|
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
|
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.]
|
|
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
w.e.f.01.04.09
(at monthly rests)
|
Fully Secured Advances: @ 0.50% below BPLR, Min. 11.50% p.a.
Clean/Unsecured Advances: @ BPLR, Min. 12.00% p.a.
For Senior Citizens (for loans upto Rs.50000/-) at 1.25% below BPLR, presently 10.75 % p.a.
(Aged 60 years and above)
|
|
8.
|
Processing/
Handling Charges
|
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
|