Personal Loan Scheme For Pensioners

Purpose

To meet personal needs including medical expenses.

Eligibility

All types of pensioners drawing pension through our branches

Quantum Of Finance

Minimum Rs.25,000/-

Maximum Loan amount:

• Age upto 70 years: Rs. 10,00,000/- (Rupees Ten lac only) OR 18 times of net monthly Pension (For Defence pensioners, 20 times net monthly pension), whichever is lower.
• Age above 70 years and upto 75 years: Rs 7.50 lac OR 18 times their net monthly Pension (20 times in case of Defence Pensioners), whichever is lower;
• Age above 75 years: Rs. 5.00 lac OR 12 months of pension amount, whichever is lower.

Margin

Nil

Security

Guarantee of spouse eligible for family pension to be obtained OR guarantee of earning children (preferably Govt Employee) OR third party guarantee with net means equal or more than loan amount, acceptable to the Bank.

Repayment (Maximum)

Term Loan: - Maximum 60 equal monthly installment or up to the age of 78 years whichever is earlier.

Over Draft: - Maximum 60 months or up to the age of 78 years whichever is earlier on monthly reducing DP basis.

Prepayment Charges

Nil

Rate Of Interest

Processing Charges/ Upfront Fee

Documentation Charges