Target Group & Eligibility
All state Govt., central Govt., teachers’ and our bank employee Pensioners whose monthly pensions are credited in the accounts maintained by them with our branches.
Age of the pensioner should not exceed 70 years (Seventy years) as on the date of disbursement of loan and loan should be fully repaid before attaining the age of 75.
The personal / domestic requirement but not for speculative purpose.
Quantum of loan or Defence Pensioner
Pensioners up to 65 years of age – An amount equivalent of 24 months’ pension inclusive of relief, Maximum Rs 10.00 Lacs
Pensioners above 65 years of age –An amount equivalent of 10 months’ pension inclusive of relief, Maximum Rs 2.00 Lacs
For Other Pensioner
Pensioners up to 65 years of age – An amount equivalent of 18 months’ pension inclusive of relief, Maximum Rs 5.00 Lacs
Pensioners above 65 years of age – An amount equivalent of 10 months’ pension inclusive of relief, Maximum Rs 2.00 Lacs
( Age will be reckoned as on date of sanction of loan)
Minimum loan amount – Rs 25000/-
Total deductions including the present loan Installment should not exceed 50% of the monthly pension.
Rate of interest :- MCLR+2.00%
No processing fee
Maximum 60 months.
Maximum 48 months.
Personal guarantee & under taking from family pensioner to repay the loan in case of death of pensioner.
When family pensioner is not alive/PPO of the pensioner is not with the Bank, pledge of liquid security like NSC/KVP/FDR etc covering 25% of loan amount to be provided. In addition to this guarantee of 2 persons having individual Networth equal to 2 times of loan amount is to be provided.
*Subject to Change without prior notice.