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Disclaimer: Punjab National Bank is not a Paisabazaar partner for personal loans and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Punjab National Bank for personal loans. No offers/services from Punjab National Bank are being provided by Paisabazaar for personal loans. For further information about Punjab National Bank for personal loans, users are required to reach out directly to Punjab National Bank.
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PNB Pension Loan Highlights |
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| Interest rates | Floating rates- 11.75% p.a.
Fixed rates- 12.75% p.a. |
| Loan amount | Up to 10 lakhs |
| Repayment tenure | Term Loan: 5 years or up to age 78 years, whichever is earlier |
| Overdraft: 5 years or up to age 78 years, whichever is earlier on a monthly reducing Drawing Power (DP) basis | |
| Processing fee | NIL |
Note: Rates as of 21 November 2024
PNB Pension Loan Interest Rate
Punjab National Bank offers Pension Loans @ 11.75% p.a. to provide financial assistance to the pensioners drawing pension through PNB.
| Floating Interest Rates | 11.75% p.a. |
| Fixed Interest Rates | 12.75% p.a. |
Fees and Charges of PNB Pension Loan
| Processing Charges | NIL |
| Documentation Charges | Rs 500 |
PNB Pension Loan Features
Loan Amount
Minimum loan amount:
The minimum loan amount to avail PNB pension loan is Rs 25,000
Maximum loan amount:
- Age up to 70 years: Rs. 10 lakhs, or 18 times of net monthly pension (20 times net monthly pension for defence pensioners), whichever is lower
- Age above 70 years to 75 years: Rs 7.50 lakhs, or 18 times their net monthly pension (20 times net monthly pension in case of defence pensioners), whichever is lower;
- Age above 75 years: Rs. 5 lakhs, or 12 months of pension amount, whichever is lower.
Repayment
Term Loan: Max 60 equal monthly instalment or up to age 78 years whichever is earlier
Over Draft: Maximum 60 months or up to age of 78 years whichever is earlier on monthly reducing DP basis
PNB Pension Loan Eligibility Criteria
Punjab National Bank personal loan scheme for pensioners is available to all types of pensioners drawing pension though PNB branches. Note that pensioners can draw their pension loans only from banks with whom they maintain pension account and this requirement applies to all banks.
As unsecured personal loans are offered on the basis of the applicant’s income and employer/occupation profile, pension loans usually remain the sole source of unsecured term loan for pensioners. Thus, pensioners maintaining their pension loan with PNB are unlikely to be eligible for regular PNB Personal Loan schemes or personal loan schemes from other banks/NBFCs.
PNB Pension Loan Documents Required
While PNB has not explicity mentioned the documents required for availing pension loan, the documentation, if any, should be minimal as the bank would already have most of the relevant documents due to the KYC of the pension account maintained with the respective bank.
Frequently Asked Questions (FAQs)
Q1. How can I calculate the EMIs for my pension loan from Punjab National Bank?
Ans. You can use the Paisabazaar personal loan EMI calculator to know the EMI amount for your pension loan with PNB.
Q2. What is the processing fee for PNB personal loan for pensioners?
Ans. Punjab National Bank does not charge any processing fee for personal loan to pensioners. However, Rs. 500 + GST is charged as documentation charges for this loan application.
Q3. What is the minimum loan amount offered as pension loan by Punjab National Bank?
Ans. The minimum pension loan amount offered by Punjab National Bank as pension loan is Rs. 25,000.
Q4. Who can take a pension loan from Punjab National Bank?
Ans. All types of pensioners including family pensioners who draw their pension from Punjab National Bank can avail this loan.
Q5. How can I locate the nearest branch of Punjab National Bank?
Ans. You can locate the nearest branch of Punjab National Bank using the PNB branch locator on the official website.
Q6. What is RLLR?
Ans. RLLR stands for Repo Linked Lending Rate. It means the interest rate on the loan is based on Repo Rate, which is decided by RBI. RLLR is the external benchmark based on which loan interest rate is calculated.
Q7. What is the interest rate for PNB personal loan for pensioners?
Ans. The interest rate for PNB personal loan to pensioners starts from 11.75% p.a.
Q8. For what purposes, can I use the pension loan amount taken from Punjab National Bank?
Ans. You can use the pension loan amount from Punjab National Bank to meet various personal needs, including medical expenses.
Please Note: PNB is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.