Many people believe that older individuals are unable to obtain loans, but this is not necessarily the case. In fact, several banks, including Punjab National Bank (PNB), offer loan facilities to senior citizens, even after retirement. PNB’s Personal Loan Scheme for Pensioners allows pensioners to borrow up to Rs 10 lakh without any issues. The scheme is designed to provide financial assistance to pensioners, and the loan amount is determined based on the individual’s pension.
To be eligible for the loan, pensioners must be under the age of 70. They can borrow a minimum of Rs 25,000 and a maximum of Rs 10 lakh, or 18 times their pension amount. Defence pensioners can borrow up to 20 times their pension amount. For individuals between 70 and 75 years old, the loan amount is capped at Rs 7.5 lakh, or 18 times the pension amount. Defence pensioners in this age group can borrow up to Rs 7.5 lakh, or 20 times their pension amount.
For pensioners above 75 years old, the loan amount is limited to Rs 5 lakh, or an amount equivalent to 12 months’ pension from the bank. The repayment period for the loan varies depending on the age of the pensioner. Those under 70 years old must repay the loan in a maximum of 60 instalments, or within 5 years. Individuals above 75 years old must repay the loan in a maximum of 24 months.
PNB charges a documentation fee of Rs 500 plus GST for processing the loan. It is essential to note that these terms and conditions may be subject to change, and pensioners should visit the official PNB website for the most up-to-date information. Overall, PNB’s Personal Loan Scheme for Pensioners provides a valuable financial resource for senior citizens, allowing them to access funds for their needs without significant hassle.