(Frequently Asked Questions)
For what purpose, I can get Personal Loan sanctioned from PNB ?
You can get Personal Loan to meet all types of your personal needs.
What are the eligibility criteria to get Personal Loan ?
To avail Personal Loan from us, following is the eligibility criteria:
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 (Others minimum 3 years of service, including service with the previous employer(s), if any)` from their employer.
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.
Professionally qualified Doctors (MBBS, BDS & above) having Net Annual Income/Salary of Rs.5.00 lac and above and Doctors should be taxpayers for the last two years and the ITRs of the last 2 years
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.
Up to 15 times of Gross Monthly Salary with a maximum of Rs.10.00 Lakh depending upon the repaying capacity.
In case of Doctors- Minimum amount of loan will be Rs. 2,00,000/- and maximum amount of loan Rs. 15,00,000 or 20 times monthly gross salary/income whichever is lower subject to having Net Annual Income/Salary of Rs.5.00 lakh and above
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.
In case of LIC agent 60 EMIs or upto 65 years of age, whichever is earlier.
For Doctor’s -The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 84 equated monthly installments (EMIs).
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 ?
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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.