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
· 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). |
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
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.