PNB vs Axis Personal Loan: Understanding the Differences and Selecting the Right One for You

Punjab National Bank has been rising to be some of the most recognised banks in the country, and it has a variety of personal loans that you can choose from. And Axis bank is also well-known for its great interest rate for personal loans.

But when choosing between having the best personal loan, it is necessary to assess the benefits you get and which is better suited for your needs. Also, a personal loan is assessed from various aspects, depending on the amount of loan you want and the tenure that would be required to pay it back.

Comparison of Axis Bank and PNB Personal Loans

Compared with Axis bank personal loan, the PNB personal loan has a lower interest rate and fewer charges. But at the same time, the Punjab National Bank also provides fewer loans than Axis Bank. And also, when it comes to the eligibility of both personal loans, Axis bank has fewer requirements compared to PNB. Also, when it comes to the charges related to the loan, Axis bank personal loan has higher charges. At the same time, these charges also give you a higher guarantee of having the loan amount sent to your account within a stipulated time as soon as possible.

One of the most significant differences between the personal loans of both banks is that compared to PNB personal loan; you get a higher amount and long-term benefit with Axis bank personal loan. With Axis bank personal loan, you get several benefits, such as the following:

  • You can get the loan amount you want, which can be more than Rs. 50000 and Rs. 40 lakhs.
  • You also get a lot of help from the bank to ensure you get all the financial assistance you need.
  • You can also decide your tenure, depending on the period you would be able to pay back the entire loan.
  • Before applying for the loan, you can also calculate the entire EMI with the bank’s EMI calculator to assess how much you would have to pay every month, along with the time it will take you to pay off the entire loan.
  • Axis bank personal loan also promises a hassle-free process of getting the loan with minimum documentation and the fastest approval.
  • Also, for each transaction, Axis bank provides reward points that you can redeem later.
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What are the interest rates of PNB and Axis Personal Loans?

The interest rate of the PNB personal loan scheme for the public is 8.90% to 14.45% per annum. Whereas the interest rate of Axis bank personal loan is 12% to 21% per annum, depending on the tenure of the loan. But depending on the tenure of the personal loan, the interest rate may decrease. For instance, if your tenure period is of 12 months, then Axis bank personal loan is 10.25% per annum. Comparatively, the interest rates of Axis bank are higher than that of Punjab National Bank.

Eligibility of PNB vs Axis Bank Personal Loans

PNB personal loans’ eligibility is similar to the Axis bank personal loans. But there are also some differences. The eligibility of the PNB personal loan includes the following:

  • You could be an employee of the public service undertaking, central or state government for at least two years and have the same amount of experience with any previous employer.
  • If you do not fit into the last category, you need at least three years of service with your previous employer.
  • Also, you should be able to repay the entire loan with interest within your service period or in 72 monthly EMIs, whichever is earlier.

There are many more conditions with PNB personal loans, such as the number of funds you need depending on your repaying capacity, along with being up to 24 times your gross monthly salary. However, it can only be a maximum of Rs. 20,00,000. If you are a self-employed individual, then your eligibility differs and would involve the following:

  • For individuals, you need to have a gross annual income of at least Rs. 600,000 for the previous two years, with a CIC score of at least 750 and more.
  • You would also need to maintain your account with the bank satisfactorily for at least the previous two years with the minimum yearly credit transactions.
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The eligibility for Axis bank personal loan includes the following:

  • You need to be at least 21 years, but a maximum of 60 years by the time the personal loan matures.
  • You need to have a monthly income of Rs. 15,000.
  • You also need to be a salaried employee, either a doctor or an employee of a private limited company or a public company. You could also be a service person in the government sector, including the state and central government or public sector undertakings.

Variety of PNB Personal Loans

Punjab National Bank provides you with a wide variety of personal loans. These PNB personal loans include the following:

  • Personal loan for the employees of Life Insurance Corporation (LIC) of India

As the name suggests, this PNB personal loan is meant strictly for the employees of LIC of India who has served for at least a year. This loan would meet all your needs, and you must meet some unique conditions and criteria if you want this type of personal loan.

Personal loan for public

It is a personal loan for the general public and is meant to provide the financial assistance that a salaried individual might need.

Personal loans for doctors

This personal loan is especially meant for either MBBS or BDS doctors with a net annual salary or income of Rs. 500,000. And the doctors also need to be taxpayers for at least two years, along with having their place of residence.

Personal loan for pensioners

With this kind of PNB personal loan, you can get a loan if your age is above 70 years. In such a scheme, age is a significant factor and is meant to provide a loan based on the monthly pension.

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Depending on all the information and the benefits of both personal loans, you can make an assessment of the personal loan that works best for you. But there are many reasons that you could choose Axis bank personal loan. But if you are looking for a small amount, you could choose PNB personal loan, which also comes with low-interest rates.

The interest rates would also help you with paying your loan on time. And also, if you are on a pension or are a doctor, a PNB personal loan would be beneficial.

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