The demand for a personal loan is increasing day by day due to which, almost every Bank and NBFC are now offering personal loans. PNB is among them. PNB personal loan comes with many extra benefits to the customers. It is most popular for easy loan application processing and a wide range of physical availability. The personal loan amount availed from PNB Bank can be used to meet a wide and varied range of financial requirements like a medical emergency, wedding, travel, etc. It facilitates simplified documentation and quick approvals. The maximum of Rs. 15 lakhs can be acquired with PNB personal loan. The repayment tenure is flexible as it is customized as per the borrower’s requirement, ranges from 1 year to 5 years.
Here are the few benefits of a PNB Personal Loan:
- Easy Process: PNB Personal Loan procedure is easy, and even simpler if an applicant has a good credit history. An applicant can apply for a loan online through net banking on the PNB Bank website, at an ATM, or by visiting a branch near you.
- Unsecured Loan: Personal Loans are collateral-free, which means no security is required for it. PNB Personal Loan is sanctioned based on the applicant’s income, cash flows, strength or stability in business or employment. The process includes minimal documentation or sometimes no documentation is required.
- Customized Repayment Term: A borrower can adjust the repayment tenures to make EMIs pocket-friendly. Applicants can calculate the monthly EMI on online available free of cost EMI calculators.
- Quick Loan Processing: One can get a personal loan within few hours. PNB Bank also offers pre-approved loans to the existing customers of the bank. However, the non – PNB Bank customers can also get loans in a short time.
- Lower Rate of Interest: PNB Bank Personal Loan comes at a pocket-friendly rate of interest. If an applicant carries a good repayment history, income proof, and a long relationship with the bank, he/she can avail a personal loan at good terms.
- Low Processing Costs: The interest rate on a loan and the processing fee is differs based on the total loan amount. PNB Personal Loan has a low processing fee.
- Fast Disbursement of Loan: PNB Personal Loan comes with superfast disbursals and an efficient loan procedure.
Whenever we think about personal loans the first thing that comes across in mind is EMI. The abbreviation, EMI stands for Equated Monthly Installment. It is a sum that a loan borrower is liable to pay every month in the subject to repay the loan.
The EMI amount is calculated in such a way that the loan interest is higher during the initial months and gradually reduces with each payment. There are three factors used in personal loan EMI calculation:
- Principal amount: This is the base amount that is borrowed by the customer as a loan. It may differ from lender to lender based on their evaluation of the customer’s profile.
- Rate of Interest: The interest rate is the percentage levied on the principal amount. This may vary based on the lender to lender.
- Loan Tenure: The loan term or duration, is also commonly referred to as “repayment tenure” is the period for which a loan is sanctioned. The borrowers are supposed to pay the principal sum and the total interest within the sanctioned period.
Benefits of using PNB Personal Loan EMI Calculator
- Convenient to use – It ease you with the calculations as compare to the calculations done by hand with pen and paper. In a matter of few, you can decide on the loan proposal by taking advantage of a PNB EMI calculator.
- Exact Amount– If you were to do calculations with a pen or paper, you may do pretty mistakes while entering the rate of interest, tenure, loan amount, etc. But, with PNB personal loan EMI calculator, you can perform these calculations with accuracy and can get the exact amount.
- Quick Solution – Manual EMI calculation will take hours and hours. But, with an EMI calculator, you can perform this task at a few clicks of the mouse. You don’t have to check and recheck the calculations each time with the EMI calculator.
- Specific Result – One of the biggest benefits of a PNB EMI calculator is that it gives a specific result based on the loan amount, repayment tenure and interest rates.
Tips to manage the Loan EMI
While availing a loan, it is equally important to manage the EMIs well. At times, it gets difficult to manage the monthly EMI’s which may adversely affect the credit score. Here are the tips which may help you in managing the loan EMI:
- Determine the Repayment Capability: You should always acquire the loan amount as much you required and can afford the paying off monthly. An EMI calculator helps to calculate the personal loan EMIs better. By doing this you will know in advance about the EMI and you can make an informed decision.
- Go for a longer repayment tenure: The repayment tenure has a direct impact on the EMI amount of the loan. Generally opting for a longer repayment tenure will enable you to repay the total amount over a longer time, which will reduce the EMI amount.
Eligibility Criteria of PNB Personal Loan
The other important factor of PNB personal loan is the eligibility criteria. PNB has a wide range of personal loan schemes to the borrower like for the public, doctors, etc. The eligibility criteria of PNB personal loans which differs based on the many keys like borrower age, income, credit score, and others. Following is the generic PNB personal loan eligibility criteria:
- Eligibility for PNB Personal Loan Scheme for Public
- A borrower who is a professionally qualified doctor having an annual income of Rs.4,00,000 or above can avail of the PNB personal loan scheme for the public.
- A professionally qualified doctor should be a taxpayer for the last three years.
- Eligibility for Personal Loan Scheme for Doctors
- Must be a professionally qualified doctor with a net annual income of Rs.5, 00,000 or above and those who are paying tax for the last two years.
- A borrower to acquire the PNB personal loan scheme for doctors should have a continued occupancy at the present residence for a minimum of 2 years.
- Eligibility for Personal Loan Scheme for Pensioners
- To avail, the PNB personal loan scheme for pensioners a borrower should draw pension through a Punjab National Bank branch.