Punjab National Bank is an Indian multinational banking and financial services company based in New Delhi. Founded on 19th May 1894, this Bank is a state-owned corporation that serves over 80 million customers. It has over 6968 branches and over 9656 ATMs across 764 cities. Punjab National Bank is one of the Big Four Banks of India, along with Bank of Baroda, ICICI Bank, and State Bank of India.
It has a banking subsidiary in the UK (PNB International Bank, with seven branches in the UK), as well as branches in Hong Kong, Kowloon, Dubai, and Kabul. Besides, it also has representative offices in Almaty, Dubai, Shanghai, Oslo, and Sydney. On 19th July 1969, the Government of India nationalized PNB along with 13 other major commercial banks. The history of the Bank is quite fascinating, as its founders included several leaders of the Swadeshi movement such as Dyal Singh Majithia and Lala Harkishan Lal, Lala Lalchand, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass. An active member associated with the management of the Bank in its early years was Lala Lajpat Rai. The Bank opened for business on 12 April 1895 in Lahore. With such far sighted visionaries and patriots coming together for its establishment, PNB became the first bank to be purely managed by Indians with Indian Capital.
In its journey of 121 years, 7 banks have merged with PNB and it has only emerged stronger with time, attaining milestones one after the other. Today, Punjab National Bank services has a phenomenal presence and boasts a successful record in all the major financial parameters, i.e. Global Business, Domestic Business, Domestic Deposits, Domestic Advances, CASA Deposits, Savings Deposits, and Operating Profit. What’s more, the Bank also has a wide range of innovative digital products and services aimed to make banking a more convenient and rewarding experience. Punjab National Bank financial services has also made crucial contributions in the economic as well as social development of the country, and this is reflected in the fact that the Ministry of Finance, Government of India declared PNB as the first amongst all banks in deposit mobilized through Pradhan Mantri Jan Dhan Yojana accounts. Besides many other measures, PNB has opened 130 lakh accounts and mobilized Rs. 1621 crores as on 31st March 2016, and issued around 98 lakh RuPay debit cards.
Vision and Mission
The bank envisions itself as a leader amongst Global Banks with Pan Indian footprints and it aims to become a household brand in the Indo-Gangetic Plains. The goal of the Bank is to provide an entire range of financial products and services under one roof. “Banking for the unbanked”, is the mission statement of Punjab National Bank banking services.
Punjab National Bank Loans
Punjab National Bank Home Loan: The prime objective of this loan is to ensure availability of financial aid at attractive rates and ensure a dream home for all. This loan can be used for – construction of house/flat, purchase of built house/flat, carrying out repairs/renovation/alterations/furnishing to an existing house/flat, purchase of land/plot for house building, and so on. The quantum of finance for construction/additions/purchase of house or flat depends on the project cost and repayment capacity. For purchase of land/plot house building, the maximum loan amount sanctioned by the bank is Rs. 100 lacs for State Capitals and Metro and Rs. 50 lacs for other centres. For undertaking repairs/renovation/alterations, one can get up to Rs. 25 lakhs.
The Pradhan Mantri Awas Yojana-Housing For All Scheme under PNB ensures availability of housing loan to individuals from economically weaker sections (EWS) and low income group (LIG), at competitive rates. The quantum of finance is a maximum of Rs. 30 lakhs. As far as the Punjab National Bank home loan eligibility criteria is concerned, households with an annual income of up to Rs. 3,00,000 are categorized as EWS households, while those having an annual income above Rs. Rs. 3,00,000 are termed as LIG households.
The PNB Gen-Next Housing Finance Scheme for Public has been tailored for Gen-Next salaried class borrowers such as IT professionals, PSBs/PSUs/Govt. Employees, etc. who are not more than 40 years of age. The minimum loan amount is Rs. 20 lakhs, while the maximum amount is sanctioned based on need. Punjab National Bank loan details mentions that the repayment period is flat 30 years. The minimum net monthly salary of the applicant should be at least Rs. 35,000.
Punjab National Bank Loan Against Property: For personal needs, this loan can be availed by employees of Central/State Govt./Schools/Colleges/Public Sector Undertakings (PSUs)/Reputed Corporates and other Income Tax assesses, who have not attained the age of 60 years. Further, existing customers with a satisfactory track record of three years can apply for this loan for business enterprises. This type of loan also has a clearly laid-out income criteria, according to which, the salaried class should have a minimum net monthly salary of Rs. 10,000 for last 3 years and other income tax assesses should have a minimum net annual income of Rs. 1,20,000. For business enterprises, the net annual income/net profit should at least be Rs. 1,20,000. The quantum of finance in this category is Rs. 1 lakh to Rs. 5 lakhs for personal needs, and Rs. 5 lakhs to Rs. 500 lakhs for business needs. The loan amount, along with interest, is repayable in a maximum of 120 EMIs, or up to the age of 65, whichever is earlier.
Punjab National Bank Personal Loan: Punjab National Bank loan advantage is that it facilitates the customers in meeting different types of personal needs, such as medical treatment, wedding ceremony, educational expenses, foreign travel, and so on. All permanent Defense Personnel, confirmed/permanent employees of Central/State Govt./PSUs and all reputed companies/Institutions including schools, colleges, Universities, autonomous bodies, hospitals, nursing homes, who are either drawing salary through accounts in PNB branches or agreeing to check off facility are eligible for this loan. Additionally, professionally qualified practicing doctors with an annual income of Rs. 4 lakhs and above, and having been taxpayers for the last3 years, can also avail this loan. The quantum of finance depends on the monthly net salary of the borrower, his/her location, i.e. metro centres, urban centres, or semi-urban/rural centres, etc.
According to the personal loan scheme for pensioners, any pensioner who draws pension through PNB branches is eligible to get financial assistance to meet personal needs, including medical expenses. The minimum loan amount is Rs. 25,000, while the upper limit depends on the age and the net monthly pension of the borrower. This personal loan is repayable in a maximum of 60 EMIs.
Personal loan from Punjab National Bank can also be availed through another scheme–
Advance against gold jewellery/ornaments and gold coins
Under this scheme, the maximum amount of loan for non-productive purposes is Rs. 10 lakhs, while there is no such ceiling for productive purposes, as it is entirely need-based.