Are you a pensioner? Need loan? Here is what you should know

Are you a pensioner and want financial assistance or some sort of loan? You can avail loan amount of up to Rs 10 lakh or 18 times the Net Monthly Pension (NMP) form this bank. India's second-largest public sector bank the Punjab National Bank (PNB) is offering financial assistance to the people drawing pension through the bank.  

All types of pensioners drawing pension through its branches are eligible for the loan, the bank website says. Here are important details to know about this loan facility:-

-- The minimum bank loan that you as a pensioner can take is Rs 25000.

-- For age limit up to 70 years: The maximum loan is Rs 10 lakh or 18 times of net monthly pension. Defence personnel can avail up to 20 times their net monthly pension, whichever is lower.

-- For age above 70 yeaars and upto 75 years: You can take Rs 7.50 lakh or 18 times your net monthly Pension and 20 times in case you are a Defence Pensioners, whichever is lower.

-- For age above 75 years: You can take Rs 5 lakh or 12 months of pension amount, whichever is lower.

The bank seeks security guarantee of spouse eligible for family pension to be obtained or guarantee of earning children (preferably Govt Employee) OR third party guarantee with net means equal or more than loan amount, acceptable to the Bank.

The bank gives you a repayment facility of up to a maximum of 60 EMIs. In respect of pensioners who are above the age of 75 years, the maximum number of EMIs that they can avail of is 24.

Repayment to be fixed on such a basis that all deductions including the proposed Personal Loan installment should not exceed the prescribed ceiling of 50 per cent of Net Monthly Pension

See the link to know the interest rates.

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Processing fee is 0.35 per cent of the loan amount. Minimum is Rs 2500 and maximum is Rs 15000. Documentation charges will cost you Rs 1350.