PNB Personal Loan Scheme: It’s often observed that banks are hesitant to give loans after retirement, but the reality is different. If you are a pensioner and suddenly need money, whether for medical expenses, home repairs, or any family need, a bank can help you. Many government banks are running special loan schemes for pensioners, including Punjab National Bank (PNB). This PNB scheme is creating a buzz among people. Let’s learn more about it.
What is PNB’s Personal Loan Scheme?
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This Punjab National Bank scheme is for pensioners whose pension is directly credited to their PNB account. The bank considers the pension as regular income and provides the loan accordingly. The special feature of this scheme is that it does not require any collateral; it is a completely unsecured loan.
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How much loan can pensioners up to 70 years of age get?
If the pensioner is up to 70 years old, they can avail a loan ranging from ₹25,000 to ₹10 lakh under this scheme. The maximum loan amount can be up to 18 times the pension. Defence pensioners get an additional benefit and are eligible for a loan up to 20 times their pension, although the maximum limit remains ₹10 lakh.
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What are the rules for those aged 70 to 75 years?
For pensioners aged between 70 and 75 years, the bank slightly reduces the loan limit. In this age group, a maximum loan of ₹7.5 lakh or 18 times the pension amount is provided. Defence pensioners can also get a loan up to 20 times their pension here, but the maximum limit remains ₹7.5 lakh. The purpose of this is to ensure that there are no difficulties in repaying the loan. It’s worth noting that if the pensioner is over 75 years old, the bank provides a loan of up to a maximum of ₹5 lakh or an amount equivalent to 12 months’ pension. In this category, both the loan amount and the repayment period are limited to minimise risk.
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How much time is given for loan repayment?
According to PNB’s rules, pensioners up to 75 years of age get a maximum of 60 EMIs (5 years) to repay the loan. Those over 75 years of age have to repay the loan in 24 EMIs (2 years). In addition, the bank charges ₹500 as documentation charges along with GST.
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What are the conditions regarding guarantee and security?
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In this loan scheme, the pensioner’s spouse usually has to act as a guarantor. If the children are earning members, they can also be guarantors. In some cases, the bank also accepts a third-party guarantee.
For what needs can this loan be taken?
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This personal loan from PNB can be taken for medical treatment, medicines, hospital expenses, home repairs, or any other essential family needs. The bank does not impose any strict restrictions on the use of the loan.