The Punjab National Bank COVID 19 emergency loans discussed on this page have been discontinued as of 30th June 2020. The details on this page have been retained for archival information purposes only. Even though these loans are no longer available, you can still apply for a PNB personal loan to meet various personal financial needs.
To fulfil the needs of individuals who are affected by COVID- 19 pandemic, Punjab National Bank (PNB) offers two COVID-19 Personal Loan schemes. These are the PNB Aabhar Rin COVID 19 – Personal Loan Scheme for pensioners and the PNB Sahyog COVID 19 – Personal Loan Scheme for other applicant categories. As per current information, both these PNB COVID-19 schemes can be availed only till 30th June 2020.
Features of Punjab National Bank COVID-19 Personal Loan
- Loan amount: The loan amount offered by these personal loan schemes can go up to Rs. 3 lakh. However, under PNB Sahyog COVID 19 – Personal Loan Scheme, if you already have an existing personal loan with the bank, you are permissible for a loan amount up to Rs. 10 lakh in total including your personal loan and COVID 19 – Personal Loan Scheme principal amount
- Flexible tenure: PNB Aabhar Rin COVID-19 Personal Loan scheme for Pensioners is offered with a flexible tenure of up to 60 months. However, for those with existing PNB Pension Loan, the tenure offered is up to 36 months. The maximum tenure offred in case of PNB Sahyog COVID 19 loan is 36 months
- Validity: Punjab National Bank COVID-19 Personal Loan schemes can currently only be applied till 30.06.2020
Punjab National Bank COVID-19 Personal Loan Interest Rates
|PNB Aabhar Rin COVID 19 – Personal Loan Scheme For Pensioners||9.05% p.a.|
|PNB Sahyog COVID 19 – Personal Loan Scheme For Public||9.05% p.a.|
Types of Punjab National Bank COVID-19 Personal Loan
PNB is currently offering 2 different COVID-19 personal loans and details of these are:
PNB Aabhar Rin COVID 19 – Personal Loan Scheme for Pensioners: This COVID- 19 personal loan scheme for pensioners can be availed by pensioners to fulfil any personal requirement including medical expenses.
- Loan amount: The loan amount that can be availed under this scheme is either up to Rs. 2 lakh or 3 times of the last 6 months’ average pension credit in the account, whichever is less
- Tenure: If you already having an outstanding pension loan with the bank, you can repay the loan maximum by 36 months and if you are a new applicant, you can repay the loan maximum by 60 months
- Validity: This loan is currently available to applicants till 30th June 2020.
PNB Sahyog COVID 19 – Personal Loan Scheme for Public: This loan scheme is offered to all salaried individuals drawing salary through the bank. The loan helps an individual to meet any personal need including a medical emergency
- Loan amount: The maximum loan amount offered is up to Rs. 3 lakh. However, please note that, if you are already an existing personal loan borrower, your maximum COVID-19 loan limit will be maximum Rs. 10 lakh including outstanding principal of Punjab National Bank personal loan
- Tenure: The tenure to repay the loan scheme goes up to 36 months
- Validity: Currently you can apply for this COVID-19 loan only till 30/06/2020
Eligibility Criteria of Punjab National Bank COVID-19 Personal Loan
The following are the specific eligibility criteria for the different PNB COVID-19 personal loans on offer:
For PNB Aabhar Rin COVID 19 – Personal Loan Scheme
- All types of pensioners drawing their pension through a Punjab National Bank branch
- EMI limits of the COVID-19 loan is as follows:
|Gross Monthly Pension||Maximum Permissible EMI|
|Up to Rs. 30,000||50%|
|Above Rs. 30,000||60%|
For PNB Sahyog COVID 19 – Personal Loan Scheme For Public
- You should be a salaried individual
- You should be a confirmed/ permanent employee of central/state government/ PSUs and other reputed companies/institutions, colleges, schools, universities, hospitals/nursing homes, autonomous bodies
- You should be drawing your salary through an account maintained with Punjab National Bank (including those with earlier Oriental Bank of Commerce and United Bank of India salary accounts)
- Your minimum net take home salary per month should be:
|For Metro/Urban Locations||Rs. 15,000|
|For Semi Urban/Rural Locations||Rs. 10,000|
Documents Required for Punjab National Bank COVID-19 Personal Loan Application
Key documents required to apply for Punjab National Bank COVID-19 Personal Loan may vary as per the scheme and will be specified by the bank at the time of loan application.
How to Apply for Punjab National Bank COVID-19 Personal Loan?
Currently this COVID-19 Loan can only be applied through the bank. You can apply for Punjab National Bank COVID-19 Personal Loan by contacting the bank in the following ways:
- You can login to Internet Banking
- You can call on toll-free 1800-180-2222 or 1800-103-2222
- You can send an email to firstname.lastname@example.org
- You can download and fill out the application forms of as well as the and then submit them at the nearest PNB branch
How to Login on Punjab National Bank Portal?
- Go to the Official PNB website
- Enter user ID
- Click on ‘continue’
- On the subsequent page, enter your PNB Online Banking password and Captcha code to log in. Once logged in you can check your existing bank/loan/credit card details and also apply for new PNB products online.
|Loan principal @ interest rate|
|1 year||2 years||3 years||4 years||5 years|
|1 lakh @ 9.25%||Rs. 8,756||Rs. 4,579||Rs. 3,191||Rs. 2,500||Rs. 2,087|
|2 lakh @ 9.85 %||Rs. 17,569||Rs. 9,215||Rs. 6,439||Rs. 5,058||Rs. 4,234|
|2 lakh @ 10%||Rs. 26,374||Rs. 13,843||Rs. 9,680||Rs. 7,608||Rs. 6,374|
Comparison of Punjab National Bank COVID-19 Personal Loan vs Other Lenders of COVID Loans
The following table compares key features of the PNB COVID-19 personal loans to similar products offered by other leading banks in India*:
|Particulars||Punjab National Bank||Bank of Baroda||Indian Bank||Bank of Maharashtra||Indian Overseas Bank|
|Interest Rate||Starting from 9.05%||Starting from 10.25%||Starting from 8.75%||Starting from 8.45%||Starting from 9.65%|
|Tenure||Up to 60 months||12 to 60 months||Up to 36 months including moratorium period of 6 months||Up to 36 months including moratorium/ holiday period of 6 months||Up to 60 months including holiday period of 3 months|
|Loan amount||Up to Rs. 3 lakh||Up to Rs. 5 lakh||Up to Rs. 2 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh|
|Processing Fee||NIL||Rs. 500 plus applicable GST||NIL||NIL||NIL|
*Table data is for illustrative purposes only and subject to change at discretion of the lenders.
Punjab National Bank Customer Care
- You can call on 1800-180-2222 or 1800-103-2222
- You can send an email at email@example.com
- You can visit the nearest branch of the bank
Q1. What types of schemes are offered under the Punjab National Bank COVID-19 personal loan schemes?
The loan schemes offered are terms loans with a repayment tenure extending up to 60 months or 36 months depending on loan and applicant type.
Q2. What are the processing fee and documentation charges of Punjab National Bank COVID-19 Personal Loan schemes?
There are no processing fee and documentation charges for any of the schemes of Punjab National Bank COVID-19 Personal Loan.
Q3. I don’t have a salary account with Punjab National Bank. Can I apply for PNB Sahyog COVID 19 – Personal Loan Scheme For Public?
No, to apply for PNB Sahyog COVID 19 – Personal Loan Scheme for Public, it is currently mandatory to have a salary account with Punjab National Bank.
Q4. Is there any security/guarantee required for PNB Sahyog COVID 19 – Personal Loan Scheme for Public?
No security/guarantee is required for PNB Sahyog COVID 19 – Personal Loan Scheme for Public as the loan is a type of unsecured personal loan from PNB.
Q5. Is there any security/guarantee required for PNB Aabhar Rin COVID 19 – Personal Loan Scheme for Pensioners?
Yes. Suitable guarantors for the Aabhar Rin COVID-19 personal loan include spouse eligible for family pension, earning children (preferably government employee) or third party guarantee with net means equal or more than the loan amount.