Even after 60, you will get a loan of up to 10 lakhs instantly, most people do not know about this scheme of PNB.

If you also think that the elderly do not get loans in banks, then this is a wrong notion. If you have an income arrangement, then banks can easily give loans to senior citizens as well. PNB runs a scheme for pensioners through which the elderly can easily arrange an income of up to Rs 10 lakh.

Many people think that if you are older, you will not get a loan. But this is not so, in many banks, senior citizens are given loan facility even after retirement. One such scheme of Punjab National Bank (PNB) is 'Personal Loan Scheme For Pensioners'. If you are a pensioner, then through this scheme you can arrange a loan of up to 10 lakhs. Know about this scheme here.

Maximum facility of 10 lakhs for 70 years

The loan amount on this loan scheme of PNB is decided according to the pension. If your age is up to 70 years, then under this scheme a minimum of 25 thousand and a maximum of 10 lakh rupees or 18 times the pension amount can be taken as a loan. Defense pensioners can take up to 20 times their pension amount as a personal loan. The rules are different for people above 70 years of age.

These are the rules for pensioners above 70 years

If the age of the pensioner is between 70 years to 75 years, then they can get up to Rs 7.5 lakh or 18 times more money than the pension amount as a loan. Defense pensioners can get Rs 7.5 lakh or 20 times more than the pension amount as a loan. If your age is more than 75 years, then you can get up to Rs 5 lakh or an amount equal to 12 months' pension as a loan from the bank.

In how much time will the loan have to be repaid

According to the information available on the PNB Bank site, pensioners have to repay the loan in a maximum of 60 installments i.e. within 5 years after taking the loan. On the other hand, people above 75 years of age have to repay the loan in a maximum of 24 installments i.e. in two years. Rs 500 + GST ​​is taken as documentation charges.

Security rule

While taking the loan amount on this loan scheme of PNB, the spouse has to give a guarantee. For example, if a woman is taking a loan, then her husband, and if a man is taking a loan, then his wife has to give a guarantee as security. Apart from this, if your children earn, then they or a third party guarantee can also be given.