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)].
The Purpose to get Pensioners Loan is to meet personal needs including medical expenses.
Minimum eligible loan amount of Pension Loan shall be Rs.25000/- and Maximum loan amount is as under:-
Net Monthly Pension (NMP) is equal to = Gross Pension - Statutory Deductions such as Income Tax etc.
Max. Permissible Deduction of NMP = 50%
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.
No upfront fee required. However, documentation charges are to be payable.
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
|Repayment in months|
Default entered 10% Change as per Bank current Interest Rate
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