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Personal Loan to Pensioners

Eligibility

All types of pensioners who are drawing their pension through our branches are eligible. This includes pensioners and Ex-employees of our Bank. PNB’s pre 1986 retirees who are getting exgratia are also eligible.

Further, pensioners whose pension is being received by the Bank through Department of Pension Disbursing Office (DPDOs) may also be allowed loan under the Scheme.

PURPOSE :

To meet personal needs including medical expenses.

LOAN AMOUNT :

Minimum Rs. 25,000/- upto a Maximum Rs.3,00,000/- or amount equivalent to 18 months’ net pension, whichever is lower.

For Pensioners above the age of 70 years and upto 75 years, the maximum amount of loan would be Rs.1,50,000/- or 18 times net monthly pension, whichever is lower.

For Pensioners above the age of 75 years, the maximum amount of loan would be Rs.70,000/- or 12 times net monthly pension, whichever is lower.

(EMI should not exceed 50% of monthly pension)

MARGIN - NIL

Upfront fee : NIL

Documentation charges : Rs. 270/- + taxes

GUARANTEE :

Guarantee of spouse eligible for family pension to be obtained or of any other family member of means OR a third party guarantee acceptable to the Bank.

REPAYMENT :

Loan along with interest is to be repaid in maximum 60 equal monthly installments commencing one month after disbursal of the loan.

In respect of pensioners above the age of 75 years, repayment period shall be of maximum 24 months