In a pleasant surprise for its customers, the Punjab National Bank (PNB) declared the introduction of a special Diwali loan scheme where eligible account holders may avail loan of up to ₹50,000 with only an Aadhaar card for verification. This is one of PNB’s many such initiatives aimed at providing quick and hassle-free finance during the festival season.
Easy Loan with Less Documentation
Minimal paperwork is the key attraction for this scheme. Multiple proofs and long paperwork are not needed; rather, the loan taker should possess a valid Aadhaar card linked to his or her bank account. Loan applications may be made either through the PNB One mobile app, the official website, or at branch offices; the flexibility of this scheme is icing on the cake for salaried individuals, small business owners, and self-employed professionals.
Eligibility Criteria
Available to all PNB savings and current account holders with at least a minimum of six months of active banking, the customers must see to it that his or her Aadhaar should be linked with the account and that KYC details are up to date. The scheme covers both new and existing customers once they satisfy the requirement of at least monthly activity.
Loan Amount, Interest, and Tenure
Under the Diwali scheme, eligible customers may avail themselves of a loan facility ranging up to ₹50,000 with flexible repayment options from six months to 36 months: considered in the light of the applicant’s profile. The rate of interest, the scheme says, shall be competitive and, most importantly, in line with the standard rates of personal loans charged by PNB. Even early repayment of the entirety of the loan is allowed without prepayment charges, wherein a borrower can manage her/his finances as per convenience.
Quick Disbursements for Festival Requirements
The emphasis given by PNB is on speedy processing and disbursals. For applicants applying through digital mediums, the fund could be disbursed upon approval within 24-48 hours, to ensure availability before the festive season. The bank has big expectations for this scheme to assist with the expenses related to the festivals, such as purchases for gifts, travel, and several other seasonal requirements.
What Makes This Scheme Different
Unlike conventional loans with their multiple proofs of income and collateral requirements, the PNB Diwali Loan cuts down on those formalities via Aadhaar-based authentication. Minimal formalities, competitive rates, and speedy disbursal make it an attractive proposition for one who needs immediate financial aid without long delays or strenuous formalities.
Customer Response and Expectations
At the outset, customer reactions were positive, with many appreciating the ease of application and quick loan approval. Small business owners, salaried employees, and festival purchasers are expected to be the primary beneficiaries. Financial advisors suggest that loan applicants use such loans appropriately for short-term festival needs and refrain from unnecessary debt.
How to Apply
Applying through the PNB One Mobile App, the official PNB website, or visiting their nearest PNB branch are ways considered by an applicant. To complete the formalities, applicants need to enter basic information, seed their Aadhaar, and choose the required loan amount and repayment period. Customer care stands ready to assist applicants with any queries and verification of the required documents.
Conclusion
With the PNB Diwali Gift Loan Scheme, customers are provided with a one-of-a-kind facility through which they can get a fast and easy loan of up to ₹50,000 with only their Aadhaar card. With competitive interest rates, liberal repayment options, and fast disbursal, this scheme is all set to provide assistance and convenience to thousands of customers this festive season.
