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Prasanthi |
A clean Demand Loan Scheme specially designed for Pensioners
1. Pensioners
All Central Civil, Defense, Railway, Telecom, KSRTC (Kerala State Road Transport Corporation), KSEB, KWA,Kerala Agricultural University, State and Bank Pensioners whose pension accounts are maintained at our branches. Pension accounts include those accounts to which Bank acts as the Pension Disbursing Officer and those accounts to which pension amounts are received from DPDO.
2. Age limit
Should not exceed 70 years at the time of sanction of loan.
3. Eligibility and Amount of Loan
Age of pensioner upto 60 years - A maximum of 15 months pension with a ceiling of Rs.1,00,000.
Age of pensioner over 60 years upto 65 years - A maximum of 12 months pension with a ceiling of Rs.75,000.
Age of pensioner over 65 years upto 70 years - A maximum of 10 months pension with a ceiling of Rs.60,000.
4. Guarantee
The spouse/nominee for family pension eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.
5. Margin
Nil
6. Interest
Go to SBT for interest rates.
7. Repayment
Age upto 60 years - 54 equal monthly installments
Age above 60 years and upto 65 years - 48 equal monthly installments.
Age above 65 years and upto 70 years - 36 equal monthly installments.
8. Security
The nominee to the pension should be a guarantor.
9. Processing charges
0.5% of the limit, Minimum Rs.20/-
10. Papers to be submitted to the Bank
Application form and two passport size photographs.
11. Documents to be executed
Demand Promissory Note in favour of the spouse/nominee for family pension and endorsed by the latter in favour of the Bank.
DP Note Delivery Letter executed jointly by the borrower and the spouse/nominee.
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