| Target Group & Eligibility Criteria:
All the State Govt. and Central Govt. Pension holders and teacher
pensioners drawing pension from our branches.
Pensioners who are drawing pension from Post-Offices / Other Banks
are also eligible for loan under the scheme if they are willing to
provide 50% collateral security by way of FDR / NSC / KVP / LIP
(Surrender value).
Definition:
Pension means basic pension plus dearness relief at
the time of sanction of credit facility.
Age:
Age of the pensioner must not exceed 70 years as on
the date of disbursement of loan.
Purpose:
The Personal Loan can be availed without assigning
any specific purpose.
Quantum of Loan:
An amount equivalent of 10 months' pension
inclusive of relief or Rs.75, 000/- whichever is lower. Minimum Loan
amount is Rs.15, 000 /-.
Click here for Rate of interest
Margin:
Nil
Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges
Group Personal Accident Insurance:
Group Personal Accident Insurance Policy of Rs.75, 000/- covering
accidental death for the pensioners availing loan under Personal
Loan Scheme for Pensioners.
Repayment Period:
36 months.
Collateral Security:
For borrowers drawing pension from our Bank:
- Guarantee from family pensioner.
- Letter of undertaking from family pensioner.
For others:
- Pledge of NSC / KVP / FDR etc. covering 50% of loan amount.
- Guarantee from working son / spouse / daughter or from third
person with net worth of Rs 50,000/- or more.
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