Bank of India- Star Pensioner Loan Scheme
Purpose of Star Pensioner Loan Scheme:
The objective of pensioners loan is mainly divided into two categories;
Unsecured or Clean Advances and Secured Advances.
Unsecured or Clean Advances :
- To meet marriage expenses, medical
expenses, education of self, spouse, children, or near relatives etc.
- For the purpose of repair, renovation of existing house or flats.
- Or any other personal expenses in bona fide nature.
Secured Advances :
- For the intention of repayment of existing Housing
Loan from other Banks/ FIs. etc.
- For the purpose of Purchasing Consumer Durables, Computers, Professional
Equipments, etc.
In case of clean/unsecured loan, an undertaking to be obtained from the
borrower stating that the loan has been utilized for the purpose declared.
In case of secured advances, appropriate proof/bills/receipts for expenses
incurred to be obtained. Eligibility:
The applicants must be a regular pensioner or family pensioner who
is drawing regular monthly pension through the branch, and a retired employee
other than dismissed or taken compulsory retirement.
Types of Advances for the loan:
Advances may given in the forms of Demand Loan, Term Loan, Overdraft
which are reducible as per repayment schedule and overdraft which may
reducible as per 3 months pension maximum of Rs.15000/-
Quantum of Loan:
-
Unsecured or clean advances :
A regular pensioner will get 10 times of monthly pension, maximum
loan amount Rs.1,00,000/- where a family pensioner can avail 10 times
of monthly Pension, maximum loan amount Rs.50000/-
-
Secured Advances :
Regular Pensioners will get 20 times of monthly pension up to maximum
Rs.1,00,000/-. For pensioners over 65 years maximum loan amount
Rs.50000/-. The bank offers 20 times of monthly pension, maximum loan
amount Rs.50000/- to a family pensioner.
Depending upon the eligibility, a proponent/borrower may be sanctioned more
than one loan (i.e. two account one for secured and other for unsecured/ /clean
loan) under the scheme.
Repayment of Loan:
Tenure of loan under Clean/ unsecured advance will be maximum of 36
EMIs with effect from one month after first disbursement. In some exceptional
cases it will be extended up to 60 EMIs. Repayment of loan under Secured
Advance may be maximum of 60 EMIs with effect from one month after 1st
disbursement.
Rate of Interest with effect from 01-04-09:
Rate of Interest for fully secured loan is
11.50 % and 12 % for Clean/ Unsecured Advances. Interest rate for
senior citizen
loans upto Rs.50000 will be1.25% below BPLR/, presently it is 10.75 % p.a.
Processing Charges:
There is no processing charges for Senior Citizen above 60 years. For others
processing charge will be 1.10% of loan amount, Min. Rs.500/- and Max.Rs.1100.
Other charges like stamp Paper charges, Loan Agreement Copy charges will
also be applicable.
For more information: Visit
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