Search
Home Home   Contact Us Contact Us   Sitemap Sitemap
Hindi Site
Financials
Interest Rates - Deposit
Interest Rates - Loans & Advances
Service Charges
EMI Calculator
Bank’s Code of Commitment
Sachar Committee
Tenders
Recruitment
Apply for Bank Products
Search Our Network
Go!
 
 
 
 
Home >> Personal Banking >> Credit Schemes >> Personal Loan
 
 
Purpose
 
To meet all types of personal needs.
 
Eligibility
 
  1. All permanent  Defence  Personnel including officials of Military Station Headquarters, Boarder Security Force, Central industrial Security Force, Indo Tibetan Boarder Police.etc. except who are due for Retirement within 24 months.
  2. Confirmed/Permanent employees of Central/State Govt /PSUs and all reputed companies/Institutions including School, Colleges, Universities Autonomous bodies, Hospitals/Nursing Homes, Who are either drawing their salary through accounts maintained with our branches or these employers agree for check off facility.
  3. Professionally qualified practicing Doctors Viz. MBBS, BDS & above having customer relationship With PNB at least for the last six month saving annual income of Rs 4.00 lac and above. Doctors should be taxpayers for the last three years and the ITRs/ ABS of last 3 years duly receipted by ITO be kept on record.

 

Nature and Amount of Loan
 

A

 Term loan/ Overdraft with reducing balance:  -Minimum amount of loan will be Rs. 50000/ and maximum amount of loan Rs 400000/- or 20 times monthly net salary, whichever is lower ,depending upon the repaying capacity subject to minimum Net Monthly salary as under:

Metro Centre: Rs. 15000/-, Urban Centres:  Rs. 12500/- and other Centres : Rs. 10000/-
Rs500000/- for those Salaried persons having completed service of  3 years in the present organization & drawing net monthly salary of nor less than Rs 30000/-

However, for Traders, Army Jawans, other permanent employees of Military station Headquaters

And  Para Military  Personal whose salary is being credited and disbursed through our branches the

Minimum Net Monthly income criteria shall be Rs 7500/ at all Centers.

 

B

 For EMPLOYEES DRAWING SALARY THROUGH OUR BANK : Loan amount can be upto Rs. 10 lac for those salaried person who have completed minimum 3 years of service in present organization, Subject to 15 times of of monthly net salary, with minimum  net monthly salary as under:

 Metro Centre: Rs. 50000/-, Urban Centres:  Rs. 40000/- and other Centres : Rs. 30000/-

Margin:   NIL                               Security:        Suitable guarantee acceptable to the Bank

 
Rate of Interest :
 

For Loans upto Rs. 10 lacs where salary is disbursed through our branch

Base Rate + 3% (13.25%)

For loans up to Rs. 5 lacs under check-off facility

Base Rate + 5% (15.25%)

For others upto Rs. 5 lacs

Base Rate + 6% (16.25%)

For Loans above Rs. 5 lac and upto Rs 10 lac

Base Rate + 4% (14.25%)

Repayment Term Loan :
60 equated Monthly  Instalments (EMIs) OR  remaning  period of service, whichever is earlier. Instalment to commence one month after disbursement of loan. 
 
Repayment Overdraft
The overdraft limit shall be adjusted within a maximum period of 60 months by reducing Drawing Power(DP) equivalent to EMI amount at the beginning of every month. However, loan allowed  to army jawans, other permanent employees of Military Station Headquarters and Para Military Personnel shall be Repayable in maximum 30 Equated monthly Instalments or remaining period of stay  at the particular posting, whichever is lower. 
Upfront Fee :
 1.8% of the loan amount + Service Tax & Education Cess.
Term Loan:
60 Equated Monthly Instalments (EMIs) OR remaining period of service, whichever is earlier. Instalment to commence one month after disbursement of loan.

Overdraft:
The overdraft limit shall be adjusted within a maximum period of 60 months by reducing Drawing Power(DP) equivalent to EMI amount at the beginning of every month. However, loan allowed to Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel shall be Repayable in maximum 36 Equated Monthly Instalments or remaining period of stay at the particular posting, whichever is lower.
 
Upfront Fee :
 
1.8% of the loan amount + Service Tax & Education Cess
 
Documentation Charges :
 
Rs 270/- up to Rs 2 lacs and Rs. 450/- above Rs 2 lacs + Service Tax & Education Cess.
However Upfront/documentation charges for defence personnel---NIL

Other Salient Features 

 

Net Monthly Salary/ Income of SPOUSE, where the spouse is confirmed/permanent employee, may be included while ascertaining the repaying capacity. In that cases, the SPOUSE is to be made CO-BORROWER.
 
Computation of Regularity of Income 
  1. For all class of borrower(s): Latest salary slip and ITR (for the last three years) etc.to be taken.
  2. For Salaried class: latest salary slip, Form 16/ITR for last 3 years to be taken. Assessment of Loan/Repaying capacity to be arrived at on the basis of latest salary slip.
  3. For other than Salaried class: ITRs and Audited Balance Sheets for the last 3 years of business/activity shall be taken to ascertain continuity of Income. Assessment of loan/Repaying capacity shall be arrived at on the basis of income as reported in the latest ITR.
 
 

PERSONAL LOAN SCHEME FOR LIC AGENTS

 

LIC agents who receive regular commission from LIC of India and maintain accounts with our Branches are eligible for Personal Loan on the terms and conditions as under:

 

            I. Eligibility:              

 

LIC agents aged below 60 years with more than FIVE YEARS of agency, having regular and stable income and maintaining SF a/c with our branch. 

 

II. Income Criteria:  

 

Renewable Average Commission (average of the commission received during the preceding twelve months) must be at least Rs.10,000/- per month. (Form 16 issued by LIC reflects the renewal commission).

 

III. Maximum amount of loan:

  

Rs.2.00 lac or equivalent to 15 times of average monthly commission received during the preceding 12 months, whichever is lower.

 

IV. Rate of Interest: Base Rate + 5% 

  

      V. UPFRONT FEE & DOCUMENTATION CHARGES

      Upfront Fee                           1.80% + service tax

            Documentation charges     Rs. 2 lac: Rs.270+ service tax

            IV. Security:

i)          Suitable third party guarantee acceptable to the Bank and assignment of LIC policy of self, with sum assured equivalent to loan amount.                

OR

 

ii)         Tangible Collateral Security of the value of 100% of loan amount. 

 

V. Repayment:

  

60 EMIs or upto 65 years of age of LIC agent, whichever is earlier. 

Apply Online Application : Click Here
Top^
 
 
 
 
Copyright © 2010. Punjab National Bank. All rights reserved. FAQ’s  |  Disclaimer  |  Privacy Policy  |  Terms of Use