Cent Pensioners

 

PERSONAL LOAN TO PENSIONERS

Purpose

Any genuine personal credit requirements other than speculation, investment in real estate or prohibited activities.

Eligibility
  • Pensioners/Family Pensioners drawing pension through our Bank’s Branches.
  • Pensioners / Family Pensioners of our Bank (Ex-staff)
  • Pensioners who are getting their pension disbursed through Treasury/DPDO

 

Quantum of Finance

Pensioners aged up to 70 Yrs

18 months’ pension, Max. Rs.10,00,000/- subject to EMI not exceeding 50 % of monthly pension

Pensioners aged above 70 Yrs

12 months’ pension, Max. Rs.5,00,000/- subject to EMI not exceeding 50 % of  monthly pension

In case of OD facility notional EMI should not exceed 50% of monthly pension.

 

Rate of Interest

RBLR(Repo Rate+ Spread)+ CRP(Credit Risk Premium) = 10.95% at present

 

Facility

Demand loan or Overdraft

Repayment

 

Age of Pensioner

Tenor

Up to 65 years

60 months

Above 65 years & up to 70 years

36 months

Above 70 years

24 months

 

Drawing Power in OD will be reduced on monthly basis to the extent of Notional EMI amount.

Notional EMI should not exceed 50% of monthly pension.

Guarantee
  • Spouse of the pensioner or legal heirs of the family pension beneficiary must join as co-borrower.

 

  • Life insurance policy with surrender value not less than 50% of loan amount may be accepted

Min. CIC Score

Name of CIC

Minimum Threshold Limit

Transunion CIBIL

700

EXPERIAN

700

EQUIFAX

700

CRIF

650

 

Processing

Charges

NIL

Documentation Charges

Rs. 500/- + GST

*Subject to conditions and changes. Please contact our nearest branch for more details and updates.