Loan: Age is no barrier; even senior citizens can get a loan! They just need to fulfill these conditions..

It is often believed that banks are reluctant to give loans to people over 60 years of age. However, this perception is completely wrong. If you are a pensioner and need money for essential expenses such as a medical emergency, home repairs, or any family need, the bank can help you.

In fact, many government banks run special loan schemes for pensioners. Punjab National Bank's (PNB) scheme is quite popular. If your pension is credited through PNB, you can take a personal loan of up to ₹10 lakh from this bank. Let's understand the terms and conditions of PNB's Personal Loan Scheme for Pensioners in simple terms.

What is PNB's Personal Loan Scheme for Pensioners?

This PNB scheme is specifically for pensioners whose pension is directly credited to their bank account. Under this scheme, the bank considers the pension as income and provides the loan. The advantage is that you don't need to mortgage any property to avail the loan.

How much can pensioners up to 70 years of age get?
If you are up to 70 years old, the minimum loan amount under this scheme is ₹25,000 and the maximum loan amount is ₹10 lakh or 18 times your pension amount. Defense pensioners get a little more benefit. They can take a loan up to 20 times their pension amount, with a maximum limit of ₹10 lakh.

Rules for pensioners aged 70 to 75 years
If the pensioner is older than 70 years and up to 75 years old, then:

Maximum loan: ₹7.5 lakh or 18 times the pension amount
For Defense pensioners: ₹7.5 lakh or 20 times the pension amount
In this age group, the bank limits the loan amount slightly to avoid any difficulties in repayment.

How much loan will those above 75 years of age get?
If you are over 75 years old, the maximum loan is ₹5 lakh or an amount equal to 12 months of your pension. In this category, both the loan amount and the repayment period are kept short.

How long do you have to repay the loan?
According to the information provided on the PNB website:

Pensioners up to 75 years of age have to repay the loan in 60 EMIs, i.e., 5 years.
Those above 75 years of age have to repay the loan in 24 EMIs, i.e., 2 years.
In addition, the bank charges ₹500 + GST ​​as documentation charges.
What are the rules regarding security and guarantee?
Under this scheme, the spouse has to be the guarantor when taking the loan. If you have earning children, they can be the guarantors, or a third-party guarantee is also accepted.

For what needs can you take this loan?
You can use this PNB personal loan for medical treatment, medicines and hospital expenses, home repairs, or any other essential family need. The bank does not impose any restrictions on its specific use.

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