PNB Personal Loan for Pensioners

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

1. Minimum: Rs.25,000
2. Maximum:

1. 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.
2. 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;
3. Age above 75 years: Rs.5.00 lakh OR 12 months of pension amount, whichever is lower.

Repayment Tenure

1. Term Loan : Maximum of 60 EMIs
2. Overdraft: Maximum 60 months on a monthly decreasing DP basis, or until the age of 78 years, whichever comes first.

Other rates and charges

1. Processing charges: NIL

1. Documentation charges: Rs.500 + GST

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Interest rate

Loan Type	Floating Interest Rate	Fixed Interest Rate
Demand Loan/ Term Loan/ Overdraft	RLLR+BSP+ 2.50% (Presently 11.75%)	12.75%

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

Type of MCLR	Rate (%)
Overnight MCLR	8.30
One month MCLR	8.40
Three months MCLR	8.60
Six months MCLR	8.80
One year MCLR	8.95
Three years	9.25

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FAQs on PNB Personal Loan for Pensioners

• What is the PNB pension maximum loan amount?

  Maximum amount borrowed: Age 70 years or older: The maximum amount is Rs. 10 lac (Rupees Ten lakh only) OR 18 times the net monthly pension (or 20 times the net monthly pension for veterans of the armed forces), whichever is less. 

• What makes a pension loan different from a personal loan?

  Pensioners who need to tackle this unexpected expense can decide to take out a pension loan. A pension loan is a type of personal loan that is only meant for retirees. It can be used for many things, such as emergencies in the medical field and marriage. 

• How can I figure out the monthly installments (EMIs) for my Punjab National Bank pension loan?

  To find out the monthly installments (EMI) for your PNB pension loan, utilise the BankBazaar personal loan EMI calculator . 

• Who is eligible to apply for a Punjab National Bank pension loan?

  This loan is available to all retirees, including family pensioners who receive their pension from Punjab National Bank. 

• How can I find the Punjab National Bank branch that is closest to me?

  Using the PNB branch locator on the official website, you may find the closest branch of Punjab National Bank. 

• Can I use the amount of the pension loan that Punjab National Bank gave me?

  The Punjab National Bank pension loan amount can be used for various personal requirements, such as medical bills. 

• RLLR: What is it?

  The acronym for Repo Linked Lending Rate is RLLR. It indicates that the loan's interest rate is determined by the RBI and is based on the Repo Rate. The external benchmark used to determine loan interest rates is called RLLR. 

• Who is eligible to apply for a Punjab National Bank pension loan?

  This loan is available to all retirees, including family pensioners who receive their pension from Punjab National Bank.