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Pensioners Drawing Pension from PNB - Calculate Maximum Personal Loan Amount and Know Personal Loan Scheme for Pensioners

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Who Is Eligible To Get Personal Loan To Pensioners ?

All types of pensioners drawing pension through PNB branches are eligible to get Personal Loan to Pensioners. [This includes family pensioners, ex-employees of our Bank, PNB's pre 1986.retirees getting ex-gratia, and those Pensioners whose pension is being received by the Bank through Department of Pension Disbursing Offices (DPDOs)].

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    Calculate Your Maximum Personal Loan Eligible Amount for Pensioners Drawing Pension from PNB

    You are Defence Pensioners
    Your Age
    Monthly Gross Pension
    Deduction Towoards Income Tax
    Eligible for Maximum Personal Loan Amount
    Application Form Personal Loan Pensioners Life Certificate Form - To be Submitted by Pensioners

    FAQ of Personal Loan Scheme for Pensioners Drawing Pension from PNB

    What Are The Purposes To Avail Pensioners Loan ?

    The Purpose to get Pensioners Loan is to meet personal needs including medical expenses.

    What Is The Minimum & Maximum Loan Amount One Can Avail Under Personal Loan Scheme To Pensioners ?

    Minimum eligible loan amount of Pension Loan shall be Rs.25000/- and Maximum loan amount is as under:-

  • For Pensioners who are upto the age of 70 years: Max. 18 times of net monthly Pension (NMP) (20 times in case of Defence Pensioners) OR Rs. 10.00 lacs, whichever is lower.
  • For Pensioners who are above 70 years and upto the age of 75 years: Max. 18 times of NMP (20 times in case of Defence Pensioners) OR Rs. 7.50 lacs, whichever is lower.
  • For Pensioners who are above 75 years of age: Max. 12 months of pension amount or Rs. 500000/- whichever is lower.

    What is NMP ?

    Net Monthly Pension (NMP) is equal to = Gross Pension - Statutory Deductions such as Income Tax etc.

    What is Max. Permissible Deduction of NMP

    Max. Permissible Deduction of NMP = 50%

    What will be the Security of Loan?

  • Guarantee of spouse eligible for family pension to be obtained.
  • Where loan is given to family pensioners, guarantee of earning children (Preferably Govt. Employee) to be taken. If no earning children, Third party guarantee with net means of equal or more than loan amount, to be taken.

    What Will Be Borrower`S Contribution Towards Loan ?

    Nil.

    What Is The Repayment Period ?

    Loan along with interest is to be repaid in maximum 60 equal monthly installments. However, In respect of pensioners above the age of 75 years, repayment period shall be of maximum 24 months.

    What Are The Charges To Be Paid To Avail Pensioners Loan ?

    No upfront fee required. However, documentation charges are to be payable.

    How Loan amount be disbursed ?

    The loan amount shall be disbursed through Demand Loan / Term Loan or Current Overdraft Account of the pensioner opened / to be opened for the purpose. In case of Overdraft, the pension of borrower should directly be credited to OD account, which will immediately reduce the Drawing Power

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