New Delhi: Everyone has a question in their mind: Why do older people not get loans? But do you know that this is not the case at all? Many banks easily provide loan facilities to senior citizens even after retirement, with no problems of any kind. Punjab National Bank, also known as PN, is offering loans of up to Rs 10 lakh to senior citizens.
Punjab National Bank’s Personal Loan Scheme for Pensioners. If you are a pensioner, you can easily take a loan of up to Rs 10 lakh without any issues. The scheme is also very special, which makes it attractive to people. Some important things have to be understood to take a loan.
You can take a loan till this age. Under PNB’s
special scheme, the loan amount is determined based on the pension. If you are 70 years old, you can avail of a loan of up to Rs 10 lakh through this scheme.
If you are up to 70 years of age, you can avail of the scheme to take a loan of a minimum of 25,000 and a maximum of 10 lakh rupees, or 18 times the pension amount. Additionally, defence pensioners can borrow up to 20 times their pension amount as a personal loan. The rules are significantly different for individuals over 70 years of age.
If age is above 70, then what are the rules for pensioners?
If the age of pensioners is between 70 and 75 years, then they can get up to Rs 7.5 lakh, or 18 times the pension amount, as a loan. Additionally, defence pensioners can avail themselves of a loan of up to Rs 7.5 lakh, which is 20 times the pension amount. If you are above 75 years of age, you will be eligible for a loan of up to Rs 5 lakh or an amount equivalent to 12 months’ pension from the bank.
In how many years can you repay the loan
According to Punjab National Bank, pensioners are required to repay this loan in a maximum of 60 instalments, i.e., within 5 years. People above 75 years of age need to repay the loan in a maximum of 224 instalments, i.e., over two years. Rs 500 + GST is also taken as documentation charges.
Disclaimer
For your information, please note that this news has been published based on the Zee Business organisation’s take. You can learn more details by visiting the official website.