Bank of India- BOI Star Pensioner Loan Scheme
Target Customers (Eligibility):
- Regular pensioners or family pensioners drawing regular monthly pension through the branch.
- Retired employees (other than dismissed/compulsorily retired)
Type of Advance: Demand Loan/Term Loan/Overdraft (reducible as per repayment schedule)/ Overdraft
Quantum of Advance DL/TL/OD (reducible as per repayment schedule) Overdraft [Pensioner' Credit Card holder not eligible]:
| Where PPO is held with Branch |
Pension directly received at Branch from Treasury
/DPDO |
| Regular Pensioner / Family Pensioner where age does not exceed 75 years at the end of repayment period. |
| Secured / Unsecured:- 15 times of monthly pension (For Pensioner / Family Pensioner – Max. loan Amount Rs.5 Lac) |
Secured / Unsecured :-times of monthly Pension (Max. Loan for Pensioners Rs.3
Lacs. Max. Loan for Family Pensioner Rs.1.5 lacs)
|
| For those over 75 years, Max. Limit Rs.1
lac.
|
| [Proponent/borrower may be sanctioned more than one loan (i.e. two accounts – one for secured and other for unsecured/clean loan) under the scheme, depending upon eligibility].
|
| 3 times of net pension (amount credited to SB A/c. less EMI for Loans if any, Max. Rs.50000/-) |
3 times of net pension (amount credited to SB
A/c. less EMI for Loans if any, Max. Rs.50000/-)
|
Net take home Pension: The net take home pension after deduction of loan
instalment should be at least 40% of the pension amount.
Purpose:
Unsecured / Clean:
- To meet marriage expenses /Medical expenses /Education of self/spouse/children/near relatives.
- Repairs/renovation/extension of existing house/flat (where Equitable Mortgage charge over the property cannot be created in favor of the Bank and the proponent has not raised loan against such property from any Bank/FI/NBFC, etc.).
- Any other Personal Expenses of bona fide nature.
Secured Advances:
- Repayment of existing Housing Loan from other Banks/Fistic.
- Purchase of Consumer Durables/Computers/Professional Equipment’s, etc.
[In case of clean/unsecured loan, an undertaking to be obtained from the borrower stating that the loan has been utilized for the purpose declared. In case of secured advances, appropriate proof/bills/receipts for expenses incurred to be obtained.]
Repayment:
| For Clean/unsecured advance |
Secured Advance |
| Max.36 EMIs w.e.f. one month after first disbursement. 60 EMIs in exceptional cases. |
Max. 60 EMIs w.e.f. one month after 1st disbursement. |
For Clean / Secured Advance : Click Here
Processing / Handling Charges:
- No processing charge for Senior Citizens (60 years & above)
- For others one time @ 2% of loan amount, Min. Rs.500/- and Max.Rs.2000/-.
- Stamp Paper charges: At actuals. Loan Agreement Copy charges .- As Applicable
|
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