New Delhi: There is a notion that older people don’t need loans. Hence, banks don’t give them loans easily because they may turn into bad loans. However, this is totally wrong. There are some banks which provide loans to those people who are above 60 with some conditions. Punjab National Bank (PNB) is one among many which provides loans to older people. It is known as ‘Loan Scheme for Pensioners’. Let’s understand about the scheme in details.
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Avail loan up to 10 lakh till the age of 70-years
Loan amount is decided on the basis of pension under PNB scheme. If you are 70-years old, then you can avail a maximum of Rs 10 lakh amount and a minimum of Rs 25,000 or 18 times the pension amount can be taken as a loan. However, defence pensioners can take 20 times the pension amount as a loan. This rule is different for the people above 70 years.
The rule for people above 70 years
If your age is between 70 to 75 years, then you can have the loan of Rs 7.5 lakh or 18 times the amount of pension. Similarly, if your age is above than 75 years, then the bank will provide a loan of Rs 5 lakh or the amount equal to 12 months pension.
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In what time you have to repay the loan?
According to the information in the PNB website, Pensioners must have to repay the loan within 5 years and with a maximum of 60 premiums. However, those who are above 75 years, the pensioners have to repay the loan within two years or with a maximum of 24 premiums. Rs 500 + GST will be taken as a documentation charge.
The rule of security
You have to give a guarantee while taking the loan under the PNB scheme. If a man needs to give his wife as a guarantee, and a wife needs to give his husband as a guarantee. Apart from this, if your children earn, then that or third party guarantee can also be given. For more information, you can visit the official website of PNB.
