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1.
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Target Customers
(Eligibility)
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-- Regular pensioners or family pensioners
drawing regular monthly pension
through the branch.
-- Retired employees (other than dismissed/compulsorily retired)
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2.
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Type of Advance
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Demand Loan/Term Loan/Overdraft
(reducible as per repaymentschedule)/
Overdraft (3 months Pension Max. Rs.15000/-)
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3.
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Quantumof Advance
DL/TL/OD (reducible as per repayment schedule)
Overdraft [Pensioner' Credit Card holder not eligible]
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Regular Pensioner
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Family Pensioner
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a.Unsecured/Clean:-
10 times of monthly pension (maximum loan amount Rs.1 LAC)
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10 times of monthly Pension(Max. loan amount
Rs.50000/-)
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b.Secured :-
a) 20 times of monthlypension (maximum loan amount Rs.1 lac)
b) For pensioners over 65 years – maximum loan amount Rs.50000/-
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20 times of monthly pension (Max. loan amount
Rs.50000/-)
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[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].
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3 times of net
pension (amount
credited to SB A/c.
less EMI for Loans
if any,
Max. Rs.15000/-)
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3 times of
net pension
(amount credited
to SB A/c. less
EMI for Loans
if any,
Max. Rs.15000/-)
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4.
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Net take home Pension
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The net take home pension after deduction of loan installment should be at least 40% of the pension amount.
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5.
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Purpose
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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 bonafide nature .
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.]
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6.
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Repayment |
For Clean/unsecured advance
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Secured Advance
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Max.36 EMIs w.e.f. one month after first disbursement..
60 EMIs in exceptional cases.
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Max. 60 EMIs w.e.f. one month after 1st disbursement.
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7.
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Rate of Interest
w.e.f.06.11.08
(at monthly rests)
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Fully Secured Advances: @ 0.50% below BPLR, Min. 12.75% p.a.
Clean/Unsecured Advances: @ BPLR, Min. 13.25% p.a.
For Senior Citizens (for loans upto Rs.50000/-) at 1.25% below BPLR, presently 12.00% p.a.
(Aged 60 years and above)
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8.
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Processing/
Handling Charges
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a. No processing charge for Senior Citizens (60 years & above)
b. For others [after 01.01.2008] one time @ 1.10% of loan amount, Min. Rs.500/- and Max.Rs.1100/-.
c. Stamp Paper charges: At actuals. Loan Agreement Copy charges .- As Applicable
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