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Union Cash |
Eligibility
Retired employees of Government / Semi Government undertakings, Banks and other reputed private organisations etc. who draw fixed income / pension through our Bank.
Purpose
To meet financial requirements.
Type Of Loan:
Demand Loan repayable in installments with a maximum repayment tenure of 36 months.
Term Loan with repayment tenure of above 36 months and maximum upto 48 months.
Quantum
Upto Rs.1,00,000/- or 12 times the monthly pension, whichever is less.
Margin
25% in case of Deposit Receipts / NSC / Bonds issued by Government of India / Financial Institutions.
50% in case of Shares & Debentures.
Repayment
12 – 36 EMIs in case of Demand Loan repayable in Installments.
Above 36 to 48 EMIs in the case of Term Loan.
Rate Of Interest
(w.e.f. 11.04.2007) (BPLR =13.25%)
A fixed interest rate of 12.50 (Fixed)
Processing Charges (Excluding Service Tax)
No Processing charges.
Security
Pledge of Deposit Receipts / Shares / Debentures of corporates of good standing, NSCs Bonds issued by Government of India / Financial Institutions etc.
Where sufficient security is not available, personal guarantee of spouse or a person who is the nominee under pension scheme is to be obtained.
In genuine cases, the Bank may consider this facility on a clean basis.
Other Conditions
Declaration is required from the spouse who is eligible for family pension.
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