Objective: To provide financial help to senior citizens of society drawing pension through the account of the bank this loan scheme is offered. This loan scheme can be availed for any legitimate consumption needs of the applicant.

 

Eligibility: Any pensioner up to the age of 70 years drawing pension through the bank account is eligible for this personal loan scheme. Except a family pension earner, any such pensioner can obtain this loan.

 

Quantum of Loan: Up to age of 65 years, the maximum amount that can be granted as loan is equivalent to 8 months pension. In case of pensioners of age 65 to 70 years the maximum amount that is granted as loan is 4 months pension or Rs. 50 thousand which ever is less.

 

Type of facility: This is a kind of Personal Demand Loan.

 

Repayment Period: Up to age of 65 years, the repayment of the loan has to be done within 36 equal monthly installments. In case of pensioners of 65-70 years age, the repayment of loan has to be done within 24 equal monthly installments.

Pradeep Yuvaraj

About Pradeep Yuvaraj

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Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance.He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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