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PNB Personal Interest Rates for various PNB Schemes
PNB Sahyog Rin – Personal Loan for Public
| Type | CIC Score | Rate of Interest (p.a.) |
| For paramilitary/defense personnel who get salaries through PNB (customers under Rakshak Plus Scheme are included) | NA | 11.40% |
| For government employees getting salaries through our bank For central government gazetted officers having no salary account with PNB | 800 | 11.75% |
| 750 less than 800 Or No credit history | 12.75% | |
| 650-749 | 13.75% | |
| less than 650 | 14.25% | |
| For corporate/other employees withdrawing salaries through PNB For government employees not getting salaries through PNB | 800 | 12.75% |
| 750 less than 800 or No credit history | 13.75% | |
| 650-749 | 15.75% | |
| Less than 650 | 16.25% | |
| Loan to employees under check off facility | 800 | 14.25% |
| 750 less than 800 or No credit history | 14.75% | |
| 650-749 | 16.45% | |
| Less than 650 | 16.95% |
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PNB Doctor’s Delight – Personal Loan Scheme for Doctors
| Type | CIC Score | Rate of Interest |
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors | NA | 11.40% |
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors 1% concession for applicants having a salary account with PNB Or Maintains receipt collection account with PNB Or With Tangible Collateral Security of 100% of loan amount | NA | 10.40% |
Personal Loan Scheme for Self-employed
| CIC Score | Interest Rate (p.a.) |
| 800 | 12.75% |
| 750* less than 800 Or With Nil credit history (i.e – 1 or 0) | 13.75% |
Personal Loan for Pensioners
| Type | Interest Rate (p.a.) |
| Personal Loan for Pensioners (Term Loan/Overdraft/Demand Loan) | 11.75% |
Note: Rates as of 3 October 2023
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Factors Affecting Personal Loan Interest Rates
Let discuss some of the major factors that determine the interest rates of your personal loan.
Credit Scores
Most banks/NBFCs consider the credit scores of loan applicants when setting their personal loan interest rates. Those having higher credit scores (750 and above) are more likely to get loans at lower interest rates compared to those with lower credit scores. Avoiding multiple loan and/or credit card applications within a short period, paying EMIs and credit card bills on time, and maintaining minimum credit utilisation ratio helps to maintain or improve higher credit scores, and thereby improves your personal loan eligibility.
Moreover, errors in the credit report can also lower your credit score, which is why it is critical to keep track of credit reports at regular intervals, identify such errors and take precautionary measures to avoid this from happening in future.
Income
While PNB has not disclosed the differential interest rates of personal loan schemes based on the monthly income of its personal loan applicants, many lenders consider the monthly income of their personal loan applicants while setting their personal loan interest rates. Loan applicants with higher income usually have higher repayment capacity, which lowers the credit risk for the lender. This benefit is then passed to the personal loan applicant in the form of lower interest rate.
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Employer Profile
Most lenders also consider the employer profile of their loan applicants when fixing their interest rates. Banks/NBFCs usually offer personal loans to salaried applicants at lower interest rates than those set for personal loans offered to self-employed applicants. Salaried applicants of PSUs and government are also offered lower interest rates considering their income security and higher job. The applicants working in reputed private sector organisations and MNCs are also offered lower personal loan interest rates as such multinational companies can effectively tackle economic downturns compared to the personal loan applicants working in other private sector organisations. For example, in case of PNB Personal loans, government employees maintaining salary accounts with PNB are offered lower interest rates than private sector employees.
Existing relationship with the lender
Many lenders offer personal loans at concessional interest rates to applicants having existing lending or deposit accounts with them. Hence, those planning to avail personal loans should always contact the bank or NBFC with whom the concerned applicant already have an existing lending or banking relationship to get personal loan at lower interest rates.
Tips to Avail Personal Loans at Low Interest Rates
- Maintain a credit score of 750 or above.
- Check for pre-approved personal loan offers from NBFCs and banks.
- Keep an eye on personal loan interest rates offered by top banks/NBFC, especially during festive seasons.
- Enquire with different banks or NBFCs with whom you have loan or deposit accounts.
- Compare & check personal loan offers from numerous banks on online financial marketplaces.
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