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
a). Unsecured/Clean:-
10 times of monthly pension (maximum loan amount Rs.1 LAC).

b). Secured :-
a) 20 times of monthlypension (maximum loan amount Rs.1 lac).
b) For pensioners over 65 years – maximum 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/-).

Family Pensioner
a). Unsecured/Clean:-
10 times of monthly Pension(Max. loan amount Rs.50000/-).

b). Secured :-
20 times of monthly pension (Max. loan amount Rs.50000/-).
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
Max.36 EMIs w.e.f. one month after first disbursement.
60 EMIs in exceptional cases.

Secured Advance
Max. 60 EMIs w.e.f. one month after 1st disbursement.

7. Rate of Interest (at monthly rests)
Fully Secured Advances: @ BPLR, Min. 12.75% p.a.
Clean/Unsecured Advances:0.50% over BPLR, Min. 13.25% p.a.
For Senior Citizens (for loans upto Rs.50000/-) at 0.75% below BPLR, presently 12.00 % 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