Punjab and Sind Bank Personal Loan
Punjab and Sind Bank provides personal loans starting at 11.25% per annum for loans up to Rs.10 lakh and tenures up to 6 years. It also offers pre-approved personal loans to its select customers. If you are a pensioner, you can get a personal loan of up to Rs. 3 lakh. The bank offers a quick disbursement and minimal documentation for a seamless process of getting a personal loan. However, you must understand that personal loans have a higher interest rate as compared to other loans offered in the market.
Features of Punjab and Sind Bank Personal Loan
Personal loan for pensioners
Pensioners with a Dena Bank pension account are eligible for a reduced interest rate on a personal loan.
Multipurpose personal loan
Punjab and Sind Bank Personal loans can be used to meet any legitimate personal credit need, such as college fees, wedding expenses, vacation costs, or emergency medical bills.
Fees and charges
Borrowers will be charged a small processing fee of 0.50% - 1% of the total loan amount.
Interest rates
Punjab and Sind Bank Personal Loan has reasonable interest rates. Pensioners are offered a respectable rate of interest.
High loan quantum
Borrowers can borrow up to 18 times their net monthly earnings or 15 times their net monthly pension.
Flexible repayment options
Borrowers can repay their Punjab and Sind Bank Personal Loan in up to 60 months.
Punjab and Sind Bank Personal Loan Details
Interest Rates | 11.25%-14.00% p.a. |
Loan Amount |
|
Tenure | Up to 6 years |
Processing Fee | 0.50%-1% |
Prepayment Charges | NIL |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Punjab and Sind Bank Personal Loan Fees & Charges
Understanding the hidden expenses connected with personal loans is critical for making sound financial decisions. To ensure a clear and cost-effective borrowing experience, you must be informed of the processing fees and other costs imposed by lenders.
Government/Pensioner/PSU/Approved Educational Institute | 0.50% + GST |
Private Institute/MNC | 1.00% + GST |
Documentation Charges | Actual Stamp/Revenue Expenses only |
Inspection Charges | NIL |
Prepayment Charges | NIL |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Processing fees and other costs can have a considerable impact on the total cost of a personal loan. To reduce their financial burden, borrowers should carefully consider the terms and conditions of a loan, particularly the fee structure, before finalising it. Individuals can get personal loans that match with their financial goals while maintaining their long-term financial health if they grasp the hidden costs and make informed selections.
Punjab and Sind Bank Personal Loan Interest Rates
Understanding the interest rate is critical when contemplating a personal loan because it directly affects the total cost of borrowing. Interest rates vary between lenders and can have a substantial impact on monthly EMIs and overall repayment amounts.
For Employees of Government/PSU/Approved Educational Institute and Pensioners- Tie up or salary account with the bank:
CIBIL Credit Vision Score | Interest Rate (p.a.) |
|---|---|
825 and above | 11.25% |
768-824 | 11.60% |
753-767, -1,3,4,5 | 11.95% |
732-752 | 12.15% |
690-731 | 12.50% |
641-689 | 13.05% |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Employees of Government PSU/Pensioners/Approved Educational Institute:
CIBIL Credit Vision Score | Interest Rate (p.a.) |
|---|---|
825 and above | 11.25% |
768-824 | 11.60% |
753-767 | 11.95% |
732-752 | 12.15% |
690-731 | 12.50% |
641-689 | 13.05% |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Private Employee/MNC-Other
CIBIL Credit Vision Score | Interest Rate (p.a.) |
|---|---|
825 and above | 12.15% |
768-824 | 12.20% |
753-767 | 12.40% |
732-752 | 12.70% |
690-731 | 13.50% |
641-689 | 14.00% |
Pre-approved Personal Loan (PAPL) | 12.00% |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Understanding the interest rates on personal loans is critical for making sound financial decisions. Borrowers can get the best deals by carefully comparing interest rates from multiple lenders and taking into account aspects such as credit score, income stability, and loan tenure. Finally, selecting a personal loan with a competitive interest rate can reduce the overall cost of borrowing and contribute to long-term financial stability.
Punjab and Sind Bank of Personal Loan Eligibility
Understanding the eligibility criteria for personal loans is critical in determining your loan eligibility and prospective interest rate. Lenders often consider a variety of characteristics to establish a borrower's creditworthiness and eligibility for a personal loan. Let's look at the primary eligibility criteria used when evaluating personal loan applications.
Age: The applicant must be a minimum of 21 years old, the applicant's age should fall between 60 and 70 years old.
Job: Individuals who get a wage must work for the government or a public sector organisation, pensioners must have a pension account with a bank.
Punjab and Sind may evaluate its personal loan applicants' monthly income and credit score, same as other lenders do when determining their eligibility.
Punjab and Sind Bank Personal Loan Document Required
Application form:
Completed application form.
2 passport size photographs.
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
For salaried individuals:
Income proof:
ITR Form 16 over the last three years.
Original/certified copy of the latest wage slips for the last three months.
Statement of personal assets and liabilities.
In the case of another bank, bank account statements for the previous 6/12 months.
Statement of loan account for the last six months
Bio-data of the applicant, including age, educational credentials, job experience, nature of business/profession, and vital evidence
Income proof of parents/spouse/earning children is used to establish the loan amount and repayment capabilities of the loan applicant.
ITR of guarantor for the last two years.
Guarantor's form, along with income or net worth proof.
An undertaking letter from the employer for the remittance of EMI.
Punjab and Sind Bank Personal Loan EMI Calculator
Punjab and Sind Bank provides a user-friendly Personal Loan EMI calculator tool on its official website and other financial platforms. This online calculator allows potential borrowers to calculate their monthly EMIs for a personal loan using three main factors: loan amount, interest rate, and loan tenure. By entering these parameters, the calculator generates an instant breakdown that includes the total interest payable, the total amount to be repaid, and a thorough payback timeline.
This tool is important for a variety of reasons. For starters, it enables borrowers to make sound financial decisions by visualising the potential financial consequences of a personal loan. They can experiment with various loan amounts, interest rates, and terms to find the best solution for their budget and payback capacity. Second, the calculator helps with budgeting by displaying a clear image of the monthly outlay needed to service the loan. This allows borrowers to efficiently arrange their finances and avoid any financial difficulties. Finally, the tool promotes openness by displaying the exact interest rates and final repayment amount, eliminating any hidden fees or surprises that may come later.
Punjab and Sind Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Punjab and Sind Bank Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.