PNB Insta Loan - Interest Rates & Apply Online

Nov 18th 2023
Loan
PNB Insta Loan - Interest Rates & Apply Online

PNB Insta Loan – Things You Must Need To Know, To a limited group of its current clients, Punjab National Bank (PNB) is offering PNB Insta Loans at a
rate of 11% p.a. for a maximum five-year term. People working for the federal, state, or local governments, PSUs, the military, or paramilitary forces who have had a pay account with PNB for the last two years are eligible for the PNB Insta Personal Loan. PNB Insta Pension Loans that have been
pre-approved are also available to retirees who receive their pension from PNB. The PNB Instant E-Mudra Loan programme is available to business owners who have a savings account with PNB and maintain excellent account operations.

PNB Insta Loans – Interest Rates

Type of Loan Interest Rate (p.a.)
PNB Insta Personal Loan 11.00%-14.50%
PNB Insta Pension Loan 11.50%

Types of PNB Insta Loan

There are several types of PNB Insta Loan as defined below:

PNB Insta Personal Loan

Goal: PNB Insta Personal Loans are available with fast disbursement in minutes to those who work for the federal government, state governments, PSUs, the military, and paramilitary forces who have had their pay accounts with PNB for the last two years. Customers of PNB Personal Loans with preapproval can take advantage of exclusive rates, incentives, and fees. The length of the loan and the amount of it are up to the applicants to decide.

Loan Details:

Loan Amount Minimum: Rs 25,000

Maximum Loan Amount: Rs. 5 lakh for other states and Rs. 8 lakh for those where e-documentation is now in place.

Duration: Maximum 5 Years

PNB Insta Pension Loan

Goal: With a loan disbursement time of only a few minutes, Punjab National Bank provides PNB Insta Pension Loans to retired folks who get their pension from PNB.

Loan Details:

Loan Amount Minimum: Rs 25,000

Maximum Loan Amount: Rs. 5 lakh for other states and Rs. 8 lakh for those where e-documentation is now in place.

Duration: Maximum 5 Years

PNB E-Mudra Loan

Objective: To satisfy their business needs, PNB's current clients and business owners can apply for a PNB Insta E-Mudra Loan, which has immediate loan approval and disbursement. The applicants' current and savings accounts should have shown adequate activity during the previous year.

Read Also: Importance Of MSME In Indian Economy In 2023

PNB Insta Loan – Processing Charges

Loan Type Processing Charges
PNB Insta Personal Loan 0.50% of loan amount (Minimum Rs 500)
PNB Insta Pension Loan 0.50% of loan amount (Minimum Rs 500)
PNB Insta E-Mudra Loans

For Consumer- Rs 50 per CIC

For Priority Sector Loan up to Rs 25,000- NIL

PNB Insta Loan – Eligibility Criteria

For PNB Insta Personal Loan

  • Applicants must be under 60 years old and work for the federal government, state governments, PSUs, the military, or paramilitary forces. They must also have a payroll account with PNB for the last two years.

For PNB Insta Pension Loan

  • The applicant must be younger than 70 years old.
  • PNB Instant Pension Loans are available to all pensioners who have an account with Punjab National Bank.

For PNB Instant E-Mudra Loan

  • The minimum age to apply for a loan is eighteen.
  • 60 years old is the maximum age allowed upon debt maturity.
  • The candidate needs to be a businessman.
  • To be eligible for a PNB Insta E-Mudra Loan, an applicant must have an active savings or current account with PNB for the last 12 months and good account operations.

Read Also: Insta Loan vs. Credit Cards: Which Is a Better Option for Quick Cash?

PNB Insta Loan – Required Documents

For loan approval and payment, PNB's pre-approved Insta Loans require very little online paperwork through National E-Governance Services Limited (NeSL). The following list of papers is what PNB requires in order to provide Instant Loans:

PNB Instant Personal Loan/Insta Pension Loan: NeSL (Aadhar OTP based) e-signing and e-stamping

Required Udyam Registration Number for PNB Insta E-Mudra Loan

How To Apply for PNB Insta Loan?

Applying for a PNB Insta Loan is very easy as you need to follow simple steps.

  1. Visit the official portal of PNB at pnbindia.in.
  2. Click on 'Online Services' and then move to 'InstaLoans'
  3. Now, click on 'Personal Loans' or 'e-Mudra Loans'.
  4. Fill in the required information such as customer ID and registered mobile number.
  5. Validate your mobile number.
  6. After this, click on 'Personal Loans' or 'e-Mudra Loans'.
  7. Fill in the required details
  8. Enter your Aadhaar number.
  9. Then give sanction on the consent.
  10. Click on the 'Submit' button.
  11. Enter the 6-digit OTP received on your mobile for Aadhaar authentication.
  12. Now, provide the required personal details and other information such as loan amount, tenure, and other details.
  13. Click on the 'Next' button to sum up the process.

Also Read: How to Calculate Interest Rate On a Loan

Advantages of PNB Insta Loan

  • You may apply online for a PNB Instant Loan. The facility is open around-the-clock.
  • There is no need to visit the branch since the loans are released in a matter of minutes.
  • A maximum loan amount of Rs. 8 lakh is offered.
  • The interest rate for PNB Insta Loans begins at 9.80% per year.
  • These loans are not subject to any processing costs.

FAQs

1. How can I return the personal loan that was pre-approved?

Equal monthly installments (EMIs) are one way to pay back the loan. Your PNB account will be automatically debited on a certain date to cover the loan balance and the EMI amount. Additionally, you can use IBS, PNB ONE, or checks to make a direct transfer of funds to your pre-approved personal loan.

2. What does an EMI mean?

Equated Monthly Instalments is what EMI stands for. There are principal and interest components to this installment. Initially, there is a low principle amount and a high interest part.

3. Is there any collateral or security required to get a PNB pre-approved personal loan?

No, you don't have to offer any guarantees, collateral, or security.

4. What's the longest I can take to pay back my personal loan that was pre-approved?

Depending on the customer's preference, repayment terms might be anything from one to seventy-two months.

5. Can I get my personal loan back sooner?

Yes, you may pay it back at any moment after obtaining the loan.

The Conclusion

For people looking for quick credit in today’s fast-paced world, PNB Insta Loan is undoubtedly the best choice. Punjab National Bank (PNB) offers a service called PNB Insta Loan. Three different loan kinds are offered by Punjab National Bank under this service: E Mudra Loans, Pre-Approved Personal Loans, and Pre-Approved Pension Loans.

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