Loan Options for Senior Citizens Whenever you apply for a loan, the bank or financial institution approves it only after checking your age and income source. In such a situation, many banks refuse to give loans to senior citizens. However, Punjab National Bank (PNB) and State Bank of India (SBI) are running special schemes to give loans to senior citizens.
Senior Citizens Loan: It is said that the bank gives loan only after looking at the age and income of the borrower, this is true to some extent. In such a situation, many banks do not give loans to the elderly because they do not have any fixed means of earning. However, many government banks offer loans to senior citizens and also run special schemes for this.
Yes, let us tell you that Punjab National Bank (PNB) and State Bank of India (SBI) offer loans to people above the age of 60.
PNB loan scheme
Punjab National Bank (PNB) has launched Personal Loan Scheme for Pensioners for senior citizens. In this scheme, personal loan is given according to the pension amount. The bank offers loan to a person up to 70 years of age. In this scheme, a loan of Rs 25 thousand to Rs 10 lakh or up to 18 times the pension amount is available. Defense pensioners are given a loan of up to 20 times the pension amount.
If the age of the loan holder is more than 70 years, then the pensioners have to repay the loan within 5 years i.e. in 60 installments. At the same time, a loan holder above 75 years of age has to repay the loan in 24 installments i.e. in 2 years. The bank charges Rs 500 and GST as documentation charges on the loan.
SBI’s loan scheme
State Bank of India (SBI) has started the Pension Loan Scheme for Senior Citizens. In this scheme also, loans are given to the elderly on the basis of pension amount. In this scheme, the loan amount is decided according to how much pension you get.
The bank gives this loan only to those holders whose pension payment order is with the State Bank of India. At the time of applying for the loan, the age of the applicant should be less than 76 years. The loan holder has to repay the loan in at least 72 months.
For more information related to SBI’s pension loan scheme, you have to contact the official website https://sbi.co.in/ or toll free number 1800-11-2211. At the same time, to apply for the loan, you have to give a missed call to 7208933142 from the registered mobile number or send a message by writing ‘PERSONAL’ to 7208933145.
