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COVID19 Pensioner Loan

COVID 19 Pensioner Loan (COPL) Product salient features

1

Eligible customers

a) Regular Pensioners

b) Family Pensioners

c) Retired Employees of our Bank drawing pension from our Bank (Other than Dismissed staff)

d) Pensioners/Family pensioners who are drawing pension through Treasury/Defense Pension disbursing office(DPDO) directly credit to their SB A/cs with our Branches

Subject to:-

i. The original PPO should be lodged/held with/at our Bank

ii.The Legal Heir/s to be taken as co-borrowers

2

Loan amount

10- times of last drawn pension subject to maximum of

  • Regular pensioner – Rs.2.00 lakhs
  • Family pensioner – Rs.0.75 lakhs

· Pensioner getting pension through Treasury/DPDO Rs.1.00 lakh

3

NTHP

Minimum 35% of net take home of pension amount.

4

Margin

Nil

5

Rate of interest

RBLR floating with monthly rests (refer to the website for latest rate of interest).

6

Age

The age of the pensioner at the end of repayment period should not exceed 75 years.

7

Processing fees

Nil

 

Repayment

For Demand loan: 36 months (no gestation/moratorium period allowed).

 

For further details, you are requested to telephone/contact your pension paying Branch

SOP for COVID Pensioner Loan scheme (COPL)

  • The application for the loan can be submitted on Bank’s Website or physically in the pension paying branch.
  • The following documents are required to be submitted along with the application
    • Copies of proof of Identity like PAN/Aadhar Card and latest proof of address
    • One passport size photographs of Pensioner/Co-borrowers
    • The original PPO should be lodged with our Bank if not held on Bank’s record.
  • You can track the status of your application on our Bank’s website if you have reference number or CAPS application number.
  • No processing charges.
  • The TAT under the scheme is 3 days.
  • The documents to be executed as stipulated in the scheme.
  • The sanctioned loan amount will be credited to your saving account where the pension is credited regularly

FAQs on COVID-19 Pensioner Loan Scheme (COPL)

Who are eligible under the COVID-19 Pensioner Loan Scheme?

Ans : • Regular Pensioners

• Family Pensioners

• Retired Employees of our Bank drawing pension from our Bank (Other than Dismissed staff)

• Pensioners/Family pensioners who are drawing pension through Treasury/Defence Pension disbursing office(DPDO) directly credit to their SB A/cs with our Branches subject to:- The original PPO should be lodged with the branch before sanction of loan.

Is it mandatory for the legal heir/s to be co-borrower under COPL scheme?

Ans : Yes. In case of (a) regular pensioners: nominee/legal heir entitled to family pension will be co-borrower/s (b) family pensioners: legal heir will be co-borrower/s (c) Staff Pensioners: Nominee of PF and Gratuity/legal heirs will be co-borrower/s

What will be Maximum Loan amount one can avail under the CPenL Scheme?

Ans :10- times of last drawn pension subject to maximum of

  • •Regular pensioner – Rs.2.00 lakhs
  • •Family pensioner – Rs.0.75 lakhs
  • •Pensioner getting pension through Treasury/DPDO Rs.1.00 lakh(Subject to 35% net take home of pension)

 

I am an Ex-service man, drawing pension and also employed, drawing regular Salary. Will my present salary will be clubbed with my pension amount for arriving the quantum of pension loan?

Ans: No. However, your present regular salary will be considered for the purpose of net take home salary provided the same is reflected in your ITR.

I have already availed a Star Pension Loan from your Bank and the account is regular. Can I apply loan under COVID 19 Pensioner Loan scheme?

Ans : Yes, subject to 35% net take home pension.

Can I apply for pension loan online on Bank’s Website?

Ans :Yes. You can apply for the loan on line on our Bank Website.

I am a retired staff your Bank. Can I apply for pensioner loan under the scheme?

Ans : : Ex-Staff are eligible under CPenL Scheme (other than dismissed staff).

Is it mandatory to apply for the pension loan with the pension paying branch where my regular pension is credited or any other branch which is nearest to my residence?

Ans : No. You have to approach the pension paying branch where the pension is credited regularly.