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    Overview about PNB Personal Loan Scheme for Pensioners

    Senior citizens in need of funding 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 & Benefits of PNB Personal Loan Scheme for Pensioners

    • 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.

    PNB Personal Loan Scheme for Pensioners Interest rates

    • Base Rate: 9.60% w.e.f. 01.10.2015
    • BPLR: 14.00% w.e.f. 01.05.2012
    • Loan Products Parameters Rate of Interest (Based on MCLR of 1 year)
      Pension loan Demand loan/ Term loan/Overdraft MCLR+2.60% 12.00%

    Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01.06.2016 as under:-

    Type of MCLR Rate (%)
    Overnight MCLR 9.15
    One month MCLR 9.20
    Three months MCLR 9.30
    Six months MCLR 9.35
    One year MCLR 9.40
    Three years 9.55
    Five years 9.70
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