PNB Personal Loan

Features and Benefits of Punjab National Bank Personal Loan

The borrowers of the Punjab National Bank Personal Loan can avail of the following features and benefits:

• The Bank offers a wide range of schemes catering to a diverse set of customers providing lucrative interest rates and minimal processing fees.
  
• The bank offers several concessions to defence personnel and government employees. 
• The Punjab National Bank has established an easy application procedure to ensure the timely disbursement of loans to cater to medical emergencies.
  
• The Bank offers a flexible tenure of up to 84 months so that one can manage their EMI repayments without substantially affecting their budget.

Punjab National Bank Personal Loan Overview

Punjab National Bank is one of India’s most renowned financial institutions. Headquartered in Delhi, this Public Sector Banks envelops the country through its 12,248 branches to cater to its customer base of 180 million customers. The Punjab National Bank Personal Loan is a financial product designed by the Bank to provide financial assistance to customers in India for personal purposes such as higher education and medical expenses, wedding loans and home renovations.

The bank has established a convenient procedure so customers can apply for the Punjab National Personal Loan without hassle. One must review the following factors before availing of this loan Product.

Documents Required for Punjab National Bank Personal Loan

The applicants must maintain the following documents to apply for a Punjab National Bank personal loan.

• Passport Size Photographs with Loan Application 
• Form 16 and Salary Slips 
• ITR Returns for the Past three years. 
• Other such documents requested by the Bank.

How Does the EMI Calculation Work for Punjab National Bank Personal Loans?

Punjab National Bank employs the following formulae to compute the EMI amount on the Personal Loan.

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

Where,

• P is the Principal amount. 
• r is the rate of interest on the loan 
• n is the tenure of the repayment.