Are PNB Personal Loan Interest Rate one of the most Affordable in the Market?
Punjab National bank offers one of the lowest interest rates on personal loan compared to other Banks and Non-Banking Financial Companies (NBFCs). The interest rate offered is different for salaried employees and different for self-employed individuals/ professionals. Yes, like the interest rates provided to doctors are lower than that compared to regular salaried individuals. The amount of interest rate is a major constituent of your EMI. So, it is necessary to do a thorough check on the interest rate provided to you. The benchmark that Punjab National Bank adheres to is RLLR - Repo Linked Lending Rate (RLLR), which is 5.40% at present. Salaried borrowers who have a salaried account with PNB get the loan at a concessional rate. ​PNB personal loan interest rate offered to them is 11% per annum (including people working in the Defence Services). For regular salaried borrowers, the personal loan interest rate stands at 12% per annum. Doctors are offered the personal loan at rate 7.55% per annum. If you are a doctor who holds a salary account with PNB, then you get 1% concession on the interest rate. What are the factors that affect the PNB Personal Loan Interest Rate? Credit Score: ​Your credit score plays an important role in determining your interest rate. A good credit score translates into bagging a lower interest rate from PNB. Whereas, a bad credit score will do the exact opposite. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans). Net Monthly Income: ​PNB has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If you have the desired net monthly income constantly flowing into your account, you can ask PNB to give you the lowest interest rate.