There will be no processing fee on loan, loan can be filled in easy installments of 60 months
Many people are facing hardships due to the pandemic across the country. Many families have become troubled by paying the hospital expenses. The financial condition of many people has become very bad due to the huge expenditure of the hospital. In such a situation, Punjab National Bank has brought a big facility for the pensioners. He has launched ‘Personal Loan Scheme for Pensioners’ for pensioners to meet their hospitalization expenses or any other expenses. Under which pensioners can take a personal loan from the bank.
Pensioners can easily get money from PNB in case of urgent need of money due to any medical emergency or any other reasons. Under this scheme, the minimum loan limit has been fixed at 25 thousand. While the maximum loan limit has been fixed at Rs 10 lakh. The maximum loan amount can be up to 18 times the pension amount of the individual. However, for the people associated with the defense, a little more convenience has been given in this. The maximum amount for people associated with the Defense Services has been kept up to 20 times their pension amount.
As security for this loan, the heirs of the pensioner will have to give a guarantee. Apart from this, if the pensioner’s children are salaried, then they can also give guarantee. Apart from these two, if the affected party wants to give guarantee, then he will have to give any property of more than the loan amount. The loan repayment terms have also been kept very easy by the bank. The loan can be repaid on monthly EMIs of 60 months. The annual interest rate of 11.75 percent has been kept by the bank for the loan. Apart from this, no processing fee has been kept by the government for the loan.