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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.
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
Other rates and charges
|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 (%)|
|One month MCLR||7.80|
|Three months MCLR||7.85|
|Six months MCLR||8.05|
|One year MCLR||8.15|
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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