| « Pensioners Loan
Central Bank of India- Cent Swabhiman
Purpose of Cent Swabhiman:
In order to supplementing the current income and pension in the form of a regular stream
of payments to cover bona fide expenses of senior citizens.
Eligibility of Loan:
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Any person, being a
resident of India, who is of, or above, the age of sixty years.
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Any married couple, if
either of the husband or wife is of, or above, the age of sixty years.
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If the residential house
or flat is in joint names with his or her spouse then the spouse
should compulsorily be the joint borrower.
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Should be having
Permanent Account Number.
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Should be the owner of self-acquired and
self-occupied residential property ie, flat or 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 together with interest
up to maturity period should not exceed 75 % of the realizable value of
the residential property or flat, subject to maximum of Rs.100 lakhs.
Repayment of Loan:
Cent Swabhiman shall be repaid only after 6
months or after the death of 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.
Interest Rate of Cent
Swabhiman:
Interest rate of Cent
Swabhiman loan for below BPLR senior citizens is nil and above BPLR
interest rate is 10 %.
Upfront fee:
Upfront fee or Processing
Charges at the rate of 0.15% of loan amount subject to minimum of
Rs.500/- and maximum of Rs.10,000/-
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Central Bank of India- Loan to Pensioners Drawing
Pension
Purpose of Loan:
The main purpose of this loan is to meet any
credit requirement in family and personal
expenses of the pensioner.
Eligibility:
Pensioners who drawing pension from this bank's
branches who are of the age 70 years and below. The pensioners drawing
family pension are not eligible for loan under this scheme.
Loan Amount:
The maximum loan amount upto 65 years is 8 months pension. And above 65
years to 70 years is 4 months pension, and which ever is lower Rs.50,000
is given.
Repayment of Loan:
Upto 65 years, loan amount may be repaid at
36 Equated Monthly Installments. And its above upto 70 years Equated
Monthly Installments may be 24.
Interest Rate:
Interest for General Pensioners and for
ex-staff of Central Bank of India drawing pension is BPLR and there is
no processing charge.
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