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List of personal loan interest rates across all banks in India
Personal loans are the last resort for individuals who are unable to fund their need by other sources. Personal loans are unsecured loans, hence there is no requirement of collateral. It is also called as signature loan or multi-purpose loan. The documentation involved in this type of loan is minimal. It is extended to the applicant solely based on the credibility of the applicant. The credibility is established by means of credit score. Typically, the bank considers a credit score of 750 as a decent score for extending personal loan seamlessly.
About Punjab National Bank Personal Loan Interest Rate
Personal loan is extended by the bank as a lumpsum, it has to be paid back in installments on a monthly basis. This is called the equated monthly installments (EMI), which includes both principal and interest. The EMI is payable over the tenure of the loan which is pre-determined. Typically, the tenure will range between 1 year – 5 years. The tenure is low compared to all other forms of loan, since they are of higher risk. To compensate for the high risk, the bank charges high interest compared to other types of loans.
The below mentioned factors have an implication on the interest rate of the personal loan offered by Punjab National Bank –
A personal loan is a convenient way of raising funds for personal expenses. It does not require any collateral and usually takes little time for the loan to be processed. Interest rates for personal loans in India and elsewhere in the world are usually high, because the lenders do not have any collateral as security and safeguard their money against possible default by charging a higher interest rate.
You could use a personal loan for any significant expenditure including an expensive holiday, a wedding, buying an expensive gadget, medical treatment, or simply to tide you over a temporary financial shortfall.
The interest rate on a personal loan could range from as low as 11% to as high as 32% per annum or more. It is influenced by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
Some features and benefits of PNB personal loans:
Punjab National Bank Personal Loan Interest Rate 2018: 11% to 25% p.a. (typical range)
Personal Loan Interest Rates in Punjab National Bank varies with your loan amount and if your salary account is with the bank.
Note that interest rates and other charges are subject to periodic review. Punjab National Bank Personal Loan Interest can range anywhere from 11% to 25% per annum though it can be higher, depending on your credit history amongst other factors. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time. For the most up to date information on Punjab National Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
Loans up to Rs.10 lac -For individuals whose salary is being disbursed through PNB branches only (Including Defence Personnel) - MCLR + 3.55%
*Loans above Rs.5 lacs & up to Rs.10 lac* -For other categories i.e., applicants not having salary account with PNB - MCLR + 4.55%
Loans up to Rs.5 lac -For individuals who are availing the loan under check off facility (Including Defence Personnel) - MCLR + 5.55%
For others up to Rs.5 lac - MCLR + 6.55%
The key features of personal loan for public are –
The key features of personal loan scheme for pensioners is as below –
There are no pre-payment charges applicable on the personal loan pre-closure.
Punjab National Bank offers extremely competent interest rates on personal loan, the interest rate applicable on these types of loans are MCLR +2.8%. The quantum of loan is not considered and the interest rate is held even across all slabs.
Personal loan to pensioners has no processing charges, and upfront fee of Rs. 500 is charged. The upfront fee is the documentation charge applicable for the loan.
1. Who can apply for personal loan from Punjab National Bank?
Personal loan can be extended to salaried, self-employed and professionals.
2. What are the modes through which one can apply for personal loan by Punjab National Bank?
There are several ways of applying for Punjab National Bank personal loan:
3. What key factors determine the accessibility and interest rate of personal loan?
Among other factors, credit score, stability of income, repayment ability and reputation of employer are considered while extending the personal loan. If these aspects are strong in the case of the applicant, the applicant can avail attractive interest rate on the personal loan.
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