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.
Relationship with PNB: If you are an esteemed or an old customer with a good credit record, chances are PNB may provide you personal loan at very low interest rates. Tell me About One of the Best Features of PNB Personal Loan! Apart from the affordable PNB personal loan interest rate, one of the best features of personal loan PNB is its personal loan EMI calculator. PNB personal loan calculator is a relief when it comes to loan planning and calculations. Let’s discuss in detail how the PNB EMI calculator can be your friend when it comes to taking a personal loan. Bargaining Power: When you’ve access to knowledge, don’t you feel confident and powerful? ‘Knowledge is power’ even while taking a personal loanSimilarly, knowing your EMI gives you clarity, it helps you negotiate better with Punjab National Bank. Knowing the EMI and other calculations makes you feel confident and you can bargain easily with lending institutions. Easy to Use - The PNB personal loan calculator is very easy to use even if you’re not that technologically sound. You don’t need to be a professional to use it. It is designed to be used by anyone. All you have to do is to fiddle around with three factors - loan amount, tenure and the interest rate. Planning & Management Assistance: In order to reach your financial objective, you will have to keep your toes under the sheet. You can’t be living the luxury life while paying the EMIs. Remember, servicing the loan takes priority over all other things. The PNB personal loan calculator will help you plan out your monthly expenses by determining the EMI you will have to pay.