Avail PSB Personal Loan at Simplest Interest Rate 2021
PSB personal loan are available to salaried employees of government agencies, public sector businesses, and other private entities. Punjab and Sind Bank Personal Loan also offers to retirees. To obtain a loan from the lender, borrowers must be over the age of 21 years. To be qualified for this loan, the applicant must be able to provide a guarantee.
PSB Personal Loan Interest Rates 2021
Punjab and Sind Bank offers personal loans with interest rates as low as 12.75% per annum and terms as long as 60 months. The bank specializes in personal loans for salaried workers and retirees.
| Particulars | Salaried Individuals | Pensioners |
| Interest Rate | 13.5% p.a. onwards | 12.75% p.a. |
| Processing Fee | 1% of the loan amount | 1% of the loan amount |
| Loan Tenure | Maximum of 60 months | Maximum of 60 months |
| Loan Amount | Up to 18 times the monthly salary or Rs.3 lakh, or 1.5 times the annual salary of the individual. |
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| Age criteria |
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| Credit Score | 750 | 750 |
| Lowest EMI per Lakh | Rs.2,301 | Rs.2,263 |
PSB Personal Loan Eligibility Criteria
Punjab and Sind Bank Personal Loan is offered to the salaried employees and retirees at low-interest rates starting at 12.75% per annum. To obtain a loan from the lender, you must first determine whether you match the following eligibility requirements:
| Criteria | Salaried Employees (Government/PSUs) | Salaried Employees (Private) | Pensioners |
| Age | 21 years to 60 years | 21 years to 65 years | Up to 70 years |
| Bank Account with Lender | Not specified | Not specified | Must hold pension account with the bank |
| CIBIL Score | Ideal – Over 700 | ||
| Guarantee | Mandatorily Required | ||
How to Improve Your Chances to get PSB Personal Loan?
Here are the key points that help you to get the chances for improving the chances of availing Punjab and Sind Bank Personal Loan:
- Improve Your Credit Score: Because having a strong credit score is so crucial, you should check your credit score before applying for a PSB personal loan. If there is low credit score, you should work to raise it in order to maximize your chances of getting a personal loan.
- Individuals having a Reasonable Loan Amount: If you try to borrow a sum that is greater than what you can comfortably repay over the course of the loan payback term, lenders will not approve the personal loan application.
- Repay the Credit Card Debts and Outstanding Loans: Your repayment ability will be harmed if you have outstanding loans or credit card debts. You should try repaying your previous obligations to avoid this.
Factors affecting PSB Personal Loan Interest Rates
Listed below are the factors that majorly affects the personal loan interest rate for Punjab and Sind Bank are as under:
- Applicant’s Employment Status: PSB considers the applicant’s employment position, such as whether he or she is a salaried individual working for the government or a private company. If the applicant is a retiree, the interest rates will be adjusted accordingly.
- If the individual has a PSB account: For the individual having a PSB savings or salary account, the interest rate that will be provided will be higher.
- The applicant’s repayment ability: PSB considers the individual’s income as well as his or her previous repayment history, which is represented in the individual’s CIBIL score.
Conclusion
At the end of the summary, you can check the Punjab and Sind Bank Personal Loan eligibility criteria, or apply for a personal loan. In this process, you can check and get the loan easily or you can apply through Afinoz.
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