Punjab Sind Bank overdraft loan

The Personal Loan Overdraft Facility is your one-stop solution for unexpected expenses and fluctuating cash flow. This innovative product combines the flexibility of a credit line with the ease of a personal loan. Access funds up to your approved limit and only pay interest on what you use. This isn't just a loan; it's a financial buffer that empowers your monetary strategy. Explore the details below and see how the Personal Loan Overdraft Facility can become your financial partner.

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Table of Content

1. Features of Personal Loan Overdraft Facility

2. Punjab Sind Bank Fees & Charges Overdraft Loan

3. Eligibility for an Overdraft Loan In Punjab Sind Bank?

4. Punjab Sind Bank Documents Required for Loan Application

5. Process to Avail Punjab Sind Bank Overdraft Loan

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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Features of Personal Loan Overdraft Facility

The Personal Loan Overdraft Facility offers:

Flexible borrowing within an approved limit.
Interest only on the amount used, not the total limit.
Flexible repayments without fixed EMIs.
Immediate access to funds after approval.
No charges for early repayment.
Revolving credit that replenishes as you repay.
Minimal paperwork for fund access post-approval.

Punjab Sind Bank Fees & Charges Overdraft Loan

Based on the information provided on the Punjab Sind Bank online portal:

Processing Fees: Nil for the PSB SB OD Scheme.
Interest Rate: Interest is charged on the utilised amount only.
Documentation Charges: Actual stamp paper charges apply.
Repayment: Expected from the next salary(ies) within a period of 6 months.
Minimum Balance: The account can be opened and maintained at zero balance for eligible individuals under this scheme.

Eligibility for an Overdraft Loan In Punjab Sind Bank?

For an overdraft loan in Punjab & Sind Bank, the eligibility criteria is:

You are a permanent employee of the Central/State Government, PSUs, reputed public/private limited companies, MNCs, educational institutions recognised by the government, or an existing corporate borrower of the bank.
I have a salary account with Punjab & Sind Bank, where my salary has been consistently credited for the last 3 months.
The account should be at least three months old.
Minimum 1 year of completed service.
The applicant should be associated with the organisation at the time of application and throughout the overdraft facility’s tenure.

Punjab Sind Bank Documents Required for Loan Application

For a loan application with Punjab & Sind Bank, the generally required documents include the following:

Identity Proof: Passport, PAN Card, Voter ID Card, Driving License, Aadhaar Card.
Address Proof: Recent utility bills, Passport, Aadhaar Card, Voter ID Card.
Income Proof: Salaried individuals’ latest salary slips and bank statements show salary credit.
Employment Proof: Employment certificate for salaried individuals.

Process to Avail Punjab Sind Bank Overdraft Loan

To avail of an overdraft loan from Punjab & Sind Bank, follow these general steps:

Ensure you meet the eligibility criteria.
Keep necessary documents ready in hand.
You can apply for the overdraft facility by visiting a Punjab & Sind Bank branch, through online banking, or via the bank’s official website.
The bank will review your application and documents.
Once approved, the bank will sanction your overdraft limit, and the facility will be linked to your account and ready for use.

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Frequently Asked Question (FAQs)

What is Punjab Sind Bank's overdraft personal loan?

Punjab Sind Bank overdraft loan is a credit facility allowing withdrawals up to a specified limit. You can get it even if the account balance is zero, aimed at meeting urgent financial needs.

Is Punjab Sind Bank's overdraft loan good or bad?

Yes, it offers flexibility, charges interest only on the amount used, and has no processing fees.

Is it better to take OD or a personal loan?

An overdraft is preferable for short-term, flexible borrowing, charging interest only on the used amount. A personal loan suits longer-term financing with fixed repayments.