PNB Personal Loans - How to Apply for PNB Personal Loans Online

PNB provides personal loans to its customers for meeting their varied financial needs at affordable rates of interest. In addition, PNB also provides hassle-free documentation process, reasonable repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you need on PNB personal loans.

Benefits of PNB Personal Loans

PNB personal loans are loaded with customer-friendly benefits and features. Here are a few highlights of PNB personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's credit score, repayment capability, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.
• Attractive interest rates ranging between 2% - 6.55% on top of the MCLR or 11.65% - 12% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Simplified loan application and approval process with minimal documentation.
• Special offers on the applicant being an existing customer of PNB.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Facility of personal loan transfer from other banks to PNB.

Types of PNB Personal Loans

PNB offers the following types of personal loans
PNB Personal Loans for General Public

These personal loans are available for the general salaried and self-employed customers.

Eligibility Criteria

• Minimum income of Rs 10,000- Rs 12,500 per month in non-metro cities.
• Minimum income of Rs 15,000 per month in metro cities.
• Sound repayment capability and a good credit score.
• Minimum age of 21 years.
• Maximum age of 60 years.
• Minimum work experience of 2 years for salaried people and 5 years for self-employed people.
  

PNB Personal Loans for Pensioners

These personal loans are available for senior citizens only.

Eligibility Criteria

• Available only for senior citizens holding pension accounts in PNB.
• Sound repayment capability and a good credit score.
• Minimum age of 60 years.
• Maximum age of 75 years.
  

PNB Personal Loans for Doctors

These personal loans are offered exclusively to doctors holding accounts in PNB.

Eligibility Criteria

• Minimum age of 21 years.
• Maximum age of 60 years.
• Minimum income of Rs 5 lakhs per annum pan-India.
• Minimum 2 years of work experience.
• Minimum 2 years of stay at current residence.
  

Documents Required for PNB Personal Loans

Applicants need to submit the following documents while applying for PNB personal loan.

• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Two copies of recent passport sized photographs
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
  

How to Apply for PNB Personal Loans Online

Customers can directly apply for PNB personal loan online by following these steps.

• Go to the PNB website and select ‘personal loans’ from the PNB loan products tab.
• Click on the type of the personal loan required and click on apply.
• Download the application form.
• Fill in the details such as the name, salary details etc. and sign the document electronically.
• Upload the scanned copies of the required documentation and click submit.
  

How to Apply for PNB Personal Loans Offline

Applicants can also directly walk in the personal loan centers of PNB along with the necessary documents. They can fill up the PNB application form and submit it with the documentation. The loan is approved within a maximum of ten working days.

How to Apply for PNB Home Loans - PNB Home Loan

PNB Housing makes your dream home a reality by providing loans to purchase, construct, and extend dwelling units. It offers customized Home Loan solutions with the best services, best domain knowledge, and simplified loan procedures. PNB Housing excels in providing complete services in meeting customers’ Home Loan needs.

Features and Benefits of PNB Home Loans

• It provides an extensive range of home loan products like Home Purchase Loans, Home Extension Loans, Home Construction Loans, Home Improvement Loans, and Residential Plot Loans.
• Pan-India branch network with 29 years of commitment towards customer satisfaction.
• Robust service by ensuring doorstep services with easy and fast approval & disbursal of loans.
• Excellent post-disbursement services.
• The facility of enhancement in loan amount in the event of escalations.
• A dedicated team of well-experienced employees to deliver and provide customer satisfaction.
• High standards of integrity, ethics, and transparency.
• Various repayment options.
• No prepayment or foreclosure charges.
• Home loan of up to 90% of the property value.
• Customized eligibility program to work out your loan amount.
  

Types of PNB Home Loans

Home Construction Loan

Home Construction Loan offers loans for the purpose of the construction of a residential house. It can be considered as a unique offering for customers who already have their own land and need funds for the construction of the residential house on the land.

Home Extension Loan

Home Extension Loan makes it easy for you to extend your existing home as per your growing family needs. As your family grows, you may need to have a reading room for yourself/an extra room for your children/a guest room for frequent guests etc.

Home Improvement Loan

PNB offers Home Improvement loans if you want to upgrade your home in terms of looks and convenience. It covers:

• Upgradation
• External & internal repairs/paint
• Complete renovation of already owned residential property
• Repair of your house/flat
• Tiling and flooring
• Water-proofing & roofing
• False ceiling & woodwork (fixed to the building)
• Plumbing & electrical work
  

Residential Plot Loan

Residential Plot Loan is offered for the construction of a residential premises or the purchase of a residential plot in an urban area.

NRI Home Loan

PNB Housing offers a full range of home loan products to NRIs and PIOs for the purchase, construction, repair, and renovation of residential properties in India.

Unnati Home Loan

Unnati Home Loan is a unique home loan solution that helps you realize the dream of living in your own home. It has got simplified loan procedures and a bouquet of customer-friendly services

Salient Features

• Pan-India branch network
• Attractive interest rates starting at 10.75% p.a.
• Doorstep services for easy & fast approval and disbursal of loans
• Maximum loan amount of up to Rs. 25 lakhs that is subject to 90% of the market value of the property
  

PMAY – Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme(CLSS)

PNB Housing Finance offers CLSS for Economical Weaker Section, Lower Income Group, Middle Income Group categories under Pradhan Mantri Awas Yojana.

Credit Linked Subsidy Scheme (CLSS) is introduced by the Ministry of Housing & Urban Poverty Alleviation (MoHUPA), which was announced by Prime Minister Narendra Modi, with a vision of housing for all in 2022.

Under PMAY scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.

Salient features

• Benefits available for the first property purchase. Applicants should be of immediate family including self/spouse/unmarried children only.
• Interest subsidy benefit is calculated for 20 years. Women Ownership is mandatory under LIG & EWS category for purchase of a new house.
  

Eligibility for PMAY

• Available for Individuals only
• Age should be above 18 years
• Applicants should be of immediate family including self/spouse/unmarried children only
• Annual combined income must be up to Rs. 6 lakhs for EWS & LIG category, Rs. 6.01 lakhs to Rs. 12 lakhs for MIG1 and Rs. 12.01 lakhs to 18 lakhs for MIG2.
• Renovation/extension must be used to convert kutcha house to a pucca house.
• The beneficiary family must not own a pucca house in his/her/in the name of any member of his/her family in any part of India.
• The beneficiary family should not have availed any of the housing schemes from the Government of India.

PNB Loan Against Property - Punjab National Bank

Punjab National Bank offers various loan schemes and other financial products to its customers. With an extensive presence across the country, PNB’s property loan provides a host of unique features, which are entirely customized to suit the needs of its customers.

Features

• The loan against property from PNB can be used for any personal or business needs.
• If the loan against property is borrowed for personal usage, the amount of credit is granted between the range of ?1 lakh-5 lakhs.
• For business use, a loan amount ranging from ?10 lakh-2 crores lakh can be approved.
• The amount of a PNB property loan is granted based on a few parameters:
• Value of property: Only 75% of the value of a property is provided as loan.
• If the loan from PNB is borrowed in the form of a term loan, a maximum of three times the gross annual income/profit is issued by the bank.
• If the loan is taken as an overdraft, a maximum of four times the gross annual income/profit is issued.
• If any individual, whether salaried or self-employed, takes a loan, his/her net income should be at least two times the EMI.
• If any business enterprise avails a loan against property, the net income should be 1.5 times of the EMI in case of a term loan.
• For a term loan, the processing fee levied by the bank is 0.90% of the loan amount sanctioned, which can be up to ?45,000.
• For an overdraft facility, the processing charge is ?225/lakh.
•     There are no prepayment charges applicable for PNB loan against property.

Eligibility Criteria for Salaried and Self-Employed Individuals

For individuals to be eligible for a loan against property from Punjab National Bank, they have to satisfy the following criteria:

• Loans for personal needs are provided to individuals who are employees of any Central or State Government body, school, college, PSU, or of any other reputed company. Non-employed income tax payers can also avail this loan. However, the age of the borrower should not exceed 60 years.
• Business enterprises seeking a loan against property should be existing customers of PNB with a clear track record in the past three years, with cash profits of the previous three years and net profit in preceding year constituting the past track record.
• Salaried employees should have had a minimum in-hand salary of ?10,000 in the last three years.
• Business enterprises availing a PNB loan against property should have a net annual income/profit of ? 1.2 lakh or above.

Documents Required
Any of the following address and age proof documents (of the applicant and guarantor):

Voter Id card

Passport

SSC certificate

PAN card

Ration card

Driving license

• Net worth statements certified by a CA containing details of the assets and liabilities of the borrower and  guarantor (if the amount of loan sought is greater than or equal to ? 25 lakh)
• Two colored passport size photographs of the loan applicant, co-applicant, and the guarantor.
• Property title and other linked documents, such as sale deed
• Updated encumbrance certificate for the last thirteen years
• The latest property tax payment receipts
• The legal opinion from a Corporation-Bank-approved advocate on the title to a property
• Copies of the approved plan and building license
• Property valuation report from an approved civil engineer
• A copy of the Occupancy Certificate (OC) issued by an authorized local body

Income Proof and Other Documents

For salaried employees:

• Salary slip for the last three months (showing deductions for other loans, if any)
• Income tax assessment order or income tax returns for the past three years.
  

For self-employed individuals:

• Copies of the balance sheet and profit & loss account for the last three years (certified by a chartered accountant)
• Income tax assessment order or income tax returns for the past three years
• Bank account statement from the current bank for the previous six months
  

Punjab National Bank EMI Calculator

Punjab National Bank EMI calculator helps in calculating the EMI on a prospective property loan, which would be required to be paid each month. For calculating the EMI, one has to provide the required principal amount, tenure (in years) and the interest rate in the calculator. The calculator shows the approximate monthly EMI to help the applicants in deciding the amount of loan that they can afford to avail.

How to Apply for PNB Loan Against Property

The Punjab National Bank property loan can be applied only by visiting a branch of the bank, obtaining and filling in the required application form. Online application is yet to be made available for PNB loan against property.