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Name: Joydeep Saha
Camera : Nikkon D50
Location : Kumortuli
Date : 12-9-2009
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Loan facilities for Senior Citizens

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SBI Loan for Pensioners

If you are a Central or State Government pensioner drawing your pension through one of our branches and are not more than 72 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us. You can avail a loan of up to a maximum of 12 months pension, subject to a ceiling of Rs.1,00,000. The documentation is easy.
The loan may be repaid over 5 years and will carry a low interest rate of 12.75% p.a.

There are no processing fees, no hidden costs and no prepayment penalties. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

Salient features of the Scheme:

Eligibility: All Central and State Government pensioners, whose pension accounts are maintained by our branches. The pensioner should not be more than 72 years of age.

Purpose : To meet personal expenses .

Loan Amount : A maximum of 12 months pension with a ceiling of Rs.1,00,000/-

Margin : Nil

Security : The spouse eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.

Repayment :
60 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of loan sanction is upto 70 years
48 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of sanction is between 70 – 72 years

Authorised Branches : All branches maintaining pension accounts. The facility is available only from the branch which is maintaining pension account of the applicant.

 

Union Bank of India Senior Citizen’s Scheme

Senior Citizens Scheme Union Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes.
This additional rate component, applicable to domestic term deposits of one year and above is 0.50% over the normal rate.

ELIGIBILITY Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest.

DOCUMENTATION At the time of opening of a new deposit account, the senior citizen may produce any of the following documents as proof of age.

1) Senior School Leaving Certificate indicating date of birth.
2) LIC policy
3) Voters Identity Card
4) Pension Payment Order
5) Birth Certificate issued by the competent authority
6) Passport
7) Any other document acceptable to the bank

VERIFICATION Once the age of a senior citizen is verified for accepting deposit under the special scheme for senior citizens, no further proof of age is required while accepting subsequent deposits or for renewal of deposit of the senior citizen.

JOINT ACCOUNT
Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. In such cases the name of the senior citizen is to be given as the first name in the application.

United Personal Loan Scheme for Pensioners


As a senior citizen of the society, you command a special respect from United Bank of India. The Bank is offering you a loan scheme for assisting you to meet your various family and personal needs after retirement.


The salient features of the Revised Scheme are as under:

Objective: To extend term loan to you to meet your family and personal expenses.

Eligibility: If you are a pensioner of Central and State Governments, Central and State Governments' Undertakings, Defence Services, reputed Companies, Educational Institutions (Universities, Institutes, Schools and Colleges) and drawing pension from the Branches of the United Bank, you are eligible for loan under the Scheme from the Branch, where your pension is paid.

Age of the Borrower: Your age at the time of availing loan should be such that the entire loan is repaid before your attaining seventy five years of age.

Quantum of Loan: A maximum of Rs 2 lac subject to 12 months' gross pension.
Margin : Nil
Processing Charge : 1%

Disbursement of Loan : The loan shall be disbursed through your Savings Bank A/c other than the account in which your pension is credited every month. If you are not having any other Savings Bank A/c with the branch, you may open a Savings A/c with the Branch jointly with another member of your family, preferably with family pensioner for the purpose of availing of the loan under the Scheme.

Allahabad Bank Personal Loan Scheme for Pensioners

Target Group & Eligibility Criteria:
All the State Govt. and Central Govt. Pension holders and teacher pensioners drawing pension from our branches.
Pensioners who are drawing pension from Post-Offices / Other Banks are also eligible for loan under the scheme if they are willing to provide 50% collateral security by way of FDR / NSC / KVP / LIP (Surrender value).

Definition: Pension means basic pension plus dearness relief at the time of sanction of credit facility.

Age: Age of the pensioner must not exceed 70 years as on the date of disbursement of loan.
Purpose:

The Personal Loan can be availed without assigning any specific purpose.

Quantum of Loan:
An amount equivalent of 10 months' pension inclusive of relief or Rs.75, 000/- whichever is lower. Minimum Loan amount is Rs.15, 000 /-.

Margin: Nil

Group Personal Accident Insurance:
Group Personal Accident Insurance Policy of Rs.75, 000/- covering accidental death for the pensioners availing loan under Personal Loan Scheme for Pensioners.

Repayment Period: 36 months.

Collateral Security: For borrowers drawing pension from our Bank:

Guarantee from family pensioner.
Letter of undertaking from family pensioner.

For others: Pledge of NSC / KVP / FDR etc. covering 50% of loan amount.

Guarantee from working son / spouse / daughter or from third person with net worth of Rs 50,000/- or more.


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