Delhi: It is often seen that no bank gives loan after attaining an age, but it is not so now, a scheme of State Bank and Punjab National Bank has started the facility of giving loan to pensioners even after retirement. State Bank of India (State Bank Of India) provides loans to pensioners under the State Bank of India Pension Loan Scheme, while the name of this loan scheme of PNB (Punjab National Bank) is Personal Loan Scheme For Pensioners. That is, even after 60, if you need money for some important work, then you do not need to go anywhere.

Age should be less than 76 years

You can fulfill your requirement by taking loan from these government banks. If you want to take a loan from State Bank of India i.e. SBI, then the limit of the loan amount will be decided on the basis of your pension. To apply for a pension loan from SBI, the age of the pensioner should be less than 76 years. This loan available for pensioners is similar to a personal loan. The repayment period of the loan in SBI is 72 months, which must be repaid till the age of 78 years. In addition, the pensioner will have to give an undertaking that during the period of the loan, he will not amend his mandate to the treasury. The Treasury shall give in writing that unless a No Objection Certificate is issued by the Bank, the Treasury shall not entertain any request by the pensioner for transfer of pension payments to any other bank.

Can get 20 times more amount than pension as loan

On the other hand, if you are thinking of taking a loan from PNB, then let us tell you that the loan amount is decided according to the pension. If your age is up to 70 years, then under this scheme, a minimum of 25 thousand and a maximum of 10 lakh rupees or 18 times the amount of pension can be taken as a loan. On the other hand, defense pensioners can take up to 20 times their pension as a personal loan. If the pensioner’s age is between 70 years to 75 years, then he can get up to Rs 7.5 lakh or 18 times the pension amount as a loan. On the other hand, defense pensioners can get a loan of Rs 7.5 lakh or 20 times more than the pension. On the other hand, if your age is more than 75 years, then you can get up to Rs 5 lakh or an amount equal to 12 months’ pension as a loan from the bank. According to the information received, after taking the loan, the pensioners have to repay the loan in maximum 60 installments i.e. within 5 years. On the other hand, people above 75 years of age have to repay the loan in a maximum of 24 installments i.e. in two years. Rs 500+GST is charged as documentation charges.

Wife has to give guarantee as security

Apart from this, while taking the loan amount on this loan scheme of PNB, the spouse has to give a guarantee. For example, if a woman is taking a loan, then her husband and if a man is taking a loan, then his wife has to give a guarantee as security. Apart from this, if your children earn, then they or third party guarantee can also be given. If you are thinking of taking a pension loan from SBI, then its specialty is that the processing fee is very low in this. The process of getting the loan is very quick and there is no need to submit too many documents. The interest rates charged on pension loans are also usually lower than personal loan interest rates. There are no hidden charges in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.