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- Punjab & Sind Bank Personal Loan – Apply Online 2024
Punjab & Sind Bank Personal Loan – Apply Online 2024
A personal loan is a friend when you require immediate funds for meeting all your wishes and purposes. You can wish to travel around the world or would like to have a grand wedding of yours. Wishes are plenty, but to make those happen requires a financial wheel. Yes, I am referring to the personal loan, which you can avail from Punjab & Sind Bank at competitive interest rates. The New Delhi-headquartered public lender carries its personal loan business from over 1,400 branches. It was nationalized by the Government of India on 15th April 1980, along with 6 other banks. For the in-depth details of the bank’s personal loan offers, read the page further.
Punjab & Sind Bank Personal Loan Interest Rates April 2024
| Particulars | Details |
|---|---|
| Interest Rates | 11.15% - 12.75% |
| Loan Amount | INR 3 Lakh |
| Repayment | 60 months |
| Processing Fee | 1% of the loan amount |
Eligibility Criteria for Punjab & Sind Bank Personal Loan
To avail the personal loan in Punjab & Sind Bank, you need to fit into the below eligibility criteria.
- The minimum age of the applicant should be 21 years
- The maximum age of the applicant should be 60 years-70 years
- The salaried individuals need to be Govt./PSU employees
- The pensioners need to have a pension account in the bank
Punjab & Sind Bank Personal Loan EMI Calculator 2024
After the disbursal of loan, it’s the EMI that catches the eye of the borrower. EMI, which is an abbreviated form of ‘Equated Monthly Installements, is a sum total of principal and interest amount payable on the loan each month. It is vital to know the EMI amount so that you can make sufficient provision in your expense list for a hassle-free repayment journey.
For example- You wish to apply for a personal loan amounting ₹6 lakhs from Punjab & Sind Bank for a tenure of 5 years at an interest rate of 12.50% p.a. But you are not sure of the EMIs. So, you can take a look at the table below to check the EMIs payable on your proposed loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 6,00,000 | 12.50% | 1 | ₹ 53,450 | ₹ 41,397 | ₹ 6,41,397 |
| ₹ 6,00,000 | 12.50% | 2 | ₹ 28,384 | ₹ 81,225 | ₹ 6,81,225 |
| ₹ 6,00,000 | 12.50% | 3 | ₹ 20,072 | ₹ 1,22,598 | ₹ 7,22,598 |
| ₹ 6,00,000 | 12.50% | 4 | ₹ 15,948 | ₹ 1,65,504 | ₹ 7,65,504 |
| ₹ 6,00,000 | 12.50% | 5 | ₹ 13,499 | ₹ 2,09,926 | ₹ 8,09,926 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 92,145 | ₹ 69,839 | ₹ 5,07,854 |
| 2 | ₹ 1,04,347 | ₹ 57,638 | ₹ 4,03,506 |
| 3 | ₹ 1,18,164 | ₹ 43,820 | ₹ 2,85,342 |
| 4 | ₹ 1,33,811 | ₹ 28,174 | ₹ 1,51,530 |
| 5 | ₹ 1,51,669 | ₹ 10,455 | ₹ 0 |
Documentation Required to Apply
| Salaried | Self-employed |
|---|---|
| Signed application form with photograph | Signed application form with photograph |
| Copy of passport/voter ID card/driving license | Copy of passport/voter ID card/driving license |
| Processing fee cheque | Processing fee cheque |
| Last 3 months bank statement/6 months bank passbook | Last 3 months bank statement/6 months bank passbook |
| Latest salary slip | Latest Bank statement |
| Current dated salary certificate with the latest Form 16 | Latest ITR or Form 16 |
Features and Benefits
- Low interest rates
- Simple documentation
- Quick processing & Disbursal
- Affordable Financing
- Easy monthly repayment options
- High loan amounts