Punjab National Bank offers attractive rates of interest on personal loans to reduce your financial worries. The bank may offer different rates of interest on personal loans taken for different tenures. However, certain factors such as your income level, your repayment capacity and your relationship with the bank may affect your Punjab National Bank Personal Loan interest rate in 2105. The personal loan interest rates offered by Punjab National Bank ranges from 13% to 16% based on different loan tenures.
Punjab National Bank Personal Loan Interest Rates 2018
Particulars | Salaried |
Interest rate |
|
Loan Amount | Minimum: Rs 50,000 Maximum:
|
Loan Tenure | Loan must be repaid within the applicant’s tenure of service of in a maximum of 60 EMIs, whichever is earlier. |
Lowest EMI | NA |
Processing Fee | 1.80% of loan amount |
Age | – |
Prepayment Charges | No prepayment charges. |
Factors affecting Punjab National Bank Personal Loan Interest Rate
The following factors may affect your PNB Personal Loan interest rates in 2015.
- Employment details: If you are a permanent employee of a reputed organization, PNB may offer you reduced rate of interest on your personal loans. But, before deciding to offer you reduced rates, the bank will check your employee details and the number of assets you have. PNB has different personal loan schemes for salaried and non-salaried individuals.
- Relationship with PNB: Banks normally offer preferential rates on personal loans for its high-valued customers. Also, if you have a good relationship with PNB, it may receive lower rates of interest on your personal loan.
- Loan tenure: Taking a loan for a longer tenure may help you get reduced rate of interest on personal loans.
- Repayment capacity: If you are capable of repaying your personal loan on time without defaulting, you may receive cheaper rate of interest on your PNB Personal Loan interest rates in 2015.
How CIBIL Score affects your PNB Personal Loan Interest Rates
If your CIBIL score is good, PNB may offer cheap interest rate on your personal loan. Usually, banks consider 750 as a satisfactory CIBIL score. If you CIBIL score is 750 or above, you may be in an advantageous position to get better rate on your personal loan form PNB. So, maintain a good credit history/ score by paying all your debts on time.
Key things you should know about PNB Personal Loan Interest Rates
If you are planning to apply for a personal loan with PNB, understand the following key things before you proceed:
- Know the difference between fixed and floating rates of interest charged by PNB Bank. In floating rate personal loans, your payment towards the interest component varies based on the changes in bank’s prime lending rate. In fixed rate personal loans, you pay the same amount of interest for the whole tenure.
- PNB accepts suitable third party guarantor for personal loans.
- Always maintain a good credit history so that you can receive preferential rates of interest on your PNB personal loan in 2015.
- It’s important you also know how to calculate your PNB Personal Loan EMIs which you can do by using a Personal Loan EMI Calculator available online.