Punjab National Bank Personal Loan Interest Rate starts at 11.50% to 12.05%. The lowest EMI per Rs. 1 lakh for 60 months tenure is Rs. 2,199. The loan amount is between Rs. 50, 000 and Rs. 15 lakhs. The loan is available for both salaried person and self-employed individual. To borrow, you should be within the age group of 21 years and 58 years. The tenure ranges from 12 months to 60 months. Apart from the rate of interest, you need to pay additional charges such as processing fee, and other circumstantial charges such as for loan cancellation, late payment, cheque bounce, etc.
In this post, we will discuss about PNB Personal Loan Interest Rate features, charges, factors that influence rate of interest, total cost illustration, interest calculation, EMI calculation, and frequently asked questions.
Here are the following features:
Other than the interest rate, you need to know about other charges applicable by the bank on your personal loan. These charges could be mandatory or circumstantial. Let us know more about these costs:
The bank will assess your financial liabilities, monthly income, employment information, loan amount, and other necessaries to determine a rate of interest. Here are the factors that affect the interest rate for the loan.
The interest amount is the cost that you have the pay over the borrowed principal amount. The interest amount depends on the charged rate of interest. Punjab National Bank personal loan interest rate is the lowest at 11.50%. Consider the lowest rate on Rs. 1 lakh borrowing. In this case, here are the interest and EMI calculations over different tenures.
EMI or equated monthly instalment is a fixed amount towards repayment till end of tenure. You have to pay the monthly instalment every month on a fixed date. The lowest EMI per Rs. 1 lakh at 11.50% rate on 60 months tenure is Rs. 2,199 by Punjab National Bank. The EMI amount depends on the tenure, loan amount, monthly income, employment, interest rate, and other factors. Below we have discussed about different loan amounts over different tenures at 11.50%.
Below is an illustration of the monthly instalment for different loan amounts and tenures at the rate 11.50%:
Here are the Personal Loan PNB Interest Rate FAQs:
The range for rate of interest for PNB loan is 11.50% to 12.05%. The rate depends on several factors such as your monthly income, repayment capacity, financial liabilities, credit score, employment details, loan amount, tenure, relationship with the bank, and other factors.
You can borrow for 12 months to 60 months. Shorter the tenure, higher will be your savings on the interest outgo, because you pay interest for a shorter period, and vice-versa. You must check for a flexible tenure that suits your repayment capacity in order to afford the EMIs.
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