Punjab and Sind Bank provides personal loans upto Rs.3 lac at maximum on an interest rate of 12.80%-14.05% to the salaried individuals and pensioners having account with the bank. The maximum repayment period allowed by the Punjab and Sind Bank is 60 months.
The Punjab and Sind Bank charges a processing fee of 1% of loan amount for the loan application processing which is a bit higher in comparison of 0.50% of loan amount charged by the Oriental Bank of Commerce.
Punjab and Sind Bank is a good fit for you if?
If You want loan upto 18 times of your salary – Punjab and Sind Bank offers personal loans to the salaried individuals upto 18 times of net salary, other peers like United bank of India offers only 10 times of salary to be borrowed as personal loan.
If You’re Looking for loan repayment tenure upto 60 months – Punjab and Sind bank allows maximum repayment tenure as long as 60 months for the repayment purpose, whereas its competitors like United Bank of India and Bank of Maharashtra allows only upto 36-48 months for repayment of personal loan.
Punjab and Sind Bank Personal Loan at a glance
| Annual Interest Rate | 12.80% – 14.05% |
| Loan Term | Upto 60 months |
| Loan Amount | Upto Rs.3 Lacs |
| Time of Funding | – |
| Preclosure Charges | – |
Punjab and Sind Bank charges interest at 12.80% per annum on the personal loans to the pensioners , 13.55% from the salaried individuals having a salary account with the bank and 14.05% from the others. The maximum loan repayment tenure can be upto 60 months in all cases. Maximum loan amount sanctioned is 18 times of net salary or 15 times of net pension upto Rs.3 lac.
Why Choose Punjab and Sind Bank?
Longer Repayment Tenure upto 60 months – Punjab and Sind Bank offers a repayment tenure as long as upto 60 months at maximum, While the peer Bank of Maharashtra allows only a period of 36 months and United Bank of India allows 36-48 months for repayment of loan.
What to watch out for?
Higher Processing Charges – The Punjab and Sind Bank charges 1% of loan amount as processing charges, Which are higher in comparison of 0.50% of loan amount by Oriental Bank of Commerce.
Not Available for Self-Employed Individuals – Punjab and Sind Bank only offers personal loans for the salaried individuals. While the peers like Bank of Baroda provides personal loan to the self employed individuals as well as for the salaried individuals.
Lesser Loan Amount – Punjab and Sind Bank offers maximum loan amount upto Rs.3 lac. While the competitor United Bank of India offers a larger amount of Rs.10 lac at maximum to be borrowed as personal loan.
Compare Punjab and Sind Bank Personal Loans to Other Banks :
| Bank Name | Punjab and Sind Bank | Oriental Bank Of Commerce | Bank of Maharashtra |
| Typical APR | 12.80% – 14.05% | 11% – 12.50% | 11.75%-12.75% |
| Loan Term | Upto 60 months | Upto 60 months | Upto 36 months |
| Maximum Lending Amount | Upto Rs. 3 lacs | Upto Rs. 10 lacs | Upto Rs. 1.5 lacs |
| Processing Fee | 1% of loan amount | 0.50% of the loan amountMin Rs.500 | 1% of loan amountRs.1000 min. |
| Time to Funding | – | – | – |
| Pre-Closure | Nil. | Nil. | Nil. |
The Punjab and Sind Bank offers personal loans upto a maximum of Rs.3 lac, While the peer in industry like Oriental Bank of Commerce offers a larger amount of Rs.10 lac and Bank of Maharashtra offers only upto Rs.1.5 lac. The maximum repayment tenure is up to 60 months in case of OBC and Punjab & Sind bank while the Bank of Maharashtra allows only upto 36 months for the same.
The interest rate charged by the Punjab and Sind Bank is 12.80%-14.05% per annum, that is quite high if you compare that with the 11%-12.50% of Oriental Bank and also higher than 11.75%-12.75% of Bank of Maharashtra as well. Processing charges of Punjab & Sind bank amounts to 1% of loan amount, same is charged by the Bank of Maharashtra but Oriental bank charges at a lower rate of 0.50% of loan amount.
Am I Eligible?
- Applicant should be a resident Indian.
- Minimum age of the borrower should be at least 21 years at the time of loan application.
- Maximum age of the borrower should not exceeds 60 years in case of govt. Employee, 65 in case of private sector employee and 70 years in case of pensioner. at the time of final repayment.
- Applicant can be a Salaried employees of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking.
- Applicant can be a Pensioner having pension account with the bank.
- Minimum take home salary of borrower should not be below than 40% of the gross salary.
- A guarantee of third party/spouse/major son is required.
Loan Offerings
PSB Personal Loan for Salaried Class and Pensioners
Punjab and Sind Bank provides personal loans to the Salaried and Pensioners through this scheme. The key features are :-
- Maximum loan amount for the salaried applicants can be 18 times of net monthly salary upto Rs.3 lac.
- Maximum loan amount for the pensioner less than 65 years old can be 15 times of net monthly pension upto Rs.3 lac.
- Maximum loan amount for the pensioner more than 65 year old can be 10 times of net monthly pension upto Rs.1 lac.
- The maximum repayment tenure under this scheme is upto 60 months subject to maximum age criteria.
- The interest rate charged in case of pensioners is 12.80% per annum.
- The interest rate charged in case of salaried borrowers having salary account with the bank is 13.55%.
- In all other cases interest rate is 14.05%.
Documents required for Salaried applicants :
- KYC Documents
- Income proof
- Last 6 months salary slip.
- Form 16/ letter from employer.
- Last two year ITR.
- Last 6 months bank statement.
- 3 passport photographs.
- Any other document which may be required from case to case.
Documents required for Pensioner applicants :
- KYC Documents
- 3 passport photographs
- Income proof :
- Last three years ITR
- Pension proof
- Last 6 months bank statement.
- Any other document which may be required from case to case.
Punjab and Sind Bank Personal Loan Rate of Interest
| Personal Loan Type | Applicable Interest Rate |
| PSB Personal loan scheme for Salaried Class and Pensioners | 12.80% – 14.05% per annum |
How to Apply for Punjab and Sind Bank Personal Loan?
At Paisa.
- Click on ”APPLY NOW” button.
- Fill up the necessary details :
1. Required Loan Amount.
2. Objective of your loan.
3. Your monthly income.
4. Select the salaried or self-employed option.
5. Your name, email-id, contact no. etc.
- Press ”SUBMIT” to continue.
At online portal of Punjab and Sind Bank
You can apply for Punjab and Sind Bank personal loan online through their website by inputting some basic information along with your loan requirements.
- To apply online for a Punjab and Sind Bank personal loan click here.
- Fulfill all the details like your Contact details,monthly income, loan amount required, purpose and press the “Submit application” button.
At nearest Punjab and Sind Bank branch :
To locate a Punjab and Sind Bank branch near you click here. Enter your state/city and you will find a list of the branches available near you.
- You can visit the nearest Punjab and Sind Bank branch with the necessary documents and ask for an application form for personal loan.
- Attach all the necessary documents and re-check the application form for confirmation.
- Submit the application form along with the documents to the Bank Officer.
After I Applied?
Check Loan Status online:
- You can check the status of your loan application online by following the steps given below.
- To check the status of your loan application online click here.
- Provide your application reference no./registration ID and the status of your loan application will be on your screen.
Check loan status offline:
Through customer care :-
- Dial 1800-419-8300 from your registered number.
- Dial 1 for Hindi, 2 for English.
- After selection of language dial 3 for Loan queries.
- Now wait as IVR connects you to the customer care executive with whom you can query about your loan status.
Fees & Penalties
| Type of Charges | Applicable Charges |
| Processing Charges | 1%of the loan amount |
| Foreclosure Charges | – |
| Part-payment Charges | – |
| Penal Charges | – |
| Inspection charges | – |
| Documentation charges | – |
| Loan Cancellation Charges | – |
The Punjab and Sind Bank charges 1% of loan amount for the loan application processing. Some peers in the industry like Oriental bank charges a bit lower at 0.50% of loan amount. Central Bank of India charges a flat fee of Rs.500 for personal loan application.
FAQs
Do the bank also finance the loan to self employed?
No, the bank do not provides personal loans to the self employed Individuals.Punjab and Sind only gives personal loans to the salaried individuals.
Do I have to provide any guarantee?
A guarantee of third party/spouse/major son is required to get a personal loan from the Punjab and Sind Bank.