Personal Loan
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Cent Swabhiman

Purpose


For supplementing the present income/ pension in the form of a regular stream of payments to cover genuine expenses of senior citizens.

Eligibility


Any person, being an individual, who is of, or above, the age of sixty years.
  • Any married couple, if either of the husband or wife is of, or above, the age of sixty years.
  • If the residential house/flat is in joint names with his /her spouse then the spouse should compulsorily be the joint borrower.
  • Should be having Permanent Account Number
  • Should be the owner of self-acquired and self-occupied residential property (flat/house), located in India with clear title indicating ownership of the property, the residual life of which should be at least 20 years

Quantum of loan


The loan amount (inclusive of interest up to maturity period) should not exceed 75 % of the realizable value of the property, subject to maximum of Rs.100.00 lakh.

Repayment/ Renewal of limit


The loan together with interest shall become due for payment only 6 months after death of the last surviving spouse OR when the borrower or any other co-borrower has not lived in the house continuously for one year or do not intend to live continuously. Settlement of loan along with accumulated interest is to be met by the proceeds received out of Sale of Residential Property and any surplus may be paid to legal heir.

Security


The loan shall be secured by way of equitable Mortgage of self-acquired / self occupied residential property in favour of the Bank. Commercial property will not be eligible for RML.

Rate of Interest

  • MCLR+2.00%

Period of Loan

  • Maximum 15 years or till the death of the last surviving spouse, whichever is earlier
  • For the borrowers between 60 and 70 years of age, maximum period is 15 years.
  • Borrowers above 70 years and up to 75 years of age, the maximum period shall be 10 years.
  • The Bank at its own discretion may extend the tenor of loan depending upon the realizable value of security etc by another 5 years i.e. the maximum loan disbursement tenure should not exceed 20 years.

Upfront Fees

  • 0.15% of loan amount subject to minimum of Rs.500/- and maximum of Rs.10,000/-

Other Conditions

  • The maximum monthly payments is capped at Rs.50,000/-
  • The aggregate lump sum payments shall not exceed fifty percent of the total loan amount sanctioned subject to a maximum of Rs.15,00,000/
  • The borrower shall insure the property against fire, earthquake and other calamities with 'Bank's Clause'.
  • The borrower shall pay all taxes, electricity & water charges etc. and shall maintain the residential property in good condition and if necessary, carry out repairs.
  • Life Certificate on yearly basis in the month of November to be submitted for continuation of periodic payments.
  • Legal requirements like Registered Will, undertaking regarding the Will submitted being the last such Will have to be submitted by the borrower.
For further details please contact our nearest branch or call on the toll free no. 1800 22 1911
Loan type Forms
Application Form 1 for Loan of Rs.5 Crore to Rs.15 Crore Download Word Document Format
Download PDF Format
Application Form 2 for Loan of Rs.15 Crore to Rs.40 Crore Download Word Document Format
Download PDF Format
Application Form 3 for Loan of Rs.40 Crore and above Download Word Document Format
Download PDF Format
Standardised Common Loan Application Form for Agriculture Credit Download PDF Document Form
Common Application Form (Required for all loan schemes). Download Word Document Format
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Cent Buy Download Word Document Format
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Cent Computer Download Word Document Format
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Cent Liquid Download Word Document Format
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Cent Mortgage Download Word Document Format
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Cent Trade Download Word Document Format
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Cent Vyapari Download Word Document Format
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Housing Loan Application Download Word Document Format
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Cent Home Loan Plus Download Word Document Format
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Cent Suvidha Download Word Document Format
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Cent Vehicle Download Word Document Format
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Cent Vidyarthi Download Word Document Format
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Cent School Download Word Document Format
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Teacher's Loan Download Word Document Format
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Cent Rental Download Word Document Format
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Cent Doctor Download Word Document Format
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Cent Swabhiman Download Word Document Format
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Personal Loan for Pensioners Download Word Document Format
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Personal Loan to Employees of Corporate Sector Download Word Document Format
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Personal Loan to Employees of Non-Corporate Sector Download Word Document Format
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Loan to LIC Agents Download Word Document Format
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Loan to MSEs Download PDF Format
Cent Sahyog (form for upto 10 lakhs) Download PDF Format
Cent Sahyog (form for above 10 lakhs) Download PDF Format
Application for Agricultural Loans Download PDF Format

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