« Pensioners Loan

State Bank of Travancore- Prasanthi

A clean Demand Loan Scheme specially designed for Pensioners by State Bank of Travancore is named as Prasanthi.

Eligibility of Loan:

All Central Civil, Defense, Railway, Telecom, KSRTC (Kerala State Road Transport Corporation), KSEB, KWA, Kerala Agricultural University, State and Bank Pensioners whose pension accounts are maintained at this bank. Pension accounts include those accounts to which Bank acts as the Pension Disbursing Officer and those accounts to which pension amounts are received from DPDO. The pensioners age is not more than 70 years.

Quantum of Loan:

• Age of pensioner upto 60 years the quantum of loan will be a maximum of 15 months pension with a ceiling of Rs.1,00,000/-.
• Age of pensioner over 60 years upto 65 years the quantum of loan will be a maximum of 12 months pension with a ceiling of Rs.75,000/-.
• Age of pensioner over 65 years upto 70 years the quantum of loan will be a maximum of 10 months pension with a ceiling of Rs.60,000/-.

Rate of Interest:

Interest rate of State Bank of Travancore Prasanthi pensioners loan is 12.25 % p.a (fixed) with reset every three years.

Repayment of Loan: 

• Age upto 60 years reimbursement of loan set to 54 equal monthly installments (EMIs).
• Age above 60 years and upto 65 years reimbursement of loan set to 48 equal monthly installments (EMIs).
• Age above 65 years and upto 70 years reimbursement of loan set to 36 equal monthly installments (EMIs).

Security of Loan:

The spouse or nominee for family pension eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.

Processing Fee:

0.5% of the limit, Minimum Rs.20/- will be the processing charge.

Documents Submitted to Bank:

The documents and papers to be submitted to the bank for pensioners loan are: 

1. Application form and two passport size photographs.
2. Demand Promissory Note in favour of the spouse or nominee for family pension and endorsed by the latter in favour of the Bank. 
3. DP Note Delivery Letter executed jointly by the borrower and the spouse or nominee.

For more information: Visit