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Senior Citizen Loan: It is said that the bank gives loan only after looking at the age and income of the loan taker, 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 source of income. However, many government banks give 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) give loans to people above 60 years of age.
PNB Loan Scheme
Punjab National Bank (PNB) has started a personal loan scheme for senior citizens and pensioners. In this scheme, personal loan is given according to the pension amount. The bank gives loan to a person up to the age of 70 years. Under this scheme, loan is available from Rs 25 thousand to 10 lakh or 18 times the pension amount. Defense pensioners are given loan up to 20 times the pension amount.
If the age of the loan holder is more than 70 years, then pensioners have to repay the loan within 5 years i.e. in 60 installments. Whereas, loan holders above 75 years of age have to repay the loan in 24 installments i.e. in 2 years. The bank charges Rs 500 and GST as documentation charge on the loan.
SBI loan scheme
State Bank of India (SBI) has started a pension loan scheme for senior citizens. In this scheme too, 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. The age of the applicant should be less than 76 years at the time of applying for the loan. The loan holder has to repay the loan in at least 72 months.
For more information related to SBI's pension loan scheme, you will 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 will have to give a missed call to 7208933142 from your registered mobile number or send a message by writing 'PERSONAL' to 7208933145.