| 1. |
Target Customers
(Eligibility) |
-- Regular pensioners or family pensioners
drawing regular monthly pension
through the branch.
-- Retired employees (other than dismissed/compulsorily retired) |
| 2. |
Type of Advance |
Demand Loan/Term Loan/Overdraft
(reducible as per repaymentschedule)/
Overdraft (3 months Pension Max. Rs.15000/-) |
| 3. |
Quantumof Advance
DL/TL/OD (reducible as per repayment schedule)
Overdraft [Pensioner' Credit Card holder not eligible] |
Regular Pensioner |
Family Pensioner |
a.Unsecured/Clean:-
10 times of monthly pension (maximum loan amount Rs.1 LAC) |
10 times of monthly Pension(Max. loan amount
Rs.50000/-) |
b.Secured :-
a) 20 times of monthlypension (maximum loan amount Rs.1 lac)
b) For pensioners over 65 years – maximum loan amount Rs.50000/- |
20 times of monthly pension (Max. loan amount
Rs.50000/-) |
[Proponent/borrower may be sanctioned
more than one loan (i.e. two accounts –
one for secured and other for
unsecured/clean loan) under
the scheme, depending upon eligibility]. |
3 times of net
pension (amount
credited to SB A/c.
less EMI for Loans
if any,
Max. Rs.15000/-) |
3 times of
net pension
(amount credited
to SB A/c. less
EMI for Loans
if any,
Max. Rs.15000/-) |
| |
| 4. |
Net take home Pension |
The net take home pension after deduction of loan installment should be at least 40% of the pension amount. |
| 5. |
Purpose |
I. Unsecured / Clean
a.To meet marriage expenses /Medical expenses /Education of self/spouse/children/near relatives.
b.Repairs/renovation/extension of existing house/flat (where Equitable Mortgage charge over the property cannot be created in favor of the Bank and the proponent has not raised loan against such property from any Bank/FI/NBFC, etc).
c. Any other Personal Expenses of bonafidenature .
II. Secured Advances
a.Repayment of existing Housing Loan from other Banks/FIs.etc.
b.Purchase of Consumer Durables/Computers/Professional
Equipments, etc.
[In case of clean/unsecured loan, an undertaking to be obtained from the borrower stating that the loan has been utilized for the purpose declared. In case of secured advances, appropriate proof/bills/receipts for expenses incurred to be obtained.] |
| 6. |
Repayment |
For Clean/unsecured advance |
Secured Advance |
Max.36 EMIs w.e.f. one month after first disbursement..
60 EMIs in exceptional cases. |
Max. 60 EMIs w.e.f. one month after 1st disbursement. |
| 7. |
Rate of Interest (Floating, p.a. at monthly rests) |
Fully Secured Advances: @ 3.75% above Base Rate,
Clean/Unsecured Advances:@4.25% above Base Rate,
For Senior Citizens (for loans upto Rs.50000/-) at 3.00%above Base Rate,
(Aged 60 years and above) |
| 8. |
Processing/
Handling Charges |
a. No processing charge for Senior Citizens (60 years & above)
b. For others one time @ 2% of loan amount, Min. Rs.500/- and Max.Rs.2000/-.
c. Stamp Paper charges: At actuals. Loan Agreement Copy charges .- As Applicable |