Wednesday, January 20, 2021

« Pensioners Loan

Syndicate Bank- SYNDSENIOR Scheme

Purpose: To meet any bona-fide personal / business credit requirement

Nature of Facility: Demand Loan & Overdraft facility


Pensioners in receipt of regular monthly pension from Central / State Governments / Public Sector Units / Defence Establishments and other government or quasi government institutions whose pensions are being routed through accounts held with our Bank.

Quantum of loan that can be sanctioned based upon age profile of borrower as follows:

Demand Loan

Age range Basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
Up to 65 years 18 times gross monthly pension routed through our Bank 3.00
65 – 70 years  18 times gross monthly pension routed through our Bank 1.50
Over 70 years 5 months gross pension being routed through our Bank 0.50

Overdraft facility:  Overdrawal in Pensioner’s Savings Bank account by way of debit balance up to maximum of one month last drawn pension.

1. Demand Loan- In EMIs not exceeding 72 months
2. Overdraft - Principal to be repaid within Two months from the date of availing the facility and interest to be serviced monthly.

Rate of Interest:  MCLR+3.75% pa, Monthly compounding


  • No Surety for loans up to 6 months gross monthly pension or `50000 whichever is less
  • In all other cases the surety of a family member or that of a third party shall be obtained. The surety should have adequate means / income.
  • Overdraft facility- Spouse.-In the absence of spouse, any one of the legal heirs/suitable third party surety.

Security: Clean
Cut – Back: 50% of income from verifiable sources annual income.
Processing Fee: As applicable

Updated on : 21/1/2017