Punjab and Sind Bank Personal Loan 2021
Multiple banks are offering personal loans to their customers. Punjab and Sind Bank commonly known as the best personal loan in India offering an interest rate of 12.75% p.a. It also offers flexible tenure of up to 60 months to particular salaried individuals and pensioners. For more details read the article and avail of the loan at low-interest rates.
Punjab and Sind Bank Personal Loan Overview
| Interest Rate | Salaried Individual: 13.55% p.a. onwards
Pensioners: 12.8% p.a. |
| Loan Amount | Up to Rs. 3 lakh |
| Processing Fee | 1% of the loan amount |
Features and Benefits of Punjab and Sind Bank Personal Loan
Listed below are the features and benefits of Punjab and Sind Bank Personal Loan:
- Personal Loan for Retirees: A preferential interest rate is available for pensioners who maintain a pension account with Dena Bank.
- Punjab and Sind Bank offers a multipurpose personal loan: A personal loan can be used for any legitimate personal credit need, such as college fees, wedding expenses, vacation expenses, and emergency medical expenses.
- Processing fee: Borrowers will be charged a small processing fee of 1% of the total loan amount.
- Interest Rates Are Reasonably Low: Punjab and Sind Bank Personal Loans have reasonable interest rates. A respectable rate of interest is offered to retirees.
- Loan amount: Borrowers are provided a high loan quantum of up to 18 times their net monthly pay and up to 15 times their net monthly salary.
- Flexible Repayment Option: Borrowers have the option of repaying their Punjab and Sind Bank Personal Loan over a period of up to 60 months.
Punjab and Sind Bank Personal Loan Eligibility Criteria
In the given points check Punjab and Sind Bank Personal Loan eligibility criteria and avail for the loan:
- The age of the applicant should be minimum of 21 years and a maximum of 70 years.
- Employment type should be:
- Government employee
- A permanent and regular employee of institutions
- Pensioners with having an account in Punjab and Sind Bank
Documents Required for Punjab and Sind Bank Personal Loan
To maintain track of a person’s identification and verify his or her trustworthiness, most lenders in India require applicants to submit a set of documents when applying for a loan. Applicants may be asked to submit the following general documents:
- Aadhaar or PAN are examples of identity proof.
- Proof of address
- Statements of bank accounts
- Pay Slips
Important Factors of Punjab and Sind Bank Personal Loan Interest Rates
Here are some of the following factors affecting personal loan interest rate for Punjab and Sind Bank:
- 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: If the applicant has 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.
- The loan’s term: If the borrower opts for the maximum loan term of 60 months, the interest rate will almost certainly be greater than for loans with shorter terms.
Comparison of Punjab and Sind Bank Personal Loan with other lenders
In the given table, you can compare Punjab and Sind Bank Personal Loan with other banks:
| Particulars | Punjab and Sind Bank Personal Loan | Corporation Bank Personal Loan | South Indian Bank Personal Loan | Yes Bank Personal Loan |
| Interest rate | Offered at 12.8% | Offered at 12.9% | Offered at 11.55% | Offered at 10.75% |
| Processing fee | 1% of the loan amount | 1.5% of the loan amount | 2% of the loan amount | As per loan terms |
| Maximum loan quantum | Rs.3 lakh | Rs.3.5 lakh | Rs.25 lakh | Rs.40 lakh |
| Maximum repayment tenure | 60 months | 60 months | 60 months | 60 months |
Check Punjab and Sind Bank Personal Loan EMI Calculator
When it comes to a loan, EMI is always the important part to repay the loan simply. The EMI is what draws the borrower’s attention after the loan is disbursed. The term “EMI” stands for “Equated Monthly Installments,” and it refers to the total amount of principal and interest due on a loan each month. It’s critical to understand the EMI amount so that you can budget appropriately in your budget for a smooth payback process.
For example, you want to apply for a personal loan of Rs. 6 lakh from Punjab & Sind Bank with a 5-year term and a 12.50% annual interest rate. However, you are unsure about the EMIs. As a result, you may verify the EMIs payable on your planned loan in the table below:
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
| Rs. 6,00,000 | 12.50% | 1 | Rs. 53,450 | Rs. 41,397 | Rs. 6,41,397 |
| Rs. 6,00,000 | 12.50% | 2 | Rs. 28,384 | Rs. 81,225 | Rs. 6,81,225 |
| Rs. 6,00,000 | 12.50% | 3 | Rs. 20,072 | Rs. 1,22,598 | Rs. 7,22,598 |
| Rs. 6,00,000 | 12.50% | 4 | Rs. 15,948 | Rs. 1,65,504 | Rs. 7,65,504 |
| Rs. 6,00,000 | 12.50% | 5 | Rs. 13,499 | Rs. 2,09,926 | Rs. 8,09,926 |
Conclusion
In this article, you can get the information for availing Punjab and Sind Bank Personal Loan 2021 at the low-interest rate, flexible loan amount, personal loan EMI calculator, and repayment tenure. You can also compare Punjab and Sind Bank with other banks offering interest rates, loan repayment tenure, and low interest rates. For more details contact Afinoz.com and simply avail of the loan.
