(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:
All permanent Military/ Para Military Personnel including officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP
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.
Professionally qualified Doctors viz. MBBS, BDS & above having annual income of Rs.4.00 lac & above
Minimum Net Monthly Income
Rs.15000 per month at Metro Centres;
Rs.12500 per month at Urban Centres; and
Rs.10000 per month at Semi-Urban and Rural Centres.
However, for Teachers, Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel, whose salary is being credited and disbursed through our branches, the minimum Net Monthly Income criteria shall be Rs.7500/- at all Centres viz. Metro, Urban,
Semi-Urban and Rural.
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/-.
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
Educational Qualification Proof
Proof of official address and residential address
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.