Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

In the present day world, money speaks. It does not only speak, but helps a person to live the way he or she wants. Bank loans have become very common phenomena in the contemporary period in which the world is running on financial capital.

Starting from the smallest of families to the biggest of companies and corporate sectors, all require money to make their dream fulfilled, to make a plan work in its own way, or simply to resolve a problem through money. Both nationalized and multinational banks render great support to individuals or groups in lending money for certain purposes. There are various kinds of loans: (a) home loans, (b) personal loans, (c) auto or car loans, (d) educational loans and many others. All banks lend money to individuals and groups. But all this money given out by banks is supposed to be returned back to the bank on a few conditions. The foremost condition is that one has to pay the bank debt in easy payment installments, over a considerable period of time. The monthly money is charged with an additional amount of money based on a percentage of the actual money.

Personal bank loans are loans that formally have no definite purpose as, for example, bank auto loans have. This kind of loan is given to an individual on the basis of the fact of his salary. Moreover, he or she has to be a national citizen with the all the necessary documents of identity, salary receipt and such other things. On the verification of the documents produced by the applicant, it is up to the decision of the bank whether to consider the applicant worthy enough to give the personal loan.Information about Personal Loans from Punjab National Bank is given here.

Personal loans from Punjab National Bank
Eligibility

i) All permanent Defence Personnel including officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP

ii) Confirmed/ permanent employees of Central/ State Govt/ PSUs and all reputed companies/ Institutions, who are drawing their salary through accounts maintained with our branches.

Employees of above categories under ‘check-off facility’ OR having minimum annual income of Rs.3.00 lac.

iii) Professionally qualified Doctors viz. MBBS, BDS & above having annual income of Rs.3.00 lac & above.

Minimum Net Monthly Income

- Rs.8500 per month for eligible customers at Metro Centres;
- Rs.7000 per month for eligible customers at Urban Centres; and
- Rs.5000 per month for eligible customers at Semi-Urban and Rural Centres.

However, for Teachers, Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel whose salary is being credited and disbursed through our branches the minimum Net Monthly Income criteria shall be Rs.5000/- at all Centres viz. Metro, Urban, Semi-Urban and Rural.
Nature and Amount of Loan

Term Loan/ Overdraft – Minimum amount of loan will be Rs.10,000/- and maximum amount of loan Rs.3,00,000/- or 30 times monthly net salary, whichever is lower, depending upon the repaying capacity.

Margin   
NIL

Security
Suitable guarantee acceptable to the Punjab National Bank.

Rate of Interest    

For employees whose salary is being disbursed through our branches and employees under check-off facility : 13.25% p.a.
For others having annual income of Minimum Rs.3.00 lac : 14.25% p.a.

Repayment    
60 Equated Monthly Instalments (EMIs) OR remaining period of service, whichever is earlier. Instalment to commence one month after disbursement of loan.
However, loan allowed to Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel shall be Repayable in maximum 36 Equated Monthly Instalments or remaining period of stay at the particular posting, whichever is lower.

Upfront Fee
2% of the loan amount

Documentation Charges    
Rs.300/- upto Rs.2 Lac
Rs.500/- over Rs.2 Lac
Sources : http://pnbindia.com/