PNB & SBI 2026 Loan: In 2026, taking a ₹10 lakh personal loan has become a common financial solution for people dealing with medical emergencies, weddings, education expenses, home renovation, travel plans, or debt consolidation. Among the many banks offering personal loans in India, Punjab National Bank (PNB) and State Bank of India (SBI) remain two of the most trusted choices due to their nationwide presence, transparent policies, and government backing.
A personal loan from these banks does not require any collateral, which makes it convenient but also slightly more expensive than secured loans. Before applying, it is important to understand how interest rates work, who is eligible, and how loan approval decisions are made in 2026.
PNB and SBI Personal Loan Schemes
Both PNB and SBI offer multiple personal loan schemes designed for different customer groups. These include loans for salaried individuals, government employees, pensioners, and even self-employed professionals in some cases.
PNB focuses strongly on customers with stable income and good repayment history, while SBI gives preference to customers with salary accounts and long-term banking relationships. Despite some differences, both banks follow similar core principles when assessing loan applications.
A ₹10 lakh loan is considered a mid-to-high value personal loan, so banks apply stricter checks compared to smaller loan amounts.
PNB ₹10 Lakh Loan Interest Rates in 2026
Punjab National Bank offers personal loan interest rates that generally fall within a broad range. In 2026, rates typically start from around the lower double-digit level and can go up significantly depending on the borrower’s risk profile.
Your final interest rate at PNB depends on several factors such as your credit score, monthly income, job stability, existing loans, and whether you have a salary account with the bank. Customers with strong credit scores and stable government or corporate jobs often receive lower rates.
PNB usually charges a processing fee, which is deducted at the time of loan disbursement. The loan tenure can range from one year to several years, and longer tenures usually mean higher total interest paid over time.
SBI ₹10 Lakh Loan Interest Rates in 2026
State Bank of India offers competitive personal loan interest rates, especially for customers who already have a salary account with the bank. In 2026, SBI’s interest rates generally start at relatively lower levels for preferred customers and increase depending on risk factors.
Government employees, defense personnel, and customers with long-standing SBI relationships often receive more favorable interest rates. Private sector employees and self-employed applicants may see slightly higher rates, depending on their credit profile.
SBI also charges a processing fee, usually calculated as a percentage of the loan amount. The interest rate structure is often linked to external benchmarks, which means rates can change over time based on market conditions.
Eligibility Criteria for ₹10 Lakh Loan
Eligibility plays a crucial role in determining whether your loan will be approved and at what interest rate. Both PNB and SBI follow strict eligibility rules for high-value personal loans.
Applicants must usually fall within a specific age range, typically starting from early adulthood and extending up to retirement age. A stable income source is mandatory, whether salaried or self-employed.
Credit score is one of the most important factors. A higher score significantly improves approval chances and helps secure lower interest rates. Banks also check your monthly income against existing loan obligations to ensure you can comfortably repay the new loan.
Job stability is another key factor. Salaried individuals with consistent employment history are preferred, while self-employed applicants need to show steady income through financial records.
Documents Required for Loan Application
To apply for a ₹10 lakh personal loan from PNB or SBI, you need to submit standard documents. These usually include identity proof, address proof, income proof, and bank statements.
Salaried applicants are required to submit recent salary slips and employment proof, while self-employed individuals need income tax returns and business details. Banks may request additional documents if needed during verification.
Submitting complete and accurate documents helps speed up the approval process and reduces the chances of rejection.
Loan Approval and Disbursement Process
The loan approval process generally starts with submitting an application either online or at a bank branch. After submission, the bank reviews your credit score, income details, and repayment capacity.
Banks calculate your debt-to-income ratio to ensure that the new EMI does not strain your monthly budget. If the bank is satisfied with your financial profile, the application moves to approval.
Once approved, the loan amount is disbursed directly into your bank account. For eligible customers, the entire process can be completed within a few working days.
Repayment Structure and EMIs
Repayment of a ₹10 lakh personal loan is done through monthly EMIs. The EMI amount depends on the interest rate and loan tenure chosen at the time of application.
Shorter tenures lead to higher EMIs but lower overall interest cost. Longer tenures reduce EMI burden but increase the total amount paid over time. Both PNB and SBI allow borrowers to choose repayment periods that best suit their income level.
Some loan schemes allow partial prepayment or full closure, sometimes with additional charges. Understanding these terms beforehand helps avoid surprises later.
Tips to Get Better Loan Terms
Maintaining a good credit score before applying can significantly reduce your interest burden. Clearing existing debts and avoiding missed payments improves your financial profile.
Having a salary account with the bank you are applying to often works in your favor. Choosing a reasonable loan tenure and avoiding over-borrowing also improves approval chances.
Comparing loan offers carefully and reading all terms before signing ensures you select the most suitable option.
Final Thoughts
A ₹10 lakh personal loan from PNB or SBI in 2026 can be a reliable financial solution if used wisely. Both banks offer structured loan products with transparent terms, but the final loan cost depends heavily on your credit score, income stability, and banking relationship.
Understanding interest rates, eligibility rules, and approval processes in advance helps you make informed decisions and avoid unnecessary financial stress. With proper planning and responsible borrowing, a personal loan can support your goals without becoming a long-term burden.