Personal Loan Scheme For Pensioners

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Personal Loan Scheme For Pensioners

A personal loan scheme for pensioners with no margin, flexible repayment options, and competitive interest rates to meet your financial needs.

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Details for Personal Loan Scheme For Pensioners

The Personal Loan Scheme for Pensioners offers a tailored solution with no margin requirement. It provides flexible repayment terms of up to 60 months, with the maximum term based on age (up to 78 years). The loan is secured by a spouse's pension guarantee, earning children's guarantee (preferably from a government employee), or a third-party guarantee. With an interest rate of 11.15% p.a. and no prepayment charges, it's designed to support pensioners’ financial stability.

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Loan Amount

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.

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Interest Rate

11.15% p.a.

CIBIL Score

  • A CIBIL score of 730 or above is generally considered good for approving a personal loan.

Nature of Employment

  • All types of pensioners drawing pension through our branches

Features

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

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₹10,000₹1,00,00,000

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Personal Loan Scheme For Pensioners EMI Calculator

Principal amount

₹1,00,000

Interest amount

₹542

Total amount payable

₹1,00,542

Your Monthly EMI is ₹8,379
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