Senior citizens also get loans up to 10 lakhs

 Loan Options for Senior Citizens: Generally, people believe that senior citizens i.e. persons above 60 years of age are not given loans by banks, because people believe that people above 60 years of age do not have any fixed source of income so they should not go to banks. Loans are not given by

But this is not the case, now many banks are offering loans to people over 60 years. And that too a loan of up to ten lakhs is given. Here we will get information about the loans offered by State Bank of India and Punjab National Bank to senior citizens.

Loan Options for Senior Citizens

Here we will get the information about senior citizens eligible to get loans up to ten lakhs through State Bank of India and Punjab National Bank but both these banks provide loans only to senior citizens who are getting pension. So if you are a pensioner senior citizen and your work is on hold then you can get a loan by taking advantage of the following loan offers from State Bank of India and Punjab National Bank.

Loan Scheme of Punjab National Bank

As mentioned above, Punjab National Bank offers a loan scheme to pensioners which is called 'Personal Loan Scheme For Pensioners' through this loan scheme senior citizens are given loans according to their pension amount and if your age is up to 70 years. You will be eligible for a loan ranging from 25,000 to 10 lakhs.

Apart from this, the loan taken by senior citizens above 70 years of age will have to be repaid within 5 years and those who are above 75 years of age and have taken a loan through this scheme will have to repay the loan within two years.

In this way, senior citizens who are pension holders can take a loan of up to ten lakhs and do their unfinished work. Now let us get the information about loan scheme of State Bank of India.

Loan Scheme by State Bank of India

State Bank of India has released a loan scheme for pension senior citizens called State Bank of India Pension Loan Scheme, so let's know what are the terms and conditions for taking a loan.

If you want to get a loan through this loan loan scheme of State Bank of India, your age should not be more than 76 years and also pension payment order should be with State Bank of India.

In addition to taking the loan, you have to give a written statement that you will not make any changes in your pension order until the loan is fully repaid. Pension should not be transferred to any other bank.

Also you have to repay this loan within 6 years. If you follow all these terms and conditions then you can take loan under this scheme.