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Comparing the SBI personal loan and PNB personal loan

Author: Ajit Samal
by Ajit Samal
Posted: Nov 28, 2020

Comparing the SBI personal loan and PNB personal loan

When looking for a personal loan, we often ignore the public sector banks thinking they might not be able to offer what we seek. However, that is not true. Lender such as SBI and PNB are certainly among the best lender to get personal loan.

The only thing you need to do is to start exploring it. Once you know about the details, you will realize they offer some of the best personal loan deals in the finance industry. So, in this blog we tell you everything. The personal loan details, How to apply, SBI personal loan details, How to use SBI personal loan eligibility calculator and other details.

SBI Personal loan

SBI personal loan is famous for offering the lowest rate of interest currently in the market. It offers a high loan amount without asking for collateral or security.

  • SBI offers personal loan up to Rs 15 lakhs.

  • The rate of interest ranges from 10.90% to 15.30%.

  • The processing is up to 1% of the loan amount.

  • The loan tenure is up to five years.

Types of SBI personal loan

  • SBI Xpress credit personal loan

  • SBI pension loan

  • SBI Xpress power loan

The eligibility criteria for personal loan

  • The applicant should be a salaried individual or self-employed professional.

  • The applicant age should be between 21 years and 65 years.

  • The applicant minimum salary should be at least Rs 24,000 monthly.

  • The applicant should have minimum 2 years of work experience.

If you are not sure whether you qualify the personal loan, use the SBI personal loan eligibility calculator. It is available on the official SBI website.

Required documents for the loan

  • Application form

  • Identity proof such as Aadhar card, PAN card, etc

  • Address proof such as Rent agreement, electricity bill, etc.

  • Salary slip and bank statement for the last 6 months

How to apply?

You could visit the nearby branch, go to the official website or download it’s app from the Google play store to apply for the loan. to check the SBI personal loan status, enter the reference number and the registered mobile number. Now, let’s check out PNB personal loan.

Punjab National bank personal loan

PNB personal loan may not be famous such as other lenders. But there is no doubt, it offers one of the best personal loan currently in the market. It requires minimal documentation without any collateral and it’s have easy repayment option.

  • PNB Offers personal loan up to Rs 15 lakhs.

  • The rate of interest ranges from 12% to 16% P.A

  • The loan tenure is from 12 months to five years.

  • The processing fee is up to 1.80% of the loan amount.

  • There is no processing fee for pensioners.

  • There is no prepayment charge.

  • There is no foreclosure charge.

PNB Personal loan eligibility criteira

  • The applicant age should be between 21 years and 65 years.

  • The applicant should be a self-employed professional or salaried individual.

  • The applicant minimum salary should be at least Rs 30,000 per month.

  • The applicant should have minimum 2 years of work experience.

Required documents for PNB instant personal loan

  • Loan application form

  • Passport size photograph

  • Identity proof ( Aadhar card, Passport, PAN card)

  • Residence proof ( electricity bill, rent agreement)

  • Educational qualification proof

  • Income proof

  • Salary slips

  • Bank statement

How to apply for PNB personal loan?

You could apply for the loan at nearest branch or download the app from the Google play store.

Bottom line

So, the essential details are in front of you. take a note of them, compare them, choose the best one as per your need and finally apply for it.

About the Author

I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments.

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Author: Ajit Samal

Ajit Samal

Member since: Oct 05, 2019
Published articles: 11

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