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  • PNB Personal Loan for Pensioners

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  • Senior citizens in need of funds can look to PNB (Punjab National Bank) which has launched special loan schemes designed for them. Pensioners may come across times when they are in dire need of money to meet a financial requirement (such as medical expenses). The PNB Personal Loan Scheme for Pensioners is a personal loan with low interest rate that pensioners can use when times are tough.

    Features and Benefits

    • On term deposits, this scheme is designed with 0.5% higher rate of interest.
    • If you as a senior citizen plan to settle in a different place after retirement, it can be arranged for your retirement dues to be remitted for free to any branch of PNB.
    • Collection of retirement dues of retired public/ government/ private sector employees will be carried out for free. Collection of cheques can be carried out for free.
    • Free Nomination Facility.
    • On all types of remittance, you can avail 50% concession
    • Outstation cheques worth up to Rs.15,000/- can be immediately credited
    • Collection of Pension Bills/ Discount/ Cheques
    • Pensioners who have retired from Armed Forces and State/ Central Government get free Discount/ Collection of Pension Bills/ Cheques.
    • Freedom fighters and their widows/ widowers can avail Free Cheques Books, Free Remittances and Discount of Pension Bills/ Collection/ Cheques.
    • Senior citizens are offered the attractive new Pass Books which feature facilities available particularly for them.

    Eligibility criteria

    All the pensioners who draw pension through one of the branches of Punjab and National Bank are eligible to avail this personal loan scheme.

    Quantum of Finance

    • Minimum: Rs.25,000
    • Maximum:
    • Up to age of 70 years: Rs.10 lakh OR 18 times of net monthly Pension (For Defence pensioners, 20 times net monthly pension), whichever is lower.
    • Age above 70 years and up to 75 years: Rs 7.50 lakh OR 18 times their net monthly Pension (20 times in case of Defence Pensioners), whichever is lower;
    • Age above 75 years: Rs.5.00 lakh OR 12 months of pension amount, whichever is lower.

    Repayment Tenure

    • Maximum of 60 EMIs
    • Maximum of 24 EMIs if you are above the age of 75 years

    Other rates and charges

    • Processing charges: NIL
    • Documentation charges: Rs.500 + GST

    Interest rate

    • Base Rate: 9.25% w.e.f. 01.06.2018
    • BPLR: 14.00% w.e.f. 01.05.2012
    Loan Products Parameters Less than 3 years 3 years and above
    Pension loan Demand loan/ Term loan Base Rate + 2.50% = 11.75% Base Rate + 2% + Term Premium = 11.75%
    Overdraft Base Rate + 2.50% = 11.75% Base Rate + 2% + Term Premium = 11.75%

    Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01.12.2019 as under:-

    Type of MCLR Rate (%)
    Overnight MCLR 7.75
    One month MCLR 7.80
    Three months MCLR 7.85
    Six months MCLR 8.05
    One year MCLR 8.15
    Three years 8.35

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