Thinking of a Personal Loan for Senior Citizens to pay off your debts?

Take a look at Punjab National Bank PNB Personal Loan Scheme for Pensioners

Punjab National Bank PNB Personal Loan for Pensioners

This loan helps pensioners to get funds to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans. Only the pensioners holding pension account with PNB are eligible for this loan.

Features of PNB Personal Loan for Pensioners

Why this Loan?

Loan Amount

  • Borrower’s Age up to 70 years: The maximum loan amount offered under this loan scheme is up to a maximum of eighteen times the net monthly pension of pensioners (twenty times in the case of defence pensioners) or Rs. 10 lakh, whichever is less
  • Borrower’s Age above 70 up to 75 years: The maximum loan amount offered under this loan scheme is up to a maximum of twenty times the net monthly pension of pensioners (twenty times in the case of defence pensioners) or Rs. 7.5 lakh, whichever is less
  • Borrower’s Age above 75 years: The maximum loan amount offered under this loan scheme is up to a maximum of twelve times the net monthly pension of pensioners and defence pensioners or Rs. 5 lakh, whichever is less

Interest

  • The interest rate applicable to this loan is defined as the sum of two factors: Repo Linked Lending Rate (RLLR) and a Spread factor of 2.50%. As of October 2020, the RLLR of PNB is 6.80% bringing the effective interest rate at 9.30%

Repayment

  • This loan must be repaid within 5 years subject to the maximum age criterion of 77 years, whichever is earlier

Eligibility

  • Pensioners and Defence Pensioners drawing pension through Punjab National Bank
  • The maximum age for pensioners to apply for this loan is 75 years

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • The bank may ask for guarantee of spouse eligible for family pension, earning children or third-party guarantee

Processing Charges

  • There are no fees levied by the bank for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns

Reference Facts

  • Punjab National Bank Website: www.pnbindia.com and www.netpnb.com (net banking)
  • Headquarters: New Delhi, India
  • Call Centre Toll-Free Number: 1800 180 2222