Purpose – Financial assistance to meet personal Expenses
Type of loan – Demand Loan
Eligibility – a) Pensioners of all Central, State governments and PSUs whose pension accounts are maintained with our bank.
b) Family pensioners having accounts with us. i.e., spouse who is authorized to receive pension after the death of the pensioner.
c) Age of the pensioner and family pensioner should not be more than 70 and 65 years respectively
Quantum of Loan – A maximum of 12 months net pension amount not exceeding of Rs.75, 000/-
A maximum of 9 months net pension amount or Rs.50, 000/ whichever is less. The EMI should not be more than 25% of net monthly pension to family pensioners
Margins – Nil
Processing fee – Nil
Repayment – Maximum of 60 Equated Monthly Installments commencing from one month after disbursal of loan
Security:
Primary Security: Nil
Collateral Security:
a) Pensioner: the spouse as co-obligant. In the absence of spouse any other family member eligible for family pension as co-obligant.
b) Family pensioners: Son / Daughter of the family pensioner as co-obligant.
c) Third party guarantees of two individuals who have been maintaining a satisfactorily conducted account with us.
Documents required – Application cum authority letter; DP note signed by pensioner in favor of the guarantor and endorsed by the guarantor in favor of the Bank etc.