Target Group & Eligibility Criteria
All the state Govt., Central Govt., teachers’ pensioners & family pensioners drawing monthly pension through our branches or from Post Office/Other Banks.
Definition:
Pension means basic pension plus dearness relief at the time of sanction of credit facility.
Age:
Must not exceed 73 years (Seventy three years) as on the date of disbursement of loan.
Purpose:
For any purpose.
Loan amount:
Up to 10 months’ pension inclusive of relief subject to the following limit.
- Maximum Rs. 2.00 Lac for pensioners up to 65 years of age
- Maximum Rs. 1.00 Lac for pensioners above 65 years of age
(Age will be reckoned as on date of sanction of loan)
- Minimum Rs. 25000 / -
Margin:
Nil
Repayment Period:
Maximum 48 months
Click here for Rate of interest
Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges
Insurance:
Group Personal Accident Insurance Policy of Rs.75,000/- covering accidental death for the pensioners availing loan under Personal Loan Scheme for Pensioners.
Disbursement:
By credit to his / her (Principal Borrower) S/B account
Processing Fee:
Nil
Collateral Security:
In case of the borrower drawing pension from our Bank and family pensioner is alive:
- Personal Guarantee of the family pensioner as mentioned in the PPO
For others:
- Pledge of NSC / KVP / FDR etc. covering 25% or 50% (subject to the condition of family pensioners) of loan amount.
- In case the above security/ies stand/s in the name of third party/parties personal guarantee from him/her/them.
- Guarantee from 2 persons having individual net worth equal to two times of loan amount, preferably from legal heirs / son / spouse / daughter.
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