Saturday, August 8, 2020
Finance

« Pensioners Loan

Bank of Baroda - Baroda Loan to Pensioners 

Purpose : For any purpose other than speculation.

Target Group :

  • Regular Pensioners, Family Pensioners
  • Retired Employees of Bank of Baroda/ their Family pensioners

Eligible Borrowers : 

  • Pensioners/ family pensioners drawing pension through our Bank's branches.
  • Pensioners who are getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their savings accounts with our branches.
  • Pensioners/ Family Pensioners of our Bank.

Family Pensioner: Spouse authorised to receive pension after the death of the pensioner.

Pensioner should be drawing pension through the branch for at least last -3- months and his account should have been conducted satisfactorily. i.e., no return of cheques for financial reasons.

Age :

Minimum: 21 Years
Maximum: 75 years

Loan Limit : 18 times of monthly pension with a ceiling of

Regular Pensioners:

For age upto 70 years : Rs.8.00 Lacs
For age above 70 years: Rs.5.00 Lacs

For Family pensioner:

For age upto 70 years : Rs.3.00 Lacs
For age above 70 years : Rs.1.50 Lacs

Total monthly deductions including proposed EMI and EMIs of existing loans (if any) should not exceed 60% of monthly pension.

Repayment Period:

Regular Pensioners/Family Pensioners:

For age upto 70 years : 60 months
For age above 70 years : 36 months

Rate of Interest:

Base Rate + 2.00%
For Retired Employees of Bank of Baroda/ their Family pensioners: Base Rate.

Penal interest:

Penal interest @2% shall be levied on overdue amount
Penalty for Prepayment

--NIL--

Unified Processing Charges:

  • Pensioners / Family Pensioners of Bank of Baroda : Nil
  • Others : Rs.1,000/-

Documents Required to be submitted by applicants:

  • Application form
  • Passport Size Photograph
  • Identity proof
  • Residence /Address Proof
  • Details of Pension /PPO No. etc.

Updated on : 21/1/2017