IND COVID EMERGENCY PENSION LOAN
Parameter | Norms | |||||||
Target Group | Central & State Government Pensioners & Family Pensioners, (Re- employed Pensioners, RBI pensioners and IB Retirees (both under VRS & superannuation) whose pension accounts are maintained with our branches) | |||||||
(Existing Borrowers under IB Pension Loan Scheme (IBPLS) can avail this loan subject to availability of Net take home pay (NTHP) of 40% or 30% as the case may be (Please refer to NTHP Norms detailed below) after deducting the existing and proposed EMI). | ||||||||
CRS retirees and EPF Pensioners are not eligible for Pension Loan | ||||||||
Purpose | For meeting unforeseen expenses due to Covid-19 | |||||||
Eligibility | All existing accounts in “Standard category” excluding SMA1 / SMA 2 as on date of sanction. | |||||||
Validity | Up to 30/06/2020 | |||||||
Nature of facility | Medium Term Loan | |||||||
Quantum of Loan | Sl. | Regular Pensioners | ||||||
a. | Maximum 15 times of monthly pension net of TDS | |||||||
b. | Maximum Loan amount of Rs.2 lakhs | |||||||
c. | NTHP 40%** | |||||||
Eligible Loan amount – Least of above three parameters a to c | ||||||||
** Wherever the applicant has availed loans with our Bank secured by immovable properties, Sanctioning Authority can consider loan with 30% NTHP against extension of EM. Registration of MODTD need not be insisted. | ||||||||
Margin | Nil | |||||||
Rate of Interest | Concessional Rate: 8.75% p.a. Fixed | |||||||
Age limit | Regular Pensioners: | Family Pensioners: | ||||||
Maximum Entry Age: 68 years Maximum Exit Age: 75 years | Maximum Entry Age: 68 years Maximum Exit Age: 73 years | |||||||
Entry age – No minimum years | ||||||||
Repayment | Maximum 36 months including holiday period of 3 months | |||||||
Security | NIL | |||||||
Wherever 30 % NTHP has been considered, extension of EM over immovable property | ||||||||
Service Charges | Processing / Documentation / Pre-closure charges – NIL |
Other details:
Acceptable Mode of Submission of Request for Credit facility | By E Mail / In-person to the Branch |
Documents required | Duly filled in Application form for Existing Borrowers |
Helpline Numbers & Email ID for queries, facilitations and Grievances. | Mobile: +917305898992 / +919931094920 |
Timeline for appraisal, sanction, documentation / disbursement | Within 6 working days from the date of receipt of application by Branch. |
Frequently Asked Questions (FAQs) | FAQs about IND COVID PENSION LOAN and SALARY LOAN |
( Last modified on May 16, 2020 at 05:05:44 PM )