Most people believe that after the age of 60, the bank does not provide a loan facility. If you also think so, then you are mistaken. Many banks provide loan facilities to pensioners with some conditions. Today here we will tell you about the loan facility of Punjab National Bank (PNB), if you receive your pension through PNB, then you can get a maximum loan of 10 lakhs from this bank.

Whether you want to build a house marry your daughter, or use it for medical expenses, you can use this loan amount as per your convenience. The name of this loan scheme of PNB is 'Personal Loan Scheme For Pensioners'. Know other important things related to this scheme here.

Facility of up to 10 lakhs maximum till 70 years

The loan amount on this loan scheme of PNB is decided according to the pension. If your age is up to 70 years, then under this scheme a minimum of 25 thousand and a maximum of 10 lakh rupees or 18 times the pension amount can be taken as a loan. Defense pensioners can take up to 20 times their pension amount as a personal loan. The rules are different for people above 70 years of age.

These are the rules for pensioners above 70 years.

If the age of the pensioner is between 70 years and 75 years, then they can get up to 7.5 lakh rupees or 18 times more than the pension amount as a loan. Defense pensioners can get up to 7.5 lakh rupees or 20 times more than the pension amount as a loan. If your age is more than 75 years, then you can get up to 5 lakh rupees or an amount equal to 12 months' pension as a loan from the bank.

In how much time will the loan have to be repaid

According to the information available on the PNB Bank website, pensioners have to repay the loan in a maximum of 60 installments i.e. within 5 years after taking the loan. Whereas people above 75 years of age have to repay the loan in a maximum of 24 installments i.e. within two years. Rs 500 + GST ​​is taken as documentation charges.

Security rule

While taking the loan amount on this loan scheme of PNB, the spouse has to give a guarantee. For example, if a woman is taking a loan, then her husband, and if a man is taking a loan, then his wife has to give a guarantee as security. Apart from this, if your children earn, then they or a third party guarantee can also be given.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.