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Can a PNB Personal Loan Be Used For Wedding Expenses?

If you are getting married and you don’t have ample funds and savings to manage your wedding expenses, you can finance your marriage with a PNB Personal loan. Using the personal loan you can manage the expenses of your wedding. The expenses of a wedding may include booking venue, catering, jewelry, foods, and gifts for the relatives. So to bring all this together, you can apply for a personal loan. Read the article and know in detail how the loan will help you in these situations.

Tips to plan wedding loan with PNB personal loan

  • Plan your wedding budget very thoroughly and then estimate your loan requirement

  • Calculate the amount of EMI, so that you can comfortably pay the loan

  • Compare  other offers from multiple banks as well before making your decision 

  • Follow the prudent approach to avail a personal loan.

Who can borrow the PNB Personal Loan?

If you are drawing salary from Punjab National Bank and a permanent employee of a Central, State Govt., or PSUs with a minimum 2 years of service then you can borrow the PNB personal loan. Others can apply for the PNB loan if they have a minimum 3 years of work experience. LIC agents can also borrow the PNB personal loan for their marriage expenses if they are aged below 60 years and have stable income.

What is the maximum amount?

You can borrow up to INR 10 lakh or 15X your gross monthly income from Punjab National Bank for your wedding expenses if you apply for the personal loan. And the loan will be dependent on your income, credit history and current obligations.  If your salary is unable to meet the financial requirements then you can add a third party guarantee to increase your loan eligibility. After which you can borrow the desired loan amount.

PNB Personal Loan Interest Rate

The bank will levy an attractive rate of interest to your borrowed amount based on your credit score and income. Here look at the table to know the applicable PNB personal loan interest rate.

Particulars 

Repo Linked Lending Rate (RLLR)

Interest Rate (per annum)

Effective rate of interest on PNB personal loan 

Govt. Employees 

6.65%

RLLR+3.00%

9.65%

Corporate Employees

6.65%

RLLR+4.00%

10.65%

Defence or ParaMilitary Personals

6.65%

RLLR+2.15%.

8.80%

Employees under check off facility

6.65%

RLLR+5.00%

11.65%


Repayment of the PNB Personal Loan 

If you borrow a term loan from PNB then the entire loan amount including both principal & interest shall be repaid within the repayment period of 60 months. Repayment will start one month after the disbursement of your loan amount. When you use the Overdraft facility the loan limit is adjusted as per your repayment period of 60 months by reducing withdrawal power. LIC agents can pay the PNB personal loan in 60 EMIs or upto 65 years, whichever is earlier. 

When the personal loans are borrowed by the Defence Personnel including the officials of Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibet Border Police etc. then the tenure provided to them is same as a regular individual which is of 60 months.

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