« 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.
Minimum: 21 Years
Maximum: 75 years
Loan Limit : 18 times of monthly pension with a ceiling of
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.
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:Â Base Rate.
Penal interest @2% shall be levied on overdue amount
Penalty for Prepayment
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.