Personal loans up to INR 20 lakh are available from Punjab National Bank under the ‘Personal Loan Scheme for Public’ scheme, with interest rates starting at low 8.90 % per annum. The payback period is up to 72 months, and processing fees of up to 1% of the loan amount are charged. Personal loans are available from PNB to help you fulfill your immediate financial needs. Whether you need money to consolidate debt, pay for a child’s wedding, go on an exotic vacation, or anything else, Punjab National Bank offers personal loans at competitive rates to help you achieve your goals.
5 Factors that affect your PNB Personal Loan Eligibility
1. CIBIL Score
Your credit score has a lot to do with whether you’ll be approved for the loan and, if so, what interest rate you’ll pay. Your credit score, also known as your CIBIL score, reflects your financial history, including your borrowing and repayment history. If your credit score is good enough, getting a quick personal loan online is simple and quick. A minimum credit score of 750 is required to apply for PNB personal loan online. In some situations, you may be able to get a loan with a credit score below 750, but the interest rate will be high. When you have an excellent credit score, you stand out among loan applicants as a creditworthy borrower. As a result, you can increase your eligibility for quick PNB personal loans online by becoming more consistent with your present repayments, if any. Consistent and regular repayments will eventually work in your favour because your CIBIL score will improve and you will be able to obtain a loan.
2. Income Levels
Another crucial criterion that determines your loan eligibility is your income. The minimum yearly income required for a self-employed person is more than three lakhs. When you take out a loan, you must pay it back in monthly instalments. According to one criteria, the total monthly EMIs of all your loans combined must not exceed 35% of your monthly income. This way, you’ll have enough money to do other things in life. Even if you earn a lot of money, your monthly EMI commitment should not be more than 60% of your monthly income. Finally, your Fixed Obligations to Income Ratio (FOIR) must be lower, regardless of your wage range. Lowering your FOIR will improve your chances of getting approved for an immediate online loan.
3. Your Employer
Salaried personnel of top-tier multinational corporations are thought to have a safe and steady future. Employees at small and medium businesses, start-ups, and sole proprietorships, on the other hand, are not perceived as having a safe future because there is a possibility of them closing their firm at any time, jeopardising their employees’ financial future.
4. Job Stability
The lender can assess your eligibility based on your job stability. Your lender considers your loan application based on your steady and consistent work history. Before issuing you a loan, your lender assesses your financial situation and repayment capacity. As a result, your long-term stability in your industry or position demonstrates that you are also steady enough to qualify for the loan.
5. Age of the Applicant
The younger you are, the more likely you are to get approved for a loan. Banks and other financial institutions believe that a young man is better able to repay a loan than an older man.
These are the 5 factors that affect your PNB personal loan eligibility. Also you can check PNB Personal Loan Interest rate online. Therefore, it is important to check these factors before applying for a personal loan.