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Personal Loans India : PNB slashes BPLR 11.5 per cent to 11 percent

admin — Fri, 08 May 2009 11:00:27 +0000

Punjab National Bank slashed its benchmark prime lending rate by 50 basis points to 11 per cent.

The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 percent, the bank said in a statement.

The benefit of reduction in BPLR shall be applicable to all existing and new accounts linked with BPLR, wherever interest rates are charged at BPLR and above, it added.

For term deposits up to 45 days, the reduction is up to 100 basis points, while fixed deposits up to two years will be cheaper by 50 basis points.

Interest rates on car, education, reverse mortgage and personal loans have been reduced by 25-50 basis points.

The country’s second largest public sector lender also said the threshold under its special housing loan scheme (fixed) had been raised to Rs 50 lakh at a lower interest rate of 9 per cent, which will be reset at the end of five years. The scheme is valid up to June-end.

The Reserve Bank of India, while announcing its annual monetary policy, had urged banks to reduce the lending rates to spur demand in the economy.

Personal Loans India : Personal Loans from Punjab National Bank

admin — Thu, 13 Dec 2007 05:44:14 +0000

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/

Personal Loans India : Borrow money from your bank

Contributor — Mon, 19 Nov 2007 14:31:45 +0000

If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

Personal Loans India : Banks In India

Contributor — Tue, 03 Jul 2007 12:52:06 +0000

Now Indian Banking industry is growing and there are several banks Public sector Banks,Private sector Banks,and cooperative Banks are working in India.There was 14 major banks nationalized in 1969.this step led to a shift from class Banking to Mass Banking.

Indusland Bank was the first private bank to be set up in India. IDBI, ING Vyasa Bank, SBI Commercial and International Bank Ltd, Dhanalakshmi Bank Ltd, Karur Vysya Bank Ltd, Bank of Rajasthan Ltd etc are some Private Sector Banks. Banks from the Public Sector include Punjab National bank, Vijaya Bank, UCO Bank, Oriental Bank, Allahabad Bank, Andhra Bank etc.

ANZ Grindlays Bank, ABN-AMRO Bank, American Express Bank Ltd, Citibank etc are some foreign banks operating in India.

Some Major Banks of India are Listed Below

* ALLAHABAD BANK

* AMERICAN EXPRESS BANK LTD

* BANK MUSCAT (S A O G)

* BANK OF AMERICA

* BANK OF INDIA

* BARCLAYS BANK PLC

* CENTURION BANK LTD

* CITIBANK N A

* CORPORATION BANK

* DHANLAKSHMI BANK LTD (THE)
* DEUTSCHE BANK INDIA
* EXPORT-IMPORT BANK OF INDIA

* GLOBAL TRUST BANK LTD

* HONGKONG & SHANGHAI BANKING CORPORATION LTD (THE)

* ICICI BANK LTD

* IDBI BANK LTD

* INDUSIND BANK LTD

* SYNDICATE BANK INDIA

* INDUSTRIAL DEVELOPMENT BANK OF INDIA

* ING VYSYA BANK LTD

* JP MORGAN CHASE BANK

* PUNJAB NATIONAL BANK

* STANDARD CHARTERED GRINDLAYS BANK LTD

* STATE BANK OF INDIA

* STATE BANK OF INDORE

* CANARA BANK INDIA
* PUNJAB TRACTORS
* RESERVE BANK OF INDIA
* BANK OF BARODA INDIA
* FEDERAL BANK INDIA
* HDFC BANK INDIA
* UNION BANK OF INDIA
* YES BANK INDIA

Information about Punjab National Bank

Contributor — Wed, 27 Jun 2007 12:02:45 +0000

Punjab National Bank is a major Public sector Bank in India It offers various type of Banking Products to the customers,Here we compile the Information about the Punjab National Bank for your Guidance.
Punjab National Bank with 4497 offices and the largest nationalised bank is serving its 3.5 crore customers with the following wide variety of banking services:

* Corporate banking
* Personal banking
* Industrial finance
* Agricultural finance
* Financing of trade
* International banking

Punjab National Bank has been ranked 38th amongst top 500 companies by The Economic Times. PNB has earned 9th position among top 50 trusted brands in India.

Punjab National Bank maintains relationship with more than 200 leading international banks world wide. PNB India has Rupee Drawing Arrangements with 15 exchange companies in UAE and 1 in Singapore.

PNB Online

Punjab National Bank of India is also a member of SWIFT and more than 150 PNB Branches are connected with terminals in Mumbai. It promotes “Any Time, Any Where Banking”.

PNB offers Internet Banking services for both to the Corporates and Individuals. It provides 24 hours, 365 days banking from the PC of the user. A user can operate anytime and from anywher its accounts. The following are some of the services available online:

* Access to account
* Complete details of transactions and statement of account
* Online information of deposits, loans overdraft account etc.
* Online Payment Facility for railway reservation through IRCTC Payment Gateway Project
* Online Utility Bill Payment Services which allows Internet Banking account holders to pay their telephone, mobile, electricity, insurance and other bills anytime from anywhere from their desktop.

Punjab National Bank Card user can buy goods and enable services from 45,000 merchant outlet in India and can withdraw cash from over 4500 ATMs with its own 450 ATMs.

Punjab National Bank Branches

Punjab National Bank has its Branches in all the 7 metropolitan and cosmopolitan cities in Inadi namely New Delhi, Mumbai, Calcutta, Chennai, Bangalore, Hyderabad and Ahmedabad. It even has its branches in small town in both urban as well as rural areas.

PNB is always focussing on expanding abroad and till date has identified some emerging economies abroad. They are in few of these places.

* Almaty
* Kazakhktan
* Shanghai
* China
* London
* Kabul
* Afghanistan

Punjab National Bank Housing Loan

Any individual can avail Punjab National Bank Housing Loan for any of the following purpose:

* For construction of house.
* For purchase of house/ flat.
* For purchase of house/ flat from the original allottee, i.e. on First Power of Attorney basis.
* For carrying out repairs/ renovation/ additions/ alterations in the existing house.

Approximately 80% of the cost of project is sanctioned by PNB Housing Finance, subject to a maximum of Rs. 50 lac. In case of carrying out repairs/ renovation/ additions/ alterations in the existing house, the ceiling is Rs. 5 lac. The loan is available for a period of 5 years to 20 years or before the borrowers attain the age of 65.

Interest of Punjab National Bank Home Loan is charged on reducing balance and the amount to be sanctioned depends upon the repaying capability of the borrower.

The following securities are required by the cell of PNB Housing Loan:

* Mortgage of property for which finance is being given.

* In case of purchase of house flat from housing board/ society where mortgage cannot be created immediately, a tripartite agreement shall be executed amongst the housing board/society, borrower and the Bank.

* In case of purchase of house/ flat on first power of attorney, additional security by way of mortgage of some other property or pledge of Bank’s Fixed Deposit Receipt/ LIC policy/ Govt. securities has to be provided.

* Suitable third party guarantee acceptable to the Bank which may include guarantee from family members/ other relatives.

PNB Mutual Fund

PNB Mutual Fund services are distributed under the scheme of Principal PNB Asset Management Company from its assigned branches. The varieties of Punjab National Bank Mutual Fund are as under:

* Principal Growth Scheme
* Principal balanced Fund
* Principal Income Fund
* Principal Income Fund – Short Term Debt
* Principal Cash management Fund
* Principal Index Fund
* Principal government Securities Fund

PNB Office Addresses

Head Office
Punjab National Bank
Street 7, Bhikaji Cama Place
New Delhi 110066
India
Tel : 91-11-26102303

For ATM related queries
Punjab National Bank
ATM Card Centre,
5, Sansad Marg
New Delhi – 110001
Tel : 91-11 – 23352019

24 hours toll free PNB Call Centre number
1600 12 2222

Website of Punjab National Bank
www.pnbindia.com