Punjab National Bank (PNB) was incorporated under Act VI of the Indian Companies Act and began its operations just a day before Baisakhi, i.e. on 12th April 1895 from Lahore. It started its operations with a working capital of Rs 20,000 and Rs 2 lakhs of authorized capital. Creation and establishment of this bank is attributed to visionaries like Mr. Jessawala, Lala Lajpat Rai, Lala Harikrishan Lal, Babu Kali Prasono Roy and Sardar Dyal Singh Majithia. The main objective in formation of PNB was to provide the country with a true national bank which would dedicate itself to working towards the economic interest of the country and play a pivotal role in ensuring the country’s growth and prosperity. Lala Lajpat Rai played a key role in forming the establishment of PNB in its formative years.
Introduction of credit cards have given a boost to cashless economy and resulted in encouraging individuals and businessmen towards use of cashless transactions. Punjab National Bank has three credit cards which are affiliated to VISA, these are, PNB Global Gold Credit Card, PNB Global Classic Credit Card and PNB Global Platinum Credit Card. All the cards offer attractive perks and reward points against expenses which are charged to the card or transactions carried out using the card. In case of theft or loss of credit card, you will have to immediately report to the toll free customer care number which is available 24X7.
The main objective of providing home loan is to ensure the availability of affordable housing to all individuals at attractive interest rates. Loan can be availed for purchase of land/already built house/under construction house, to cover escalation costs and for renovation of the existing house. Given below are the various schemes introduced for the various income groups-
- PNB Pride Housing loan for government employees– This scheme has been introduced with the objective of ensuring that government employees buy a house at attractive and affordable interest rates. The benefits of scheme can be availed by permanent employees of Central/State government, Defence personnel and Paramilitary forces.
- PNB Housing Loan For Public(Pradhan Mantri Awas Yojana , Housing For All)-This scheme was introduced with the objective of providing affordable housing to the EWS (Economically Weaker Section) and LIG (Low Income Group) of individuals. Loans can be availed for construction, purchase of house or for making additions to the existing house.
- PNB Gen-Next Housing Finance- This loan is specifically designed for professionals working in the IT sector, PSU/PSB/Government employees to ensure they can buy a home at affordable price.
PNB offers a wide range of loans to individuals for financing cars of their choice. PNB Car Loan is a traditional car loan provided to individuals, corporates and non-corporates who desire to purchase a car. It takes into account various factors like the income of the person, previous track record of loan, if any. PNB also offers PNB Pride Car Loan for Government employees. The objective of PNB Pride Car Loan is to provide government employees easy financing of vehicle at attractive interest rates. Permanent Employees of central government, state government, defence personnel and paramilitary forces are eligible to avail this loan. Processing fees and documentation charges are NIL.
Personal Loans have made it possible for our desires to shape into reality and with varied loan options PNB offers to its consumers, it best fits their needs and affordability. After taking a loan, the borrower has to pay EMI (Equated monthly installment) up to the end of tenure of the loan. Given below are the following Personal Loan schemes-
- Personal Loan Scheme for Public-The scheme is launched to make the funds available to the general public to meet all type of personal expenses.
- Personal Loan Scheme For Pensioners- The scheme is launched to provide assistance to the public drawing pension through the PNB.
Loan against Property
PNB grants loan to the customers against their property to help them achieve their desires. PNB provides loan against residential as well as commercial property. You can take the loan for personal need or for the business need. The maximum loan availed can be the 60% of the market value of the property.
PNB provides Education loan to meritorious and deserving students to help them pursue their dream of higher studies. The various schemes launched by the bank include PNB Saraswati, PNB Pratibha, PNB Udaan, PNB Kaushal, etc. The main objective of all the schemes is to provide assistance to the students who want to do higher studies in India or abroad. The loan amount can be used to pay the college/school/hostel fee, examination fee, library fee, laboratory fee. The bank also pays for the purchase of books, instruments, uniforms, and equipments.
There are various Fixed Deposit schemes started by the PNB to get you higher interest on your fixed deposits. Some of the schemes are PNB Uttam – Non Callable Deposit Scheme, PNB Recurring Deposit Scheme(E-RD), Schemes Covered(Under E-FD) and FD Scheme For Road Accident Victims. The premature withdrawal is allowed on all the schemes. Loan or overdraft is available against the deposits, however subject to bank’s discretion. TDS Certificate will be issued by the Bank for the tax deducted.