Punjab National Bank (PNB) has announced exciting news for its customers with the introduction of its Instant Personal Loan Scheme. Starting from April 1, 2025, PNB customers can avail themselves of an instant loan of up to ₹1,00,000. This loan scheme is designed to provide quick financial support without the need to visit the bank, as the entire application process is online.
Interestingly, while this scheme highlights a loan limit of ₹1 lakh, there is no confirmed information about a ₹3 lakh loan. Below are the key details and benefits of the PNB Instant Loan Scheme.
Key Features of PNB Instant Loan
| Feature | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹1,00,000 |
| Interest Rate | Starting from 11.40% |
| Eligibility | Only for PNB savings account holders |
| CIBIL Score Requirement | Minimum 700 |
| Guarantor Requirement | Not Required |
| Repayment Period | Flexible tenure of 1 to 6 years |
| Application Process | Online for convenience |
Benefits of PNB Instant Loan
- Quick Approval Process: Since the entire process is digital, the loan approval is fast and hassle-free.
- Attractive Interest Rates: PNB offers a lower interest rate compared to many other banks.
- No Guarantor Required: As this is an unsecured loan, no collateral or guarantor is necessary.
- Flexible Repayment: Borrowers can choose a repayment period ranging from 1 to 6 years according to their convenience.
- Convenient Online Application: Customers can apply directly from their home using PNB’s official website or mobile app.
How to Apply for PNB Instant Loan
If you wish to apply for the PNB Instant Loan, follow these steps:
- Check Eligibility: Ensure your CIBIL Score is 700 or above and you hold a PNB savings account.
- Prepare Required Documents: Documents such as income proof, address proof, and ID proof will be needed.
- Apply Online: Visit PNB’s official website or mobile app to submit your application.
- Complete e-KYC Process: Verify your identity using your Aadhaar card and registered mobile number.
- Loan Disbursement: Once your application is reviewed and approved, the loan amount will be transferred to your account within 24 hours.
Documents Required for PNB Instant Loan
- Income Proof: Salary slip, income certificate, or ITR document
- Address Proof: Aadhaar card, PAN card, or passport
- ID Proof: Aadhaar card, PAN card, or passport
- e-KYC: Mandatory completion using Aadhaar card and linked mobile number
Eligibility Criteria for PNB Instant Loan
- CIBIL Score: Minimum 700
- Account Requirement: Only available to PNB savings account holders
- Age Limit: Applicants must be between 21 to 60 years
Other Loan Schemes by PNB
PNB offers several other beneficial loan schemes catering to different financial needs:
PNB Digi Home Loan
- Loan Amount: Up to ₹5 crore
- Interest Rate: Starting from 8.15%
- Special Benefit: Zero prepayment charges and no processing fee
PNB Digi Car Loan
- Loan Amount: Up to ₹20 lakh
- Interest Rate: Starting from 8.50%
- Benefit: Offers 100% financing for both new and pre-owned vehicles
PNB Digi Education Loan
- Loan Amount: Up to ₹10 lakh (domestic studies) and ₹20 lakh (international studies)
- Interest Rate: Starting from 7.85%
- Special Schemes: PM Vidyalakshmi and PNB Pratibha offer zero processing fee and no documentation charges
Frequently Asked Questions (FAQs)
1. Is PNB Instant Loan available to everyone?
No, this facility is available exclusively to PNB savings account holders.
2. Will a guarantor be required for this loan?
No, this is an unsecured loan, so no guarantor is required.
3. How long does it take to get the loan amount?
If all documents are submitted correctly, the loan amount will be transferred to your account within 24 hours.
4. Can this loan be repaid early?
Yes, early repayment is allowed but may include a 2% pre-closure charge.
Conclusion
The PNB Instant Loan Scheme is an excellent financial solution for customers seeking immediate funds. With a fully digital process, competitive interest rates, and no collateral requirement, this scheme provides quick and hassle-free financial support. For the latest updates and additional details, customers are encouraged to visit the official PNB website or use their mobile application.
Disclaimer: While this article details PNB’s ₹1 lakh Instant Loan scheme, there is no confirmed information about a ₹3 lakh loan scheme. It is advised to check PNB’s official website for updated information.
