PNB Personal Loan of 2 Lakh

The Punjab National Bank 2 Lakh Personal Loan is a quick way to get money when needed. It has competitive interest rates and various convenient ways to pay it back, making it suitable for various financial needs. Applicants can easily meet the eligibility requirements, allowing individuals to get instant disbursement of funds. Applying for a Punjab National Bank 2 Lakh personal loan is easy, as you don't need to carry many documents, making this loan a great option for quick cash.

You can check if you qualify for the loan online and use the PNB EMI calculator to see how much you must pay back each month.

This clear information helps you manage your money better. Whether you need cash for a health crisis, to fix up your home, for your children’s school fees or a downpayment for your car, the PNB 2 Lakh Personal Loan is flexible and easy to get, helping you deal with your financial needs smoothly.

Eligibility for 2 Lakh PNB Personal Loan

Following are the eligibility criteria for an applicant to qualify before applying for a PNB Personal Loan 2 Lakh 

• Getting your salary through PNB Bank
• Confirmed or permanent Central or State Government workers, public sector units, and well-known companies or institutions, including schools, colleges, universities, autonomous bodies, hospitals, and nursing homes, who have worked for at least two years. This includes time spent with previous employers if the salary is paid into accounts held with our branches.
• Other applicants must have worked for at least three years, including any time spent with previous employers.

For Self-Employed:

• Professionals should have earned at least Rs. 6 lakh per year for the past two years and have a CIC score of 750 or more.
• They should also have a savings or current account with Punjab National Bank that has been managed well for the last two years. The total amount deposited into all their savings or current accounts, either with PNB or other banks, must have been at least Rs. 5 lakh in the last financial year.

Documents Required for PNB 2 Lakh Personal Loan

Following are the documents that need to be available at the time of applying for a Punjab National Bank 2 Lakh Personal Loan

• Loan Application Form: Fill out the application form and attach a photo.
• Identity Proof: Choose one (Passport, Aadhaar Card, Voter ID Card, Driving License)
• Address Proof: Pick one (Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Sale Deed/Property Purchase Agreement)
• Age Proof: Provide any valid document that shows your age.
• Educational Qualification Proof: Submit your relevant educational certificates or documents.
• For Salaried People: The latest salary slip from your employer shows your gross and net salary. Income Tax Return or Form 16 from the last 2 years. Bank statement of your salary account for the last 6 or 12 months.
• For Farmers: Provide details about land ownership, crop patterns, or other proof of income.
• For All Other Individuals: Income Tax Returns and Audited Balance Sheets for the last 2 years of business/activity. Bank statements for the last 6 or 12 months. Income proof of spouse, parents, or children (if it is considered for the loan amount).
• Property Documents: If needed, provide documents related to the property listed in the checklist.

Interest Rates and Fees of PNB 2 Lakh Personal Loan

• Interest Rates: PNB has three personal loan plans with interest rates beginning from 10.40% per annum. These rates might change depending on the chosen loan plan and other factors. You need to repay the whole loan, both the main amount and interest, within the time you have left in your job or over a maximum of 72 monthly payments, whichever comes first. You will start making payments one month after you get the loan.
• Loan Amount: PNB allows you to take out a personal loan of up to ₹20 lakh.
• Processing Fee: PNB charges a processing fee of as much as 1% of the total loan amount.
• Documentation Charges: Rs 270 will be applicable as documentation charges.

Repayment Options for Punjab National Bank 2 Lakh Personal Loan

When you need to pay back a 2 Lakh Punjab National Bank (PNB) Personal Loan, you can choose any of the following repayment options:

• Standing Instructions: If you have a PNB account, you can set it up to automatically take out your monthly loan payment.
• Electronic Clearing System (ECS): If your account is with another bank, not PNB, you can use ECS to automatically transfer the payment from that account.
• Post-Dated Cheques (PDCs): You can also use cheques written for future dates as a way to pay back the loan

What Is the EMI for a 2 Lakh Loan?

Following are the 2 lakh personal loan EMI at a fixed interest rate of 14.75%:

How to Apply for PNB 2 Lakh Personal Loan:

Here’s how to apply for a 2 Lakh personal loan from Punjab National Bank:

• Go to the official Urban Money website.
• Click on the “Loan” section and select “Personal Loan.”
• You’ll be taken to a page where you can see various top lenders in India.
• Look at the Punjab National Bank section and click the “Apply Now” button beside their logo.
• You must complete a quick online form with your name, mobile number, and city.
• Once you submit the form, you’ll receive a 6-digit OTP on your mobile. Enter this OTP into the form.
• After submitting the OTP, wait for a call from an Urban Money loan expert who will help you further.

Alternative Options for PNB 2 Lakh Personal Loan

If you’re considering different options for a ₹2,00,000 loan from Punjab National Bank, here are several alternatives you might find suitable:

• Loan Against Gold (Gold Loan): You can secure a loan using your gold as collateral. The amount you can borrow will be based on the weight of the gold you provide. 
• Loan Against Property (LAP): If you own a property without any existing debts, you can obtain a loan against its value. Lenders generally allow you to borrow up to 80% of the property’s market value. 
• Loan Against Fixed Deposits: Banks offer loans or overdraft facilities against your Fixed Deposits (FDs). You can access up to 90% of the value of your FD. 
• Loan Against Insurance: You can pledge your fully paid life insurance policies to secure a loan, typically getting between 85% to 90% of the policy’s surrender value. 
• Loan Against Provident Funds: This option allows you to pledge funds deposited in your Public Provident Fund (PPF) or Employee Provident Fund (EPF). 
• Loan Against Credit Card: This personal loan without collateral you can get using your credit card. It often has lower interest rates than standard personal loans and offers adjustable payment options, making it a handy choice if you need money quickly.