

How much amount can be sanctioned under PNB Car Loan Scheme?

To individuals/ proprietorship concerns – 25 times net monthly salary/income. (Max. amount of loan - Rs. 100 lac).

To business concerns – Need based loans are sanctioned.

Is there any income criteria for availing the loan?

Yes, minimum net monthly salary / pension/ income of Rs. 20,000/-.

Can a car loan be sanctioned for purchase of old car?

Yes, loan can be sanctioned for vehicles which are not older than 3 years.

How much amount is the borrower required to contribute?

For new vehicles, borrower is required to contribute 10% in case of purchase of vehicles from Maruti, Tata Motors, Hyundai , Honda , Mahindra & Mahindra, Extreme & Force Motors Ltd., with whom Bank is having a tie up arrangement.

For purchase of new vehicles of other make/ companies, 15% is required to be contributed.
For old Vehicles, margin requirement is 30%.

What is maximum repayment period under Car Loan Scheme?

For new Vehicles: Max 84 months.

For Old Vehicles: Max 60 months.

What are the upfront fee and documentation charges on Car Loans?

Click here: https://www.pnbindia.in/service-charges-related-to-retail-advances.html

What is the ROI on Car Loans?

Click here: https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html#carloan

PNB Pride Car Loan For Government Employees

How much amount can be sanctioned under the scheme?

25 times net monthly salary/income. (Max. amount of loan - Rs. 100 lac).

Is there any income criteria for availing the loan?

Yes, minimum net monthly salary / pension/ income of Rs. 20,000/-.

Can a car loan be sanctioned for purchase of old car?

Yes, loan can be sanctioned for vehicles which are not older than 3 years.

How much amount is the borrower required to contribute?

For new vehicles, borrower is required to contribute 10% in case of purchase of vehicles from Maruti, Tata Motors, Hyundai , Honda , Mahindra & Mahindra, Extreme & Force Motors Ltd., with whom Bank is having a tie up arrangement.

For purchase of new vehicles of other make/ companies, 15% is required to be contributed.

For old Vehicles, margin requirement is 30%.

What is maximum repayment period under Car Loan Scheme?

For new Vehicles: Max 84 months.

For Old Vehicles: Max 60 months.

What are the upfront fee and documentation charges on Car Loans?

Click here: https://www.pnbindia.in/service-charges-related-to-retail-advances.html

What is the ROI on Car Loans?

Click here: https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html#carloan

Education Loan

Education Loan

Education Loan- PNB KAUSHAL
(Frequently Asked Questions)


Who can apply for the loan?
Any Indian National is eligible for education loan.

Who can be co-obligant ?
The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the maximum amount of loan?
Rs. 1.50 lakh

Whether higher than the amount mentioned above can be sanctioned?
No

Whether additional loan for the same course can be given?
Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project within the maximum loan amount limit of Rs. 1.50 lakh.

Whether additional loan for further skill development courses is available?
Top up loans to students pursuing further skill development courses within the overall eligibility limit, may be considered on merits.

For how long a period can I get the loan?
The loan is granted for the full term of the course and repayment is permitted within 3 to 7 years after repayment holiday/moratorium, depending on the quantum of loan sanctioned.

What is the repayment holiday / moratorium period ?
For course of duration upto 1 year – 6 months from the course completion.
For course of duration above 1 year – 12 months from the course completion.

Is there any concession in interest?
Yes, 1% interest concession in the account is available if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. The rate of interest applicable at any time shall not be below Base rate/MCLR of the Bank after providing concession in rate of interest.

Is there any concession in interest for Female Beneficiary?
Yes, 0.50% interest concession in the account is available. The rate of interest applicable at any time shall not be below Base rate/ MCLR of the Bank after providing concession in rate of interest.

What is the periodicity of charging of interest?
Simple interest at monthly rests is charged during the repayment holiday /moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.

Do you levy any penalty for default under the scheme?
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?
The following documents are required to be furnished:
1. Loan application as per approved Performa of Ministry of Skill Development and Entrepreneurship.
2. Passport size photograph.
3. Proof of Address.
4. Proof of Age.
5. Proof of having secured pass marks in last qualifying examination.
6. Letter of admission in vocational/skill development courses.
7. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
8. Details of Assets & Liabilities of parents/co-obligants/guarantors.
9. Copy of PAN / Aadhar of student borrower.
10. A declaration/an affidavit confirming that no loans are availed from other banks.
11. Any other document/information, depending upon the case and purpose of the loan.

Are there any charges or processing fee?
No processing/ upfront charges.

Since there is a moratorium period, how will my repayments be determined?
The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Where can I avail of educational loan?
Loan application is to be submitted at the branch nearest to the place of residence of the parents of the student or online through www.vidyalakshmi.co.in

Interest under PNB Kaushal scheme?
Click here: https://www.pnbindiin/interst-rate-on-advances-linked-to-mclr.html#educationloan

Education Loan- PNB PRATIBHA
(Frequently Asked Questions)

Who can apply for the loan ?
Any Indian National who has obtained admission in premium institute as per list is eligible for education loan.

Who can be co-obligant ?
The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the maximum amount of loan?
Studies in India –
i) Max. Rs.30.00 lac as per list at Annexure I – 88 Institutes.
ii) Max. Rs.10.00 lac as per list at Annexure II – 81 Institutes.

Whether higher than the amount mentioned above can be sanctioned?
Need based finance subject to repaying capacity of the student/parents with margin may be considered on individual merits.

Whether additional loan for the same course can be given?
Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project.

Whether additional loan for further studies is available?
Top up loans to students pursuing further studies within the overall eligibility limit, may be considered on merits.

For how long a period can I get the loan?
The loan is granted for the full term of the course and repayment is permitted upto15 years after repayment holiday/moratorium as the case may be.

What is the repayment holiday / moratorium period?
Course period + 1 year.

What is the periodicity of charging of interest?
Simple interest at monthly rests is charged during the repayment holiday /moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.

Do you levy any penalty for default under the scheme?
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?
The following documents are required to be furnished:
1. Loan application on Bank`s format.
2. Passport size photograph.
3. Proof of Address.
4. Proof of Age.
5. Proof of having secured pass marks in last qualifying examination.
6. Letter of admission in professional, technical or vocational courses.
7. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
8. Details of Assets & Liabilities of parents/co-obligants/guarantors.
9. In case loan is to be collaterally secured by mortgage of IP, copy of Title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
10. Copy of PAN of student borrower.
11. A declaration/an affidavit confirming that no loans are availed from other banks.
12. Any other document/information, depending upon the case and purpose of the loan.

Are there any charges or processing fee?
No processing/ upfront charges.

Since there is a moratorium period, how will my repayments be determined?
The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Where can I avail of educational loan?
Loan application is to be submitted at the branch nearest to the place of residence of the parents of the student or online through www.vidyalakshmi.co.in

Interest under PNB PRATIBHA scheme?
Click here: https://www.pnbindiin/interst-rate-on-advances-linked-to-mclr.html#educationloan

Education Loan- PNB SARASWATI
(Frequently Asked Questions)

Who can apply for the loan?
Any Indian National is eligible for education loan.

Who can be co-obligant ?
The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the maximum amount of loan?
Need based

Whether higher than the amount mentioned above can be sanctioned?
Need based finance subject to repaying capacity of the student/parents with margin may be considered on individual merits.

Whether additional loan for the same course can be given?
Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project.

Whether additional loan for further studies is available?
Top up loans to students pursuing further studies within the overall eligibility limit, subject to taking required security may be considered on merits.

For how long a period can I get the loan?
The loan is granted for the full term of the course and repayment is permitted within 15 years after repayment holiday/moratorium.

What is the repayment holiday / moratorium period?
Course period + 1 year.

Is there any concession in interest?
Yes, 1% interest concession in the account is available if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. The rate of interest applicable at any time shall not be below Base rate/MCLR of the Bank after providing concession in rate of interest.

Is there any concession in interest for Female Beneficiary?
Yes, rebate of 0.50% in ROI is permitted to women beneficiaries for outstanding up to Rs.10.00 lakh and 0.25% for outstanding above Rs.10.00 lakh.

What is the periodicity of charging of interest?
Simple interest at monthly rests is charged during the repayment holiday /moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.

Do you levy any penalty for default under the scheme?
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?
The following documents are required to be furnished:
Loan application on Bank`s format.
Passport size photograph.
Proof of Address.
Proof of Age.
Proof of having secured pass marks in last qualifying examination.
Letter of admission in professional, technical or vocational courses.
Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
Details of Assets & Liabilities of parents/co-obligants/guarantors.
In case loan is to be collaterally secured by mortgage of IP, copy of Title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
Copy of PAN/aadhar of student borrower.
A declaration/an affidavit confirming that no loans are availed from other banks.
Any other document/information, depending upon the case and purpose of the loan.

Are there any charges or processing fee?
No processing/ upfront charges.

Since there is a moratorium period, how will my repayments be determined?
The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Where can I avail of educational loan?
Loan application is to be submitted at the branch nearest to the place of residence of the parents of the student or online throughwww.vidyalakshmi.co.in

Interest under PNB SARASWATI scheme?
Click here: https://www.pnbindiin/interst-rate-on-advances-linked-to-mclr.html#educationloan

Education Loan- PNB UDAAN
(Frequently Asked Questions)

Who can apply for the loan ?
Any Indian National is eligible for education loan for pursuing Higher Education in abroad

Who can be co-obligant ?
The parents, grandparents, spouse, parents-in-law can be co-obligant.

What is the maximum amount of loan?
Need Based

Whether higher than the amount mentioned above can be sanctioned?
Need based finance subject to repaying capacity of the student/parents with margin may be considered on individual merits.

Whether additional loan for the same course can be given?
Requirement of additional Education loan for the same course for which loan has already been sanctioned may be considered on merits as a part of the original project.

Whether additional loan for further studies is available?
Top up loans to students pursuing further studies within the overall eligibility limit, subject to taking required security may be considered on merits.

For how long a period can I get the loan?
The loan is granted for the full term of the course and repayment is permitted upto 15 years after repayment holiday/moratorium as the case may be.

What is the repayment holiday / moratorium period?
Course period + 1 year.

Is there any concession in interest?
Yes, 1% interest concession in the account is available subject to compliance of the other guidelines of the scheme if the interest is serviced as and when levied during the study period when repayment holiday is specified for interest / repayment under the scheme. The rate of interest applicable at any time shall not be below Base rate/ MCLR of the Bank after providing concession in rate of interest.

Is there any concession in interest for Female Beneficiary?
Yes, rebate of 0.50% in ROI is permitted to women beneficiaries for outstanding up to Rs.10.00 lakh and 0.25% for outstanding above Rs.10.00 lakh.

What is the periodicity of charging of interest?
Simple interest at monthly rests is charged during the repayment holiday /moratorium period whereas from the due date of repayment, interest is compounded on monthly basis.

Do you levy any penalty for default under the scheme?
There is no penalty for loans upto Rs. 25000/-. However, in case of default, penal interest @ 2% is charged on the outstanding amount.

What are the important documents that I need to provide?
The following documents are required to be furnished:
1.Loan application on Bank`s format.
2. Passport size photograph.
3.Proof of Address.
4.Proof of Age.
5.Proof of having secured pass marks in last qualifying examination.
6.Letter of admission in professional, technical or vocational courses.
7.Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
8.Details of Assets & Liabilities of parents/co-obligants/guarantors.
9.In case loan is to be collaterally secured by mortgage of IP, copy of Title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the Bank to be obtained at the cost of the borrower.
10.Copy of PAN / aadhar of student borrower.
11.A declaration/an affidavit confirming that no loans are availed from other banks.
12.Any other document/information, depending upon the case and purpose of the loan.
13.Copy of Passport/ Visa

Are there any charges or processing fee?
Processing/ upfront charges @1% with a minimum of Rs. 10000/- be recovered which shall be refunded if first disbursement has been made within 6 months from the date of sanction, in the account towards fee/other expenses sanctioned for Education loan ensuring that the student has taken admission and joined the institute.

Since there is a moratorium period, how will my repayments be determined?
The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Where can I avail of educational loan?
Loan application is to be submitted at the branch nearest to the place of residence of the parents of the student or online through www.vidyalakshmi.co.in.

Interest under PNB UDAAN scheme?
Click here: https://www.pnbindiin/interst-rate-on-advances-linked-to-mclr.html#educationloan

Two Wheelers Loan

Pnb Saarthi - Scheme For Financing Two Wheelers To Public

How much amount can be sanctioned under the Scheme?

For super bikes / hybrid two wheeler (Engine capacity 200CC & above) – Maximum
Rs. 3.00 lac (subject to repayment capacity)

For all other Two Wheeler Maximum Rs. 1.50 lac (subject to repayment capacity)

Is there any income criteria for availing the loan?

Yes, minimum net monthly salary / pension/ income of Rs. 10,000/-.

How much amount is the borrower required to contribute?

Where salary is being disbursed through the concerned bank branch and/ or Check off facility is available, margin requirement is 10%.

For others and business concerns, margin requirement is 25%.

What is maximum repayment period under the Scheme?

For Scooter and Motorcycle – 60 months.
For Scooterrete – 30 months.
For Mopeds – 24 months.

What are the upfront fee and documentation charges?

Click here: https://www.pnbindia.in/service-charges-related-to-retail-advances.html

What is the ROI?

Click here: https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html

TWO WHEELERS LOAN FOR WOMEN

PNB POWER RIDE` - SCHEME FOR FINANCING TWO WHEELERS TO WOMEN

How much amount can be sanctioned under the Scheme?

Maximum Rs. 60000/- (subject to repayment capacity)

Is there any income criteria for availing the loan?

Yes, minimum net monthly salary / pension/ income of Rs. 8,000/-.

How much amount is the borrower required to contribute?

Margin requirement is 10% of ex-showroom price.

What is maximum repayment period under the scheme?

36 months.

What are the upfront fee and documentation charges?

Click here: https://www.pnbindia.in/service-charges-related-to-retail-advances.html

What is the ROI?

Click here:https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html

Krishi Card

Krishi Cards

Can I raise loan under this scheme for activities other than Agriculture ?

Yes, for other rural household requirements such as education, consumable items, medical expenses, etc. up to 25% of the limit or Rs.25,000/- whichever is lower

Do I need minimum qualification to be eligible under the scheme ?

No.

If I have 5 acre of unirrigated land, am I eligible under the scheme ?

Yes

Can I take the payment from the other branches also ?

Yes, but within the same district whereas the illiterate cardholders will avail the facility from the issuing branch only

Do I have to pay any additional fee/charge for withdrawing cash from other than the issuing branch ?

Yes, if you withdraw cash from the branch other than the issuing branch a commission @2% is charged and the same is deducted from the cash withdrawn.

If I want to renew my Krishi Card what formalities are required ?

You should approach the issuing branch one month before the expiry of the card with a written request for the same.

Is there any concept of the margin under the scheme ?

For limits up to Rs. 2,00,000/-, the margin requirements are nil. For limits above Rs.200,000/- up to Rs. 3,00,000/-, margin requirement is 10%.

In case of loss of card/passbook what are the formalities ?

Inform the card issuing branch by quickest means and a new card is re-issued on payment of nominal charges of Rs.200/-.

How do you work out the eligible limit ?

The limit is worked out on the basis of your total income from farm as well as non-farm activities, extent of land holding, acreage and average yield of crops grown, price realisations etc

How do I repay the amount raised against the card ?

Aggregate credits into the account during the 12/18 months period as the case may be, should at least be equal to the maximum outstanding in the account. The cardholder will also have to maintain his/her cash credit account in credit balance for at least one week once a year. However, the consumption loan portion shall be adjusted within a period of three years. All the repayments/deposits by the cardholder shall be made at the card-issuing branch only

Future Lease Rentals

Anupam Accounts

Anupam Accounts

Who can open an Anupam Account ?

Account can be opened by individuals, sole proprietorship concerns, partnership firms, associations, trusts, limited companies etc. Minors are not eligible.

What is the minimum amount of deposit and period for opening the account ?

Account can be opened with a minimum deposit of Rs.10,000/- for any period from 6 months to 120 months.

Whether the customer can avail overdraft against the deposits instantly and when a chequebook for overdraft is issued ?

Yes, Overdraft against the deposit is available instantly and automatically. A chequebook is issued at the time of accepting the deposit.

Whether simple/compound rate of interest is payable on deposits ?

Interest on deposit is paid on quarterly compounding basis at term deposit rates.

ECS

ECS

What is Electronic Clearing Service (ECS) ?

ECS is a mode of electronic funds transfer for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, etc. Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa using the services of a ECS Centre at a ECS location.

What are the variants of ECS? In what way are they different from each other ?

Primarily, there are two variants of ECS - ECS Credit and ECS Debit.

ECS Credit is used for affording credit to a large number of beneficiaries having accounts with bank branches at various locations within the jurisdiction of a ECS Centre by raising a single debit to an account of a bank (that maintains the account of the user institution). ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution.

ECS Debit is used for raising debits to a large number of accounts maintained with bank branches at various locations within the jurisdiction of a ECS Centre for single credit to an account of a bank (that maintains the account of the user institution). ECS Debit is useful for payment of telephone / electricity / water bills, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, etc., that are periodic or repetitive in nature and payable to the user institution.

Who can initiate a ECS Credit transaction ?

ECS Credit payments can be initiated by any institution (called ECS Credit User) who has to make bulk or repetitive payments to a number of beneficiaries. The institutional User has to first register with a ECS Centre. The User has to also obtain the consent of beneficiaries and get their bank account particulars prior to participation in the ECS Credit scheme.

ECS Credit payments can be put through by the ECS User only through his bank (known as the Sponsor bank). ECS Credits are afforded to the beneficiary account holders (known as destination account holders) through the beneficiary account holders` bank (known as the destination bank). The beneficiary account holders are required to give mandates to the user institutions to afford credit to their bank accounts through the ECS Credit mechanism.

How does the ECS Credit Scheme work ?

The user intending to effect payments through ECS Credit has to submit details of the beneficiaries (like name, bank / branch / account number of the beneficiary, MICR code of the destination bank branch, etc.), date on which credit is to be afforded to the beneficiaries, etc., in a specified format (called the input file) through its sponsor bank to one of the approved ECS Centres.

The bank managing the ECS Centre then debits the account of the sponsor bank on the scheduled day and credits the accounts of the destination banks, for onward credit to the accounts of the ultimate beneficiaries with the destination bank branches.

What is a MICR Code ?

MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. This is a 9 digit code to identify the location of the bank branch; the first 3 characters represent the city, the next 3 the bank and the last 3 the branch. The MICR Code allotted to a bank branch is printed on the MICR band of cheque leaves issued by bank branches.

How does a beneficiary participate in ECS Credit Scheme ?

The beneficiary has to furnish a mandate to the user institution giving consent to avail the ECS Credit facility. The mandate contains details of his bank branch, account particulars and authorizes the user institution to afford credit to his account with the destination bank branch.

Is it necessary for user institutions to collect the mandates from beneficiaries ?

Yes. A model mandate form has been prescribed for the purpose (available at the location https://www.pnbindiin). The securities market regulator (SEBI) has also issued guidelines to investors to furnish their bank account details in the share applications for printing the same on the physical interest / dividend warrants. Therefore, user institutions should not have difficulty in collecting the bank account particulars and mandates from beneficiaries. Payment processing by destination banks becomes smooth and easy once a database is prepared, maintained and updated by the user institutions.

Is there scope for the beneficiary to alter the mandate under the ECS Credit Scheme ?

Yes. In case the information / account particulars contained in the mandate undergoes any change, the beneficiary has to notify the user institution with a request to carry out the requisite changes in order to continue to receive credits under the scheme. In case the account particulars contained in the input file do not match with the particulars as available at the destination bank branch for any reason whatsoever, the destination bank branches would return the credit (through their pooling centre known as the Service Branch) to the sponsor bank (for onward credit to the user institution) through the ECS Centre.

Will beneficiaries be intimated of credits afforded to their account under the ECS Credit Scheme ?

It is the responsibility of the user institution to communicate to the beneficiary the details of credit that is being afforded to his account, indicating the proposed date of credit, amount and relative particulars of the payment. Destination banks have been advised to ensure that the pass books / statements given to the beneficiary account holders reflect particulars of the transaction / credit provided by the ECS user institutions. The beneficiaries can match the entries with the advice earlier received by them from the user institutions. Many banks also give mobile alerts/messages to customers post credits of funds to such accounts.

What are the advantages of the ECS Credit Scheme to the beneficiary ?

ECS Credit offers many advantages to the beneficiary –

The beneficiary need not visit his bank for depositing the paper instruments, which he would have otherwise received had he not opted for ECS Credit.

The beneficiary need not be apprehensive of loss/theft of physical instruments or the likelihood of fraudulent encashment thereof. Cost effective.

How does the ECS Credit Scheme benefit user institutions ?

User institutions enjoy many advantages as well. For instance,

Savings on administrative machinery for printing, dispatch and reconciliation of paper instruments that would have been used had beneficiaries not opted for ECS Credit.

Avoid chances of loss/theft of instruments in transit, likelihood of fraudulent encashment of paper instruments, etc. Efficient payment mode ensuring that the beneficiaries` get credit on a designated date. Cost effective.

Are there any advantages of the ECS Credit Scheme to the banking system ?

Yes, the banking system too benefits from ECS Credit such as –

Freedom from paper handling and the resultant advantages of handling, presenting and monitoring paper instruments presented in clearing, had beneficiaries (having accounts with the destination bank branches) not opted for ECS Credit.

Ease of processing and return for the destination bank branches.

Smooth process of reconciliation for the sponsor banks. Cost effective.

Is there any limit on the value of individual transactions in ECS Credit ?

No. There is no value limit on the amount of individual transactions.

What are the processing / service charges levied under ECS Credit ?

The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. No processing charges are levied by the ECS Centres; the same has been waived till March 31, 2010. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.

Who can initiate a ECS Debit transaction ?

ECS Debit transaction can be initiated by any institution (called ECS Debit User) who has to receive / collect amounts towards telephone / electricity / water dues, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, etc. It is a Scheme under which an account holder with a bank branch can authorise an ECS User to recover an amount at a prescribed frequency by raising a debit to his bank account.

The institutional User has to first register with a ECS Centre. The institution has to also obtain the authorisation from its customers and their bank account particulars prior to participation in the ECS Debit scheme. The user institutions collect the details by way of an authorisation (known as mandate) from the customer with due acknowledgement by the customer`s bank branch. A copy of the mandate should be available on record with the destination bank branch where the customer has a bank account.

How does the ECS Debit Scheme work ?

The ECS Debit User intending to collect receivables through ECS Debit has to submit details of the customers (like name, bank / branch / account number of the customer, MICR code of the destination bank branch, etc.), date on which the customer`s account is to be debited, etc., in a specified format (called the input file) through its sponsor bank to the ECS Centre.

The bank managing the ECS Centre then passes on the debits to the destination banks for onward debit to the customer`s account with the destination bank branch and credits the sponsor bank`s account for onward credit to the User institution. Destination bank branches will treat the electronic instructions received from the ECS Centre on par with the physical cheques and accordingly debit the customer accounts maintained with them. All the unprocessed debits are returned to the sponsor bank (for onward return to the user institution) within the time frame specified.

What are the advantages of ECS Debit Scheme to the customers ?

The advantages of ECS Debit to customers are many and include,

  • ECS Debit mandates will take care of automatic debit to customer accounts on the due dates without customers having to visit bank branches.
  • Customers need not keep track of due date for payments.
  • The debits to customer accounts would be monitored by the ECS Users.
  • Cost effective.

How does the ECS Debit Scheme benefit user institutions ?

User institutions enjoy many benefits from the ECS Debit Scheme like,

  • Savings on administrative machinery for collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation.
  • Better cash management because of realisation / recovery of dues on due dates promptly and efficiently.
  • Avoids chances of loss/theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof.
  • Realisation of payments on a uniform date instead of fragmented receipts spread over many days.
  • Cost effective.

What are the advantages of ECS Debit Scheme to the banking system ?

The banking system has many benefits from ECS Debit such as –

  • Freedom from paper handling and the resultant dis-advantages / delays of handling, receiving and monitoring paper instruments presented in clearing, had customers (having accounts with the destination bank branches) not opted for ECS Debit.
  • Ease of processing and return for the destination bank branches. Destination bank branches simply need to verify the mandate particulars relating to their customers. All they have to do is match the account particulars like name, account number, etc., and debit the customer accounts. Wherever the details do not match, the instructions are just to be returned, as per the procedure.
  • Smooth process of reconciliation for the sponsor banks.
  • Cost effective.

Can the mandate once given by a customer be withdrawn or stopped ?

Yes. Any mandate in ECS Debit is on par with a cheque issued by a customer. The customer has to maintain adequate funds in his account with the destination bank branch to ensure the ECS Debit instructions are honoured when presented. In case of any need to withdraw or stop a mandate, the customer has to give prior notice to the ECS user institution well in time, so as to ensure that the input files submitted by the user do not continue to include the ECS Debit details in respect of the mandates withdrawn or stopped by customers. The process flow to be followed for withdrawing / stopping mandates is detailed in ECS Debit Procedural Guidelines.

Can a customer stipulate a ceiling on the amount of debit, purpose or validity period of the mandate under the ECS Debit Scheme ?

Yes. It is left to the choice of the individual customer and the ECS user to decide these aspects. The mandate can contain a ceiling on the maximum amount of debit; it can also specify the purpose of debit, as also a validity period.

Is there any limit on the value of Individual transactions in ECS Debit ?

No. There is no value limit on the amount of individual transactions that can be collected by ECS Debit.

What are the processing / service charges levied under ECS Debit ?

No processing charges are levied by the ECS Centres; the same has been waived till March 31, 2010. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.

Mortgage of Property

For which activities loan can be raised under this scheme?

Loans can be provided under this scheme to both individuals as well as business enterprises for the purpose of meeting business and personal needs. Personal needs would cover children`s higher education, travel, daughter`s marriage, medical emergencies, etc. Loans, however, are not available for speculative purpose.

Are loans available in rural/semi-urban areas?

Loans are available anywhere in India from PNB branches.

What is the repayment schedule for this scheme?

Loan together with interest is repayable in maximum 120 equal monthly instalments.

What is the security to be provided for this loan?

Loans can be provided under this scheme against non-encumbered residential house/flat or commercial or industrial property (in the shape of building/industrial shed) self occupied or vacant.

What is the rate of interest to be charged on loans under this scheme?

MCLR +1.75 to MCLR +6.00 based on PNB Score/Rating

NEFT

What is NEFT ? To enquire the IFSC code CLICK HERE

NEFT stands for `National Electronic Funds Transfer`. NEFT system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

What is the funds availability schedule for the beneficiary ?

The fund transfer takes place within the same day if it within the cut-off time and the next working day if it is beyond the cut-off time prescribed. It is a batch settlement mode.

Are all bank branches in the country part of the NEFT funds transfer network ?

No. As on September 2010, little over 70,000 branches / offices of 99 banks in the country (out of around 80,000 bank branches) are NEFT enabled. List of Punjab National Bank Branches, which are offering this service can be found on our website at www.pnbindiin

Who can transfer funds using NEFT ?

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals, firms or corporates who do not have a bank account (walk-in customers) can also deposit cash at the NEFT enabled branch with instructions to transfer funds using NEFT. Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without the need for having a bank account.

Who can receive funds through the NEFT system ?

Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.

Is there any limit on the amount that could be transferred using NEFT ?

Minimum – No limit

Maximum – Rs. 500.00 lacs

What are the operating hours of NEFT ?

Presently, NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays.

What is the minimum/maximum amount for NEFT transactions under Retail/Corporate Internet Banking ?

NEFT-Online for Retail Internet Banking Customers – Below Rs.2 lac as Maximum amount limit per transaction within the overall per day funds transfer limit of Rs.15 lac.

NEFT-Online & BULK-NEFT for Corporate Internet Banking Customers – no maximum amount limit per transaction but within the authorized / defined limits of the corporate internet banking user.

How does the NEFT system operates ?

Step-1: The remitter fills in the NEFT Application from giving the particulars of the beneficiary (like, name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and authorizes the branch to remit the specified amount to the beneficiary by raising a debit to the remitter`s account. Customers enjoying net banking facility offered by our bank can initiate the funds transfer request online. Walk-in customers will, however, have to give their contact details (complete address and telephone number, etc.) to the branch. This will help the branch to refund the money to the customer in case credit could not be afforded to the beneficiary`s bank account or the transaction is rejected / returned for any reason. NEFT has a provision to send SMS/E-mail regarding confirmation of credit of beneficiary`s account.

Step-2: The remitting branch prepares a Structure Financial Messaging Solution (SFMS) message and sends it to its Service Centre for NEFT.

Step-3: The Service centre forwards the same to the local RBI (National Clearing Cell, Mumbai) to be included for the next available settlement.

Step-4: The RBI at the clearing Centre sorts the transactions bank-wise and prepares accounting entries of net debit or credit for passing on to the banks participating in the system. Thereafter, bank-wise remittance messages are forwarded to banks through their service centre for NEFT.

Step-5: The receiving banks process the inward remittance messages received from RBI and effect the credit to the beneficiary accounts.

What is IFSC ?

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is a 11 digit code with the first 4 alpha characters representing the bank code, 5th character is 0 (zero) and the last 6 numeric characters representing the branch code.

How can the IFSC of a bank-branch be found ?

RBI had since advised all the banks to print IFSC on cheques leaves issued to their customers. IFSC code of Punjab National Bank branches can be found on our website. IFSCs is available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx

What are the processing or service charges for NEFT transactions ?

Outward Remittance:

Transaction Amount Charges
Upto Rs.10000/-* Rs. 2.50 + GST
Above Rs10,000/- to Rs.1,00,000/-* Rs.5.00 + GST
Above Rs.1,00,000/- to Rs.2,00,000/- Rs. 15.00 + GST
Above Rs.2,00,000/- Rs.25.00 + GST

*with effect from 01-01-2014.

Inward Remittance:No Inward Charges

When can the beneficiary expect to get the credit to his bank account ?

The beneficiary can expect to get credit for the first ten batches on week days (i.e., transactions from 8 am to 5 pm) and the first five batches on Saturdays (i.e., transactions from 8 am to 12 noon) on the same day. For transactions settled in the last two batches on week days (i.e., transactions settled in the 6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled in the 1 pm batch) beneficiaries can expect to get credit either on the same day or on the next working day morning.

Who should be contacted in case of non-credit or delay in credit to the beneficiary account ?

In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the bank and Help Desk of the bank can be contacted .Details of NEFT Customer Facilitation Centres of our bank is available on the websites of our banks and detail of help desk are as under:

Help Desk

The user can contact the nearest Branch and/or approach NEFT Help Desk as under:-

Punjab National Bank

RTGS – NEFT Cell

First Floor, PNB House

Sir P M Road, Fort

Mumbai - 400 001

NEFT:

Email:neft@pnb.co.in

If the issue is not resolved satisfactorily, the NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) at National Clearing Cell, Reserve Bank of India, Mumbai may be contacted through e-mail at nefthelpdeskncc@rbi.org.in or by addressing correspondence to the General Manager, Reserve Bank of India, National Clearing Centre, First Floor, Free Press House, Nariman Point, Mumbai – 400 021.

Can NEFT be used to transfer funds from / to NRE and NRO accounts ?

Yes. NEFT can be used to transfer funds from or to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA).

Can inward foreign remittances be received through NEFT ?

No. The NEFT system can be used only for remitting Indian Rupees between the participating bank branches within the country.

Can remittances abroad be sent using NEFT ?

No. However, a facility is available to send outward remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.

Can a transaction be originated to draw (receive) funds from another account ?

No. NEFT is a credit-push system i.e., transactions can be originated only to transfer funds to a beneficiary.

Would the remitter receive an acknowledgement once the funds are transferred to the account of the beneficiary ?

Yes. In case of successful credit to the beneficiary`s account, the bank which had originated the transaction is expected to send a confirmation to the originating customer (through SMS or e-mail) advising of the credit as also mentioning the date and time of credit. For the purpose, remitters need to provide their mobile number / e-mail-id to the branch at the time of originating the transaction.

Would the remitting customer gets back the money, if it is not credited to the beneficiary account ?

Yes, the remitting customer gets back the money if it is not credited to the beneficiary account

Is there a way for the remitter to track a transaction in NEFT ?

Yes, the remitter can track the NEFT transaction through the originating bank branch. It is possible for the originating bank branch to keep track and be aware of the status of the NEFT transaction at all times.

What are the pre-requisites for originating a NEFT transaction ?

Following are the pre-requisites for putting through a funds transfer transaction using NEFT:

  • Originating and destination bank branches should be part of the NEFT network.
  • Beneficiary details such as beneficiary name, account number and account type.
  • Name and IFSC of the beneficiary bank branch.

DEBIT Card

What is a Debit Card ?

A Debit Card provides access to ATMs for cash withdrawals, balance enquiries and mini statement, on-line electronic payment for purchases from your savings / current (individual) accounts. You can also transfer funds through ATM to your own / other PNB accounts and also transfer / receive funds to / from any MasterCard or Maestro card holder (Debit or Credit card) of other selected banks.

How many type of Debit cards, Punjab National Bank is issuing ?

At present bank is issuing chip and PIN based following Debit cards:

  • RuPay/Master Classic Debit Card
  • RuPay/Master Platinum Debit Card
  • RuPay Woman Power Saving Platinum Debit Card
  • Master International Debit Card
  • Master Business Debit Card
  • RuPay International Debit Card

What is PIN (Personal Identification Number)?

PIN is a unique 4 digit number that allows you to access your account through Debit Card at ATMs.

For safety, your PIN should always be kept completely confidential and your card too should remain in your possession and not to be handed over to anyone else. Neither write PIN on the Back of the Debit card nor Keep Debit Card along with PIN.

For information regarding generation of Green PIN , click here

How can I get a Debit Card ?

Debit card can be obtained from any CBS branch of PNB (irrespective of your account maintaining branch) by filling a Debit Card application form. In case of Non-Personalized card (without name) the card would be issued instantly. In case of Personalized card (with name) the card would be issued in 7-8 working days. You can also get a Debit Card through PNB 24 Hour Call Centre by making a call at 1800 180 2222 (Toll free) in which case the deactivated card would be delivered at your address directly within 7-10 working days. However you can send the duly filled application from along with proof of identity to HO for activation of the card.

I have not received my personalized card even after 10 days of giving the request at the branch / call centre. ?

You should contact the Branch / call centre to enquire about the status of your request. In case you do not get a satisfactory reply, please contact Debit Card Cell at 011 – 28044642 or through email at debitcard@pnb.co.in

I have received the Debit Card but the PIN is not legible .

You should contact the card issuing branch and request for a duplicate PIN. You can collect the Duplicate PIN from the branch after 7 working days.

How does the Debit Card work ?

Insert your Debit card in ATM and follow the instructions displayed on the screen. On POS you need to swipe the card and sign the Bill after verifying the amount.

What is the validity of PNB Debit Card ?

Debit Card is valid for 7 years

Are there any transaction limits for the Debit Card ?

Classic Debit card has maximum daily cash withdrawal limit at ATM- Rs. 25,000

POS/ECOM daily maximum limit- Rs. 60,000

Platinum/Woman Power Saver Debit card has maximum daily cash withdrawal limit at ATM- Rs. 50,000

POS/ECOM daily maximum limit- Rs. 1,25,000

Master International Debit card has maximum daily cash withdrawal limit at ATM- Rs. 50,000

POS/ECOM daily maximum limit- Rs. 1,25,000

Master Business Debit card has maximum daily cash withdrawal limit at ATM- Rs. 1,00,000

POS/ECOM daily maximum limit- Rs. 3,00,000

If Debit card is lost or misplaced what should I do ?

You should immediately contact our below given no. of call centre to get the card hotlisted / blocked.

1800 180 2222/18001032222 (Toll Free, 0120-2490000 (Paid Number)-

Through SMS from registered mobile number to 5607040, Syntax is HOT , Through IBS (POST LOGIN).

Is there any Fee for the issuance of Debit card ?

PNB Debit Card is issued free of cost. However a nominal fee of Rs. 100 per Year will be levied after one year of Card issuance every year

Is there any charge levied for use of the card for Cash withdrawal ?

No charge is levied for use of the card for cash withdrawal at PNB ATMs while Rs. 20/- is levied at other bank sharing ATMs under MITR, NFS, SBI Group, EBL and the ATMs with Maestro/Cirrus Logo upto 31st March 2009 after which it will be free of charge. Balance Enquiry is free at all banks` ATMs.

Can a fresh Debit card issued in lieu of lost/damaged card and what is the amount to be charged ?

Yes. Rs. 100/- for lost card while free of charge for replacement of damaged card.

If lost card is subsequently found/traced and restored to cardholder, can it be reactivated ?

card once hot listed / blocked cannot be re-activated. You can make a request for a fresh card.

What is Mini Statement ?

It is a statement of account showing last 10 transactions made in the account through PNB ATM.

How should I maintain the secrecy of PIN ?

If at any time you feel that the PIN has been inadvertently or otherwise divulged to any one you should change the same through any PNB ATM immediately.

How often can I change the PIN ?

PIN can be changed any number of times.

How many accounts maximum can be linked to my Debit card ?

Maximum of 3 accounts held in the same name and same capacity can be linked to a Debit card

Does Bank bear any liability for unauthorized use of the Card ?

No. The responsibility is solely vested with the cardholder.

What is CVV No. ?

On the back of Debit card (Classic & Gold) there are 7 digits out of which the last 3 digits are the card CVV no. This no. can be used only for ecommerce transaction.

Please note that this CVV no is an important value in the card as any person can misuse the card over the internet if he is aware of this value besides other information (like card no., name and Expiry date) without having actual possession of the card. You should remember the CVV number mentioned on the reverse of the Debit card and hide this number by blackening it out to avoid its misuse.

What is Add-On card facility ?

Any card holder can get 2 more Debit cards in the name of his / her spouse and dependent parents and children not below 18 years old. Debit card will be linked to the cardholder`s main account.

My Debit card doesn`t work successfully on ATMs.

Debit Card does not work successfully on ATMs due to any of the following reasons;

  • You may be using the card before the expiry of 24 working hours of receipt of the card from the branch, the time required for activation of the card.
  • In case you have received the card through the call centre, you have not sent the required documents (application form and proof of identity) to HO.
  • You may not have swiped the card properly. Try 2 to 3 times.
  • The quality of the magnetic stripe of your card has been damaged / deteriorated due to which it is not accepted by any ATM where the card reader may be weak. In such a case you may try at another nearby ATM and if still does not work, get it replaced by a new one from PNB branch free of cost.
  • Your account may be inoperative or frozen at branch level due to some reason. Please contact your branch to know the account status.
  • You may be using wrong PIN.
  • You might have selected the wrong account type i.e. savings instead of current or vice-vers
  • Connectivity from the ATM to your branch has failed. In such case please try after some time or use another ATM nearby.

My Debit card works successfully on PNB ATMs but not on other Bank`s ATMs.

The problem may be due to connectivity failure at other bank ATM to PNB. Please try after some time when connectivity is restored. Alternately you may try another ATM nearby.

My Debit card works successfully on ATMs but not at POS terminals.

Debit card does not work successfully on POS terminals due to any of the following reasons;

  • Connectivity failure at that particular time.
  • Weak card reader of POS.
  • Magnetic stripe of the card deteriorated / damaged.
  • It may be a Maestro Card (PIN based).
  • You may use the card after some time when the connectivity is restored or get the card replaced with a signature based card (non-Pin based) from PNB free of cost.

My card doesn`t work on few ATMs of PNB. ?

The quality of the magnetic stripe of your card has been damaged / deteriorated due to which it is not accepted by few ATMs where the card reader may also be weak. Try at some other nearby ATM. In such case you may get the card replaced by a new one from PNB branch free of cost and lodge a complaint in the branch for replacement of card reader of ATM

What offers are available on Debit Cards?

There are many offers available on using debit card for online payments. Click here for more details

Is there any Insurance Scheme on Debit Card ?

Insurance claim is available on both premium and non-premium debit card users. For details go to - https://www.pnbindiin/ATM-Debit-Card.html --> Insurance Claim

ATM

What is an Automated Teller Machine (ATM) ?

An Automated Teller Machine (ATM) is an electronic machine that provides the banking customers the facility to do basic banking transactions like cash withdrawal, balance enquiry, generation of mini statement of account and many other financial and non-financial transactions without the need of actually visiting a bank branch.

How to locate PNB ATM ?

PNB ATM can be located

  • Through ATM locator search engine of Bank’s website www.pnbindicom, or
  • Through “PNB ATM Assist” mobile app that can be downloaded free from Googleapp store.

What are the services / facilities available at ATMs ?

Basic functions

  • Cash Withdrawal
  • Balance Enquiry
  • Mini Statement of Account
  • Funds Transfer
    • Within accounts linked to a Debit Card
    • Third party fund transfer i.e. other PNB account holders
    • IMPS Registration & fund Transfer through ATMs
  • PIN Change

Other financial / non-financial functions

  • Credit Card Payment
  • Card to Card Fund Transfer
  • Issuance of Green PIN
  • IBS registration
  • Mobile Banking Registration
  • Cheque book request
  • Utility Bills payment
  • Customer Complaint for non-disbursement of cash through ATMs
  • Income Tax Payment through ATMs
  • CRM lead Management
  • Request for Cheque book through ATMs
  • Stop Cheque Payment request through ATMs
  • Facility for requesting OD for PMJDY customers

PNB has installed “Bulk Cash Acceptor cum ATM machines” at selected locations which accepts deposit of cash also.

What are the different types of cards issued by PNB?

Presently, PNB is issuing following types of cards which can be used at ATMs

PNB has also started issuing Contactless Cards and Image Cards

  • PNB Rupay Classic
  • PNB Rupay Platinum
  • PNB MasterCard Classic
  • PNB MasterCard Platinum
  • PNB MasterCard International
  • PNB World Travel Card (Prepaid card)
  • PNB Suvidha Card

What type of cards can be used at an ATM?

All variants of PNB Debit Cards/PNB credit cards and PNB prepaid cards (except Gift Cards) can be used at PNB ATMs for various transactions. All other Bank’s cards (Domestic of Foreign) which are affiliated to MasterCard, maestro and Citrus as well as Visa Cards of Banks which are members of the National Financial Switch of NPCI can also be used for doing transactions on PNB ATMs.

How can one transact at an PNB ATM?

For transacting at PNB ATM, the customer has to insert (swipe) his/her card in the ATM. Further, the operations are menu driven. Customer is required to enter information as desired in the subsequent screens till the request of the customer is finally responded. It is advised to ensure that no one else is in the ATM room when one customer is transacting at the ATM. Customers are advised to maintain secrecy of card number and PIN thereof.

Can PNB cards be used at ATM of any other Bank in the country?

Yes. The cards issued by PNB can be used at ATM of all other Banks within India which are members of National Financial Switch (NFS) of NPCI. (Presently all scheduled commercial banks of India are members of NFS). Cards specifically defined for international usage like PNB International Card and PNB World Travel card can also be used at the overseas locations also.

Do banks levy any service charge for use of other bank ATMs?

As per RBI existing guidelines, up to 5 transactions (financial & non financial) including up to a maximum of 3 transactions at Metro locations, are free for the savings account holders, when transacting at ATMs of other Banks. Transactions done beyond these free transactions limit are chargeable. This facility of free transactions is not available for other types of accounts (i.e. other than Savings Account accounts) for transactions done at ATMs of other Banks. At present, charges per transaction at ATMs of other Bank is Rs. 20/-.

Does PNB levy any service charge for use of its cards at PNB ATMs?

PNB cardholders transacting at PNB ATMs are charged @ Rs. 10/- + GST per transaction beyond 5 free transactions (including both financial as well as non financial transaction).

Is there any maximum cash withdrawal limit per day?

Yes, PNB cardholder can withdraw up to a maximum of Rs. 15000/- from PNB ATMs at a time and up to a maximum Rs. 25000/- for Classic Card and Rs. 50000/- for Platinum & International Card respectively during a day. For cash withdrawals at other bank ATMs, up to maximum of Rs 10,000/- can be withdrawn in a single transaction within the overall limit of the card.

What is a Personal Identification Number (PIN)?

PIN is a 4 digit numeric password required to authenticate transactions executed at the ATM. In a new and environment friendly initiative called “Green PIN”, Bank does not now issue printed PINs, but the cardholder can generate own PIN at the PNB ATM / Internet Banking portal after keying in the OTP that is received on the registered mobile number. The PIN number should not be written on the card. Secrecy of card number and PIN should be maintained to avoid misuse of the card. Customer should not disclose PIN to anybody, including Bank officials. Customers should change the PIN at regular intervals.

What should one do if PIN is forgotten?

As explained above, PNB has introduced Green PIN facility for issuance of PIN including duplicate PIN. If customer forgets PIN, he/she can send SMS in the format DCPINCard Number to 5607040 from registered mobile number for the account. Customer will receive OTP, which can be used to reset PIN at any PNB ATM / PNB Internet Banking Portal.

PIN can be reset through PNB Net Banking also.

What is PNB ATM Assist Mobile App? What are its features?

PNB has developed a mobile app “PNB ATM Assist” for the Android mobile users which can be downloaded free from the Google App “Play Store” using which customers can search PNB ATM locations and can also lodge any PNB ATM related complaints through it. ATM Assist Mobile App can be used for following activities:

I. Search of ATM – It has following two types of search options

  • Search by Address option asks the customer to enter PNB ATM’s address. The App provides list of all available ATM locations with distance from user’s current location.
  • Near Me option provides a list of PNB ATMs which are nearest (5 Km radius) to the user’s location.

II. Report ATM Complaints – Under this menu following 8 faults/complaint reasons are listed,

  • ATM not working
  • No cash in ATM
  • PNB card not accepted
  • Other Bank card not accepted
  • Others (like issues related to Light in the ATM room, AC and Caretaker etc.)
  • No money dispensed
  • Less money dispensed
  • More money dispensed

Customer can chose relevant option and get the complaint lodged.

What should be done if the card is lost / stolen?

When the card is lost / stolen, it has to be blocked immediately. The customer can get the card blocked in any of the following ways:

  • By sending SMS in the format: HOTDebit Card Number to 5607040.
  • By contacting Bank’s toll free numbers (1800 180 2222, 1800 103 2222). Docket number obtained should be preserved for any future communication with the Bank in this regard.
  • By contacting card issuing branch
  • Through Internet Banking Service

. What should be done in case during the cash withdrawal process, cash is not disbursed but the account gets debited?

The customer should immediately call Bank’s toll free numbers (1800 180 2222, 1800 103 2222) and lodge complaint. Docket number obtained against the complaint lodged should be kept for future communication with the Bank in this regard. The customer may also approach card issuing branch at the earliest to lodge complaint.. This process is applicable even if the transaction was carried out at another Bank’s ATM. For Cash less/more/not dispensed at PNB ATM, complaint can also be reported through PNB ATM Assist Mobile App (details at Q 14 above).

How many days would the Bank require for crediting the account for such wrong debits?

When the transaction does not get completed due to connectivity/network issue, the account is credited immediately by PNB. This is being done by the Bank proactively, without waiting for any formal complaint by the customer. Sometimes, when customer receives no cash at PNB ATM due to some technical fault, the amount is credited within 3-4 working days after the error is established during reconciliation of the ATM.

As per the RBI instructions, Banks have been mandated to resolve customer complaints by crediting the customer’s account within 7 working days from the date of complaint.

Are the customers eligible for compensation for delays beyond 7 working days?

Yes. As per the RBI guidelines effective from July 1, 2011, banks have to pay compensation of Rs. 100/- per day for delays in crediting the amount beyond 7 working days from the date of receipt of complaint for the failed ATM transactions. The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.

In case the compensation is not credited as mandated, what recourse does the customer have?

The customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by the his/her card issuing bank.

What should be done with the ATM card when the card is expired or the account is closed?

Customer should destroy the card upon card expiry or closure of account, cut it into four pieces through the magnetic strip/chip before disposing it off.

How shall the customer keep his/her ATM transaction secure?

Customers should observe following Do’s and Don’ts to keep their transaction safe and secure at ATM:

Please note that our bank officials will never ask for card details or PIN over telepho ne / email. So, do not respond to any calls/phishing mails from people indicating that they represent our Bank.

  • Customer should conduct ATM transactions in complete privacy.
  • Only one card holder should enter and access ATM kiosk at a time.
  • He/she should never lend his/her card to anyone.
  • Do not write PIN on the card.
  • Never share PIN with anyone
  • Never seek help from anybody by handing over the card and revealing the PIN.
  • Never let anyone see the PIN while it is being entered at the ATM
  • Never use a PIN that could be easily guessed. e.g. his/her birthday, birthday of spouse or telephone number.
  • Never leave behind card in the ATM kiosk.
  • Register mobile number with the card issuing bank for getting alerts for ATM transactions. Any unauthorized card transaction in the account, if observed, should be immediately reported to the card issuing bank.
  • Beware of any extra devices attached to the ATMs. These may be put to capture customer’s data fraudulently. If any such device is found, inform the Caretaker / Bank immediately.
  • Keep an eye on suspicious movements of people around ATMs. Customer should beware of strangers trying to engaging him/her in conversation or offering assistance / help in operating the ATM

Pensioner Loan

Personal Loan to Pensioners

Who is eligible to get Personal Loan to Pensioners?

All types of pensioners drawing pension through our branches are eligible to get Personal Loan to Pensioners.

What are the purposes to avail Pensioners Loan?

The Purpose to get Pensioners Loan is to meet personal needs including medical expenses.

What is the minimum & maximum Loan amount one can avail under Personal Loan scheme to Pensioners?

Minimum and maximum loan amount is Rs. 25000/- and Rs. 10.00 lac respectively.

However, for Pensioners who are upto the age of 70 years: Max. 18 times of net monthly Pension (NMP) (20 times in case of Defence Pensioners) OR Rs. 3.00 lacs, whichever is lower.

For Pensioners who are above 70 years and upto the age of 75 years: Max. 18 times of NMP (20 times in case of Defence Pensioners) OR Rs. 7.50 lacs, whichever is lower.

For Pensioners who are above 75 years of age: Max. 12 times of NMP or Rs. 5.00 lacs/- whichever is lower.

What will be borrower`s contribution towards loan?

Nil. One can avail full amount of loan from our Bank.

What is the rate of interest?

It is linked with MCLR and subject to change from time to time. Presently, i.e., MCLR+2.60%, with type of facility, i.e., Demand Loan, Term Loan or Over draft.

What is the repayment period?

Loan along with interest is to be repaid in maximum 60 equal monthly installments. However, In respect of pensioners above the age of 75 years, repayment period shall be of maximum 24 months.

What are the charges to be paid to avail Pensioners Loan?

No upfront fee required. However, Rs. Rs. 500+ GST as documentation charges.

How many times one person can avail Pensioners loan?

The loan can be availed more than once only after adjustment of earlier loan

Housing OD

"OVERDRAFT FACILITY TO HOUSING LOAN BORROWERS FOR PERSONAL NEEDS"

Who is Eligible for Overdraft limit under the scheme?

A person who is availing or intends to avail housing loan facility for the purpose of purchase/ construction/ repair/ renovation is eligible to avail OD limit under the scheme. Take over cases are also eligible under the scheme.

A person has availed loan for purchase of plot, is he eligible for OD limit?

No, the Overdraft Facility for personal use is not sanctioned to the borrowers, who have availed / is availing loan for purchase of plot, construction on which is yet to be completed.

What if a person has adjusted his housing loan recently and now wants to avail the OD facility?

In such a case the person is not eligible for the OD facility.

What is the maximum amount which one can get as Overdraft under your above scheme?

Minimum limit is Rs.50000/- and maximum limit is Rs.25.00 lac. 80% of current realizable value of housing property if the loan amount* (existing exposure of Housing loan + proposed OD limit) is upto Rs.75 lac. OR 75% of current realizable value of housing property if the loan amount* (existing exposure of Housing loan + proposed OD limit) is above Rs.75 lac.

For what purpose the said limit can be used. Whether it is mandatory to use for Housing purpose only or one can purchase consumer durables, care etc.?

The OD limit is for personal use without subject to any end use verification and it is not mandatory to use the same for Housing purpose.

How much Ione has to contribute from his own sources to get Overdraft limit under the scheme sanctioned and does one need to furnish additional security?

NIL. Only extension of charge/Creation of charge on the existing Mortgaged Immovable Property/IP to be Mortgaged shall be done. However, extent of OD Limit/loan shall, however, is subject to current realizable value of the housing property, such that 25% margin is always maintained (i.e. LTV ratio of 75%), viz. the overdraft limit proposed to be sanctioned and the current outstanding in the Housing Loan a/c /Housing loan amount sanctioned shall be restricted to an amount so that 25% margin is always maintained, subject to the maximum ceiling as prescribed above and repaying capacity.

How the eligibility is calculated?

Overdraft facility is allowed on the basis of repaying capacity which should be such that take home salary should not be less than 40% of net salary after servicing of interest, in case of salaried borrowers plus all the EMIs including the EMI on Housing Loan. In case of other than salaried borrowers, income should be sufficient to service the interest component plus all the EMIs including the EMI on Housing Loan.

Can one apply jointly with spouse? Will both salaries/ Income be taken into consideration for calculating the repaying capacity?

Income of co-borrowers/joint-borrowers/likely rental income/rental income taken into account while ascertaining the repaying capacity at the time of sanctioning of Housing Loan is also considered to ensure that borrower has the capacity to service the interest component on the overdraft facility.

What is the ROI at present?

ROI under the scheme is Presently, MCLR+0.60%.

What are the terms & conditions of repayment?

Borrowers to ensure monthly servicing of interest component on the overdraft facility sanctioned. In case the interest is not serviced consecutively for two months, Bank may consider recalling the loan.

How long does it take to get my OD loan sanctioned?

Your loan can get it sanctioned in 3 to 7 working days after completion of all the desired formalities by you.

Will the OD be allowed to continue after closure of Housing loan account?

Yes, the overdraft facility is allowed to continue /renewed even after adjustment of Housing Loan a/c in full.

What is the processing fee charged by the bank?

Processing Fee is NIL . However, Documentation Charges of - Rs.450/- (Excluding of S.T.) are required to be paid

What other charges have to be paid?

All other out of pocket charges viz. CIBIL, Advocate fee, Valuation charges, Central Registry etc., if applicable.

What are the documents required at the time of applying for OD limit?

If a person is applying for a fresh loan, documents required for applying for Housing loan are sufficient to cover the OD facility also. However, in case of existing housing loan accounts, a simple request letter for sanction of the Overdraft limit and acceptance of offer letter containing terms and conditions is sufficient.

* conditions apply

Personal Loan

For what purpose, I can get Personal Loan sanctioned from PNB ?

You can get Personal Loan to meet all types of your personal needs.

You can get Personal Loan to meet all types of your personal needs. ?

To avail Personal Loan from us, following is the eligibility criteria

a) All permanent Military/ Para Military Personnel including officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP

b) Confirmed/ permanent employees of Central/ State Govt/ PSUs and all reputed companies/ Institutions, who are drawing their salary through accounts maintained with our branches or these employees agree for `check-off facility` from their employer.

c) Professionally qualified Doctors viz. MBBS, BDS & above having annual income of Rs.4.00 lac & above

Minimum Rs.50000/-

Maximum:

For All borrowers:

Rs. 4,00,000 or 20 times monthly net salary whichever is lower subject to minimum Net monthly salary as under:

Metro Centres : Rs.15000/-

Urban Centres : Rs.12500/-

Semi- Urban/ Rural Centres : 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 our bank and completed 3 years of service in the present organization: Max. Rs.10 lac or 20 times of Net monthly salary for loan upto Rs.5 lac and 15 times of Net monthly salary for loan above Rs.5 lac and upto Rs.10 lac.

Subject to Minimum Net monthly salary as under:

Metro Centres : Rs.50000/-

Urban Centres : Rs.40000/-

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

What is the nature of the loan facility?

You have the option to avail the Personal Loan in the shape of Overdraft or Term Loan.

How are the loan limits decided?

Personal loan limit would be determined by income and repayment capacity. Minimum amount of loan is Rs.50,000/- and maximum Rs.4,00,000/- OR 20 times monthly net salary, whichever is lower. Loan amount of Rs.5,00,000/- can be considered in case of salaried persons who have completed service of three years in the present organization and drawing net monthly salary of not less than Rs.30,000/- Max. Rs.10 lac or 20 times of Net monthly salary for loan upto Rs.5 lac and 15 times of Net monthly salary for loan above Rs.5 lac and upto Rs.10 lac.

What are the important documents that I need to provide?

You will need to furnish only the following documents:-

- Loan application Form, duly completed, with Passport size photograph

- Identify Proof with Unique Identification Number in case of Military/ Para Military Personnel

- Educational Qualification Proof

- Age Proof

- Proof of official address and residential address

- Income Proof

- Salaried: Latest Salary Slip and Form 16, duly authenticated by the employer

- Non – Salaried : IT returns for the last three financial years

- Any other document, which may be necessary as per the requirement of the case.

Do I have to pledge some form of security?

No collateral is required. However, you have to provide suitable guarantee acceptable to the Bank.

What is EMI?

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components.

What is the repayment schedule like?

The loan is repayable in maximum 60 Equated Monthly Instalments (EMIs) OR remaining period of service, whichever is earlier. However, loan allowed to Army Jawans, other permanent employees of Military Station Headquarters and Para-Military Personall, is repayable in maximum 36 EMIs or remaining period of stay at the particular posting, whichever is lower.

Can I prepay the loan? Are there any penalties?

Yes, you can prepay the loan partly or fully from your own identifiable sources, at any stage, without any prepayment penalty.

What is the processing fee?

Processing charges are 1.80 per cent (exclusive of GST) of the loan amount, to be paid upfront.

How does PNB Personal Loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

We offer personal loans at the competitive rate of interest, with no tangible security;

We offer loans for tenor of 60 months, with the flexibility provided to reduce the tenor by prepaying the loan without any penalty

We provide finance for any personal need or requirement. The total amount of loan is determined on the basis of repaying capacity.

Reverse Mortgage Loan_PNB Baghban

What is Reverse Mortgage Scheme?

`Reverse mortgage` is a special type of loan that can be used by the senior citizens to convert the equity in their homes into cash. The money from reverse mortgage can provide seniors with the financial security they need to meet their different requirements and lead a decent life after retirement.

Is there any income creiteria to qualify for loan?

No, there is no income requirement to qualify for loan. The qualifying amount of loan depends on the realizable value self-acquired & self-occupied residential property, after maintaining margin of 20% with a ceiling of Rs 100 lac.

How is the loan disbursed?

The loan is extended as regular fixed monthly annuity up to a max period of 20 years OR till the death of the last surviving spouse, whichever is earlier.

Is there any provision for lump sum payment?

Yes, Lump-sum payment of loan under the Scheme can be permitted only for medical treatment of senior citizen borrower, his/her spouse and dependents, if any, subject to ceiling of Rs.15 lacs.

What is the ROI?

MCLR+2.60% p. (fixed) subject to re-set clause of five years.

When does the loan become due for repayment?

The loan becomes due and payable six months (moratorium period) after death of last surviving spouse.

Can the loan be prepaid?

Yes, the borrower has the flexibility to prepay the principal amount together with accumulated interest/other charges, if any, at any point of time and repossess the property.

Further, the borrower has "Right of Rescission", as per which the customer/borrower gets 10 days` time to decide whether to avail the loan facility or cancel the transaction, after sanction of the loan, and get refund of the processing/upfront fee, already paid by him/her, from the Bank, in case he/she opts to cancel the transaction.

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