Allahabad Bank- Personal Loan Scheme for Pensioners
Purpose of Pensioners Loan:
The Personal Loan can be availed without assigning any specific purpose.
Target group & Eligibility:
Allahabad Bank mainly targets all the State and Central
Government Pension holders and teacher pensioners who are drawing pension
from their branches. Pensioners who are drawing pension from Post-Offices
/ Other Banks are also eligible for loan under the scheme only if they
are willing to provide 50% collateral security by way of FDR / NSC / KVP
/ LIP (Surrender value).
Definition of Pension:
Pension means basic pension plus dearness relief at the time of sanction of
credit facility.
Age Limit:
Age of the pensioner must not exceed 70 years as on the date of disbursement
of loan.
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 /-.
Rate of Interest:
Interest rate of this pensioners loan may be calculated as PLR + 1.00%
p.a.w.m.r. (Per Annum With Monthly Rest). For regular repayment 0.50%
rebate is allowed.
Margin and Processing Fee:
There is no margin for this loan and the processing charge
will be 0.50% loan amount
with minimum of Rs. 200/- may be due.
Collateral Security:
For drawing pension from the bank, the borrowers should
provide a collateral security like: Guarantee from family pensioner or
letter of undertaking from family pensioner etc. Other persons must pledge
their NSC or KVP or FDR etc or guarentee from a working son or spouse
or daughter or from third person with net worth of Rs 50,000/- or more.
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
For more information: Visit
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