Punjab National Bank is one of the most reputed banks in India and it offers a personal loan that is a one-stop solution at the time of need. If it is your son’s wedding or own wedding or you have to cover medical bills, the personal loan can save you. However, low credit score along with other eligibility criteria can destroy your dream of being eligible for the loan application. Gone are the days of worrying about low credit score because you can improve it and fix other factors to fulfil personal needs in no time.
When the lender checks the credit report, the officer gets the first impression of your credit-worthiness. It communicates to the loan officer about whether you will be able to repay the loan on time. The low CIBIL score is always a red flag for the people applying for Punjab National Bank personal loan and the high score does the opposite of the rejection.
PNB offers financial assistance to the public who needs to fulfil their personal requirements. The interest rates are comparatively lower than the competitors in the market and the processing fee is also lower than what is offered by other lenders in the market. However, the pensioners do not have to pay the processing fee and the loan amount can take care of urgent financial requirements of the borrower. The personal need can arise at any given time but the following are the common reasons for taking Punjab National Bank personal loan:
The term of the loan is limited to 60 EMIs and the loan includes the income of the spouse before ascertaining your capacity of loan repayment. There are discounted schemes, reasonable interest rates, online facilities, no hidden charges and no foreclosure charges. Any pensioner drawing pension from PNB can avail the loan for paying off medical bills.
Low CIBIL score is the biggest determinant of your personal loan application and if the score is below 650, you may have to wait. PNB readily sanctions personal loan to the customers having 700-900 credit score. It is a nationalised bank and the applicants are expected to hold a good credit score without any scratch on the report. Apart from the low CIBIL score, there are other factors which determine your eligibility in taking a personal loan. Following are the factors checked by PNB before sanctioning the personal loan:
There are multiple ways to get a personal loan from PNB if you have a low CIBIL score. Instead of a nipping your dream in the bud, you can follow the mentioned steps:
Do’s
Don'ts
What are the personal loan rates of Punjab National Bank?
| Self-employed | Salaried | |
|---|---|---|
| Minimum interest rate | 11.65% | 12% |
| Loan period | 12- 60 months | 12- 60 months |
| Processing fee | 1.8% and taxes | 1.8 and taxes |
| Pre-closure charges | No pre-payment charges, permitted after 0 EMI | No pre-payment charges, permitted after 0 EMI |
| Part prepayment charges | Same as above | Same as above |
| Loan amount | Rs. 50,000-Rs.20,00,000 | Rs. 50,000-Rs.15,00,00 |
What is the eligibility criteria for getting Punjab National Bank personal loan ?
If you are an Indian (salaried or self-employed) citizen, you cannot apply for the PNB personal loan right away because there is a set of eligibility criteria,
What if I have a low CIBIL score? Will Punjab National Bank still give me a personal loan?
When you have a low credit score, you still can have a personal loan based on the following options:
Does skipping Punjab National Bank personal loan payment affect my CIBIL score?
Yes, missing one single payment can adversely affect the credit score due to which you cannot afford to skip Punjab Bank personal loan payment while struggling with an average score. This will decrease credit-worthiness and the bank can lower down the credit limit in future. A clean credit card record is the easy way to keep the CIBIL score high.
Had a loan settlement with Punjab National Bank, will it affect my CIBIL score?
When PNB writes off a loan, CIBIL is reported promptly. CIBIL does not consider the termination of the relationship between the customer and the bank. However, the further settlement is taken into account and the borrower’s score may drop by 75-100 points or even more. Note that CIBIL keeps the record for seven long years and the lender will not agree to offer a loan to such borrower right away. In this case, previous payments are considered but PNB can reject the personal loan if there is a settlement in the credit report.
Can I get more than 3 Punjab National Bank personal loans if I have a good CIBIL score?
There is no cap on the number of personal loans one can acquire. However, it is recommended not to have more than 3 PNB personal loans. Three loan repayments can be a burden on you and it is better to pay the charges beforehand.
What should be my minimum monthly income for being eligible for PNB personal loan?
An applicant of Punjab National Bank personal loan must have a minimum income of Rs. 15,000 (if working for an organisation). If you are a self-employed person, Rs. 20,000 is the minimum monthly income.
Which documents should I file for Punjab National Bank personal loan?
Without disclosing essential documents, your PNB personal loan application,
Where do I apply for Punjab National Bank personal loan?
You can visit the nearest PNB branch for proceeding with the personal loan application physically. However, you can apply at home by availing the online loan service controlled by Punjab National Bank. In case, if you face any trouble filling up the details, you can take help of the customer care.
