Punjab National Bank Pension Loan

Punjab National Bank Pension Loan Features

PNB Pension Loan Interest Rate 9.55%
PNB Pension Loan Processing Fee Nil
PNB Pension Loan Tenure Up to 5 years
PNB Pension Loan Amount Minimum Rs. 25,000
PNB Pension Loan Amount Max Rs. 10lakhs
PNB Family Pension Loan Amount Minimum Rs. 2.5lakhs
PNB Family Pension Loan Amount Max. Rs. 7.5lakhs
PNB prepayment 3% of the loan amount
PNB foreclosure 3% f the loan amount

Punjab National Bank Pension Loan Eligibility

In Punjab National Bank all type of Pensioners is eligible who have their pension account with any of the bank branches. 

Punjab National Bank Pension Loan Eligibility for Central and State Government Pensioners

Eligibility Criteria Key Features
Employer Type Central and State Government
Applicant’s Age Below 70 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Written consent from the treasurer not to accept any pension transfer requests
Guarantee Terms By the spouse (eligible for a family pension) or any other third party

Punjab National Bank Pension Loan Eligibility For Defence Pensioners

Eligibility Criteria Key Features
Employer Type Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles
Applicant’s Age Below 76 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Not applicable
Guarantee Terms Not applicable

Punjab National Bank Pension Loan Eligibility For Family Pensioners

Eligibility Criteria Key Features
Employer Type Central and State Governments including all Armed Forces
Applicant’s Age Below 76 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Not applicable
Guarantee Terms Authorised members of the family under the family pension scheme

Maximum Eligible Loan Amount and repayments

For Central and State Government Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Defense Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 56 years ₹ 14.00 Lakh 84 months Up to 63 years
56 – 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Family Pensioners (including Defense Pensioners):

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 5.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 4.50 Lakh 48 months Up to 78 years
74 – 76 years ₹ 2.50 Lakh 24 months Up to 78 years

The interest rate on Punjab National Bank personal loan for pensioners

The interest rate is considerably less for pensioners, TL/DL: BR+2.50% Overdraft: BR+2.50%. There is documentation charges of 500/- plus GST. 

Loan Products Parameters Less than 3 years 3 years and above
Pension loan Demand loan/ Term loan Base Rate + 2.50% = 11.75% Base Rate + 2% + Term Premium = 11.75%
Overdraft Base Rate + 2.50% = 11.75% Base Rate + 2% + Term Premium = 11.75%

Document Required For Loans For PensionersPunjab National Bank Pension Loan

Various documents are required depending on the loan amount, tenure, and other factors. However, the generic documents needed for the loan are :

  • An original document showing your contribution to PPO. It should be retained until the liquidation of the loan account.
  • DPDO pensioners also need to provide a copy of the letter of authority, The letter is sent to the DPDO by registered post with information about the disbursement of the loan amount to the concerned pensioner.
  • An affidavit may be obtained by pensioners stating that they will not change their present disbursing branch or bank without the bank’s consent.
  • Guarantee form (PNB 58 H).
  • Additionally, the following documents are required for demand loans, term loans, and overdraft pension loans from PNB.
  • Identity proof: an Aadhar card, Pan Card, Voter Identity Card, Driving License any of these would work as proof.
  • Address Proof: Ration Card, Bank Account Statement, Driving License, Utility bills, Aadhar Card any of these would work as an address proof.
  • Income Proof: both your bank account statements, as well as salary, slips both of these are must for the loan approval.

Loan Amount On Punjab National Bank Personal Loan For Pensioners

For Central and State Government Pensioners:

Punjab National Bank Pension For State and Central Government Pensioners
Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Less Than 72 Years 25000 14 Lakh 18 Months Pension 60
72 to 74 Years 25000 12 Lakh 18 Months Pension 48
74 to 76 Years 25000 7.5 Lakh 18 Months Pension 24

For Defense Pensioners:

Punjab National Bank Pension For Defence Pensioners
Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Up to 56 Years 25000 14 Lakh 36 Months Pension 84
Less Than 72 Years 25000 14 Lakh 18 Months Pension 60
72 to 74 Years 25000 12 Lakh 18 Months Pension 48
74 to 76 Years 25000 7.5 Lakh 18 Months Pension 24

For Family Pensioners (including Defense Pensioners) :

Punjab National Bank Pension For Family Pensioners
Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Less Than 72 Years 25000 5 Lakh 18 Months Pension 60
72 to 74 Years 25000 4.5 Lakh 18 Months Pension 48
74 to 76 Years 25000 2.5 Lakh 18 Months Pension 24

About Punjab National Bank

Punjab National Bank is one of the top financial service bank owned by the Government with its headquarters in New Delhi. It was founded by Lala Lajpat Rai and Dyal Singh Majithia in 1894. It has now become the second-largest public sector bank in India. 

FAQs On Punjab National Bank Pension Loan

✅Can you get a pension loan without guarantee or security?

At PNB guarantee of a spouse or a family member or against earning children or third party guarantee 9 preferable government employees with a net equal to or more than the loan amount is essential. 

✅What is the repayment procedure for Punjab National Bank Pension Loan?

In PNB a maximum of 60 EMIs is set for repayment of the loan. If the age of the pensioner is above 75 years then the EMIs are fixed at 24. Repayment amounts should be fixed in such a way that it should not exceed the structured ceiling of 50% of the net monthly Pension. 

✅ How can you get Punjab National Bank Pension Loan?

You can apply online via Dialabank or call at 9878981166

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