« Pensioners Loan

Allahabad Bank- Personal Loan for Pensioners

Target Group & Eligibility: All state Govt., central Govt., teachers’ and our bank employee Pensioners whose monthly pensions are credited in the accounts maintained by them with our branches.

Age of the pensioner should not exceed 73 years (Seventy three years) as on the date of disbursement of loan and loan should be fully repaid before attaining the age of 75.

Purpose :

The personal / domestic requirement but not for speculative purpose.

Quantum of loan

An amount equivalent of 10 months’ pension inclusive of relief subject to the following maximum limit.
Pensioners up to 65 years of age – Rs 2.00 Lacs
Pensioners above 65 years of age – Rs 1.00 Lacs
( Age will be reckoned as on date of sanction of loan)
Minimum loan amount – Rs 25000/-
Total deductions including the present loan Installment should not exceed 50% of the monthly pension.

Margin : Nil

Rate of interest: Click Here 

Processing Fee: No processing fee

Insurance

Group Personal Accident Insurance Policy of Rs.200,000/- (Irrespective of loan amount) covering accidental death for the pensioners availing loan under Personal Loan Scheme for Pensioners. This scheme is withdrawn w.e.f 15.01.2013.
Repayment Period
Maximum 48 months.

Security

• Personal guarantee & under taking from family pensioner to repay the loan in case of death of pensioner.
• When family pensioner is not alive/PPO of the pensioner is not with the Bank, pledge of liquid security like NSC/KVP/FDR etc covering 25% of loan amount to be provided. In addition to this guarantee of 2 persons having individual Networth equal to 2 times of loan amount is to be provided.
• When family pensioner is not alive & PPO of the pensioner is not with our Bank, pledge of liquid security like NSC/KVP/FDR etc covering 50% of loan amount is to be provided. In addition to this guarantee of 2 persons having individual net worth equal to 2 times of loan amount is to be provided.

Delivery Channel: All Branches

*Subject to Change without prior notice.