Punjab and Sind Bank ::Where service is a way of life...

ADVANCES > Personal Loan

To meet any genuine personal credit requirement viz For domestic consumption, Medical expenses, Marriage , Travel, Social ceremonies etc.

1.Eligibility	(i) Employees of Central / State Govt., PSUs ,Local Registered Bodies, universities recognized by U.G.C. ,Schools/ colleges run by Govt. or local bodies with confirmed service of 3 years Professionals / Self employed ( like Doctors , Engineers , Architects & CAs ) , Employees of Bank's corporate clients , salaried employees of reputed companies. If the spouse is working in Govt. Deptt / Public Sector Undertaking /any other organization the income of spouse may be clubbed for availing the said loan. (ii) Existing borrowers of the Bank having good track record and adequate collateral security are eligible for personal loans with the under noted provisions. (a)Eligibility to be judged from the past track record of at least 2 years and that the existing borrowal a/c is a standard one. (b) The existing collateral security to be retained / attached while extending Personal Loans to these borrowers.
2.Age Limit	(i)For Salaried Class - 65 years (ii) For pensioners -- 65 to 70 years (iii) For professionals/ -- 65 years Self Employed
3.Nature of facility	Term Loan
4.Quantum of loan	A ) For Salaried Class and PensionersFor salaried Class : 12 Months Gross Salary / 20 months of net salary or Rs.2.0 lac whichever is less.Pensioners upto the age of 65 years - 10 months of gross pension or Rs.2.0 lac whichever is less.For Pensioners above the age of 65 years and upto the age of 70 years - 5 months of gross pension or Rs.1.0 lac whichever is less. B) For Profesionals/ Self Employed:Minimum of Average of last three years income as per Income tax return or Rs.3.0 lac . C) Existing Borrowers of the Bank : In case of partnership firm , each partner may be allowed to avail loan for a maximum of Rs.1.0 lakh subject to the condition that total amount of loan granted to all the partners cumulatively should not exceed 10% of the loan / limit sanctioned. ( Existing collateral security to be retained ).
5.Rate of interest	Please click on Rate of interest for Salaried and Professionals
6. Processing fee :	1.0% of the loan amount. However, ZMs may reduce /waive the processing fee in case of group of at least 10 accounts from one institution.
7.Repayment	Maximum repayment period to be 48 months .
8.Guarantee	Third party / mutual guarantee/ guarantee of spouse except in salaried class cases where instalment is paid by salary deduction or undertaking from employer for remitting the terminal benefits are available .