PNB Launches Special Loan Scheme: Who Can Avail Up to ₹10 Lakh and How

Many retirees assume banks won’t lend to them after retirement, but that’s not entirely true. If you are a pensioner in need of quick funds for medical bills, home repairs, or family needs, banks like Punjab National Bank (PNB) have you covered. PNB’s special loan scheme for pensioners is gaining attention for its simplicity and flexibility.

What is PNB’s Pensioner Loan Scheme ?

This scheme is designed for pensioners whose pension is directly credited to their PNB account. The bank treats the pension as a steady income and offers loans without requiring any collateral, making it a completely unsecured personal loan.

Loan Amounts for Pensioners up to 70 Years

Pensioners up to 70 can borrow between ₹25,000 and ₹10 lakh. The loan can be up to 18 times the monthly pension. Defence pensioners enjoy extra benefits, with eligibility up to 20 times their pension, though the maximum remains ₹10 lakh.

Rules for Pensioners Aged 70-75

For retirees between 70 and 75 years, the maximum loan is ₹7.5 lakh or 18 times the pension. Defence pensioners in this group can also avail up to 20 times their pension, capped at ₹7.5 lakh. For those over 75, the limit is ₹5 lakh or 12 months’ pension, ensuring repayment remains manageable.

Repayment Tenure

Pensioners up to 75 years can repay the loan in up to 60 EMIs (5 years). Those above 75 have a 24-month (2-year) repayment window. Documentation charges are ₹500 plus GST.

Guarantee and Security

Typically, the spouse acts as a guarantor. Children who are earning members can also be guarantors, and in some cases, a third-party guarantee is accepted.

Purpose of the Loan

This personal loan is flexible, funds can be used for medical treatment, hospital bills, medicines, home repairs, or other essential family needs. PNB does not impose strict restrictions, making it a convenient option for retirees.

PNB’s pensioner loan scheme makes financial support after retirement simple and accessible. With flexible loan amounts, easy repayment options, and no collateral requirement, pensioners can meet urgent needs, be it medical bills, home repairs, or family expenses, without hassle. This scheme ensures retirees can manage emergencies with peace of mind.