PNB Bank Application Form for Personal Loan to Pensioners

PNB Bank Application Form for Personal Loan to Pensioners (Pension Loan PNB 1112 (R1)) from Download

Here are the key points of the Punjab National Bank (PNB) Pension Loan Application Form (PNB 1112 (R1)), structured for quick reference:

Form Identifier: Form number PNB 1112 (R1) (Pension Lo… pp. 1, 11).
Eligible Applicants: Tailored for various retired categories, including Central Govt., State Govt., Family Pensioners, Ex-Employees, and individuals drawing pension through the DPDO (Pension Lo… p. 2).
Signature Rule: Every page of the application, including the Most Important Terms & Conditions (MITC), must be physically signed by the borrower and the guarantor (Pension Lo… p. 3).

Identity Fields: Captures standard KYC fields, including Income Tax PAN, Aadhaar number, and optional secondary IDs (Passport, Voter ID, or Driving License) (Pension Lo… p. 1).
Pension Tracking: Requires explicit disclosure of gross and net monthly pension amounts alongside the name of the organization drawing pension from (Pension Lo… p. 2).
Net Worth Record: Includes a section tracking the applicant’s immovable assets (buildings/land), movable assets (cash/deposits), and active financial liabilities to calculate actual net worth (Pension Lo… p. 2).

Interest Options: Borrowers can select either a Floating or Fixed interest rate (Pension Lo… pp. 3, 6). Fixed rates remain unchanged for the entire tenor (Pension Lo… p. 6).
Repo Rate Adjustments: Floating rates link directly to the Repo Rate Linked Rate (RLLR) (Pension Lo… p. 6). Any change by the RBI shifts the RLLR on the next working day, while the RLLR markup component resets every 3 years (Pension Lo… p. 6).
Switchover Flexibility: Borrowers may switch between fixed and floating options exactly once during the loan tenor (Pension Lo… p. 7). The switchover fee is 0.50% of the outstanding loan amount or ₹10,000, whichever is lower (Pension Lo… p. 7).

Late Payment Penalty: Defaulting on repayments or overdraft limits carries a penal charge of 2.00% p.a. on the default amount (Pension Lo… p. 9). Multi-event or document submission failures can increase penalties, capped at a maximum of 4.00% p.a. (Pension Lo… p. 9).
Exemptions: Penal charges are entirely waived for small credit advances up to ₹25,000 (Pension Lo… p. 9).
Prepayment Waiving: Foreclosure/takeover penalties (normally 2% for term loans) are waived if the loan is a non-business floating rate account, or if the pensioner settles the debt using their own financial sources (Pension Lo… pp. 9-10).

Disbursal Rule: Funds are strictly disbursed directly into the PNB account where the active pension is credited (Pension Lo… p. 10).
Pensioner Undertaking: The applicant must submit a signed Letter of Authority allowing PNB to auto-deduct monthly EMIs directly from their pension (Pension Lo… p. 10). They must also pledge not to change their pension disbursing branch or bank without PNB’s formal consent (Pension Lo… p. 10).
Approval Lifespan: Once approved, the loan sanction is legally valid for a maximum of 6 months (Pension Lo… p. 6).

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