In today’s fast-paced world, access to quick and easy financing solutions has become imperative for meeting various personal and professional needs. PNB InstaLoan is one such reliable lending solution that caters to diverse banking requirements. This blog post will take you through the types of PNB Insta Loans, eligibility criteria, and how to apply for them.
What is PNB Insta Loan?
PNB Insta Loan is an unsecured loan in the form of a Personal loan, Pension loan and e-Mudra loan offered by Punjab National Bank to its existing customers. This instant loan facility aims to provide fast financial assistance to meet personal or business needs. With minimal documentation and speedy processing, PNB Insta Loan ensures funds are readily available when needed.
Types of PNB Insta Loans
PNB Offers 3 Types of Insta Loans to meet the financial need of varied customers:
- PNB Insta Personal Loan
- PNB Insta Pension Loan
- PNB Insta e-Mudra Loan
PNB Insta Personal Loan
Purpose:
Punjab National Bank’s (PNB) Insta Personal Loans are specially designed for individuals associated with the Central or State Government, PSUs, defence, and paramilitary forces maintaining their salary accounts with PNB for at least two years. The loan amount is disbursed quickly and in a hassle-free manner.
PNB also offers pre-approved Personal Loans. If you fall into this category, you can enjoy exclusive rates, benefits, and charges. You can also select your loan tenure and amount at your convenience.
Loan Amount:
The loan amount borrowers can apply for varies based on the selected tenure and their capacity to repay. The minimum loan amount starts at Rs. 25,000. The maximum loan limit is established more intricately:
- For states where e-documentation is fully operational, borrowers can apply for a maximum loan of up to Rs. 8 lakh.
- PNB sets the maximum loan amount limit for other states at Rs. 5 lakh.
Tenure:
PNB offers a repayment period extending up to 5 years.
PNB Insta Pension Loan
Purpose: PNB Insta Pension Loans serve the financial needs of retired personnel who receive their pension via PNB accounts, providing them with swift access to funds within minutes after approval.
Loan Amount:
- Starting at as little as Rs. 25,000, these loans are available to cater to various immediate financial needs.
- Retirees in states enabled with e-documentation can seek loans up to Rs. 8 lakh, while those in other regions have a maximum limit of Rs. 5 lakh.
Tenure:
Borrowers can pay back the loan comfortably over a period of 5 years.
PNB e-Mudra Loan
The PNB Insta E-Mudra Loan is designed to cater to the business needs of existing PNB customers and entrepreneurs. This loan offers the advantage of immediate sanction and disbursal, enabling quick access to funds for business purposes. To qualify for this loan, applicants must have maintained a satisfactory record in their savings or current account with PNB for the past 1 year.
Also read Important Loan Terminologies: What Every Borrower Must Know
Eligibility for PNB Insta Loans
PNB Insta Personal Loan
Occupation: Eligible applicants include personnel of Central and State Government entities, PSUs, and members of Defence and Paramilitary forces. They must have held a salary account with PNB over the previous two years.
Age Limit: Applicants must not have crossed the age of 60 years.
PNB Insta Pension Loan Eligibility
Age Limit: The age barrier for applicants is 70 years or younger.
Pension Account Holder: All pensioners maintaining their pension accounts with PNB are eligible to apply for PNB Insta Pension Loans.
PNB Insta E-Mudra Loan Eligibility
Age Limit: Applicants must be a minimum of 18 years old at the time of sending in the loan application. At loan maturity, they should not exceed 60 years of age.
Occupation: Only business operators qualify for this loan category.
Account History: Aspiring borrowers should have a functioning savings/current account with PNB for at least the past year and display satisfactory account operations to be considered for the PNB Insta E-Mudra Loan.
PNB Insta Loan Processing Fees
PNB Insta Loan Processing Fees:
- PNB Insta Personal Loan: The processing charge is 0.50% of the loan amount, with a minimum charge of Rs 500.
- PNB Insta Pension Loan: The processing charge is also 0.50% of the loan amount, with a minimum charge of Rs 500.
- PNB Insta E-Mudra Loans: The processing charge is Rs 50 per CIC if the loan is for a consumer. However, there is no processing charge for Priority Sector Loans up to Rs 25,000.
How to apply for PNB Insta Loans
To apply for PNB’s pre-approved Insta Loans, applicants must submit a limited set of online documents via the National E-Governance Services Limited (NeSL) platform. This minimal documentation contributes to a smoother loan approval and disbursement process.
Here’s what you need to provide:
If applying for the PNB Insta Personal Loan or Insta Pension Loan, you’ll need to complete the E-sign and E-stamping process through NeSL, based on Aadhaar OTP verification.
For those pursuing a PNB Insta E-Mudra Loan, providing your Udyam Registration Number is compulsory. Please ensure your Aadhaar number is linked with your registered mobile number before starting the application process.
Important: The National E-Governance Services Limited (NeSL) was established by major banks and public institutions. It primarily works as a repository for legal evidence holding information related to any debt or claim provided by the financial or operational creditor, and is authenticated and verified by the parties involved in the debt.
You can visit the PNB Official Page to apply for your desired loans.
Frequently Asked Questions (FAQs)
PNB Insta Loan is an unsecured loan in the form of a Personal loan, Pension loan and e-Mudra loan offered by Punjab National Bank to its existing customers.
Individuals associated with the Central or State Government, PSUs, defence, and paramilitary forces, maintaining their salary accounts with PNB for at least two years, are eligible. The age limit is 60 years.
The maximum loan amount varies based on the selected tenure and the borrower’s capacity to repay. For states with fully operational e-documentation, the limit is Rs. 8 lakh, while for others, it is Rs. 5 lakh.
PNB offers a repayment period extending up to 5 years for Insta Personal Loan.
Retired personnel receiving their pension through PNB accounts are eligible. The age barrier for applicants is 70 years or younger.
The processing charge for PNB Insta Pension Loans is 0.50% of the loan amount, with a minimum charge of Rs 500.
To qualify for PNB Insta E-Mudra Loans, applicants must be business operators, at least 18 years old during the application, and not exceed 60 years of age at loan maturity. They should also have a functioning savings/current account with PNB for at least the past year.
The processing charge for PNB Insta E-Mudra Loans is Rs 50 per CIC if the loan is for a consumer. However, there is no processing charge for Priority Sector Loans up to Rs 25,000.
To apply for PNB’s pre-approved Insta Loans, submit a limited set of online documents via the National E-Governance Services Limited (NeSL) platform. For PNB Insta Personal Loan or Insta Pension Loan, complete the E-sign and E-stamping process through NeSL based on Aadhaar OTP verification. For the PNB Insta E-Mudra Loan, provide your Udyam Registration Number.
Yes, PNB offers pre-approved Personal Loans for eligible individuals associated with Central or State Government, PSUs, defence, and paramilitary forces, who have maintained their salary accounts with PNB for at least two years.
