How Does PNB Personal Loan Interest Rate Affect Your Repayment? Personal loans are taken at the time of financial crisis or urgent requirement of money like for a medical emergency, education funding, etc. Punjab National Bank (PNB) is a known public sector bank in India, which provides banking products to customers like personal loans. PNB personal loan interest rates are affordable and range from 12.00% to 18.00%. You can borrow a loan amount up to INR 5 lakh or 20 times the net income salary. You can repay the loan amount in 60 months loan tenure and decide the loan EMI using the PNB personal loan EMI calculator. Read this article to know more about the PNB personal loans. How the interest rates are determined for your PNB personal loans? PNB personal loan interest rate depends on your loan eligibility, for instance, you can get a lower interest rate on your loan amount if your net monthly income is INR 30,000 with zero credit defaults. Because the bank provides a loan to a customer who is highly eligible for the loan and then you also have the negotiation power. On the other hand, poor loan eligibility may lead to high-interest rates and you can’t even borrow a high amount. To understand the loan better, look at the below mentioned PNB personal loan eligibility criteria: ● ●
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All the individuals who are central or state government workers, army individuals of BSF, CRPF, self-employed doctors and engineers can apply for the loan. The minimum income of the individual should be INR 15,000 he/she lives in a metro city. Otherwise, net income is from INR 12,500 to 20,000 for the individual residing in urban, semi-urban and rural cities. One can get a PNB personal loan, even at a minimum income of INR 7,500 if an individual having a salary account at Punjab National Bank.
Pay your PNB personal loan EMI with easy payment methods You can pay the equated monthly installments of your personal loan through auto-debit option or using any other payment methods like post-dated cheques (PDCs) and electronic clearing system (ECS). But, before applying for a loan you must have checked the loan EMIs using PNB personal loan calculator. Because, when you know the EMI of your loan amount it would be easier for you to manage the loan by choosing a suitable tenure and prepay it whenever you needed. PNB personal loan calculator is an online tool that generates the EMI using the formula [P x R x (1+R)^N]/[(1+R)^N-1], so you have to enter your personal loan details inside the calculator such as principal amount (P), loan tenure (N) and interest rate (R). The bank also provides you the option to access your personal loan in the form of overdraft or term loan. So, apply for PNB personal loans by going to your nearest PNB branch or through online banking to avail the benefits of lower interest rate on your borrowed amount. The existing