FAQs- Personal Loan to Pensioners
Who is eligible to get Personal Loan to Pensioners ?
All types of pensioners drawing pension through our branches are eligible to get Personal Loan to Pensioners.
What are the purposes to avail Pensioners Loan ?
The Purpose to get Pensioners Loan is to meet personal needs including medical expenses.
What is the minimum & maximum Loan amount one can avail under Personal Loan scheme to Pensioners ?
Minimum and maximum loan amount is Rs. 25000/- and Rs. 3.0 lac respectively.
However, for Pensioners who are upto the age of 70 years: Max. 18 times of net monthly Pension (NMP) (20 times in case of Defence Pensioners) OR Rs. 3.00 lacs, whichever is lower.
For Pensioners who are above 70 years and upto the age of 75 years: Max. 18 times of NMP (20 times in case of Defence Pensioners) OR Rs. 1.50 lacs, whichever is lower.
For Pensioners who are above 75 years of age: Max. 12 months of pension amount or Rs. 70000/- whichever is lower.
What will be borrower`s contribution towards loan ?
Nil. One can avail full amount of loan from our Bank.
What is the rate of interest ?
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What is the repayment period ?
Loan along with interest is to be repaid in maximum 60 equal monthly installments. However, In respect of pensioners above the age of 75 years, repayment period shall be of maximum 24 months.
What are the charges to be paid to avail Pensioners Loan ?
No upfront fee required. However, Rs. 270 and Rs. 450 (excluding GST) for Loan amount of upto Rs. 2.0 lac and above Rs. 2.0 lac respectively to be paid as documentation charges.
How many times one person can avail Pensioners loan ?
The loan can be availed more than once only after adjustment of earlier loan