Pension Loan

Purpose

Any expenses like Medical, Education, Family & Domestic functions, Marriage etc.

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Age of applicant

For Regular Pensioners:

Maximum Entry Age: 73 years.

Maximum Exit Age: 78 years.

For Family Pensioners:

Maximum Entry Age: 70 years.

Maximum Exit Age: 73 years

Eligibility

Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, whose pension accounts are maintained with our branches.

Excluding OAP / Widow Pensioners, Fisheries Pensioners, EPF Pensioners and other scheme pensioners announced by Govt of Puducherry from time to time.

Loan amount

Regular Pensioner: 15 months’ pension - subject to a maximum of Rs.6.00 lakhs

Family Pensioner: 12 months’ pension - subject to a maximum of Rs.2.00 lakhs

Caution: In case of family pensioners, branches need to ascertain the following Information to properly decide on the quantum of loan and the EMI / repayment term.

The date of start of family pension

Whether any downward revision of pension is applicable and if so, when due

In case of such downward revision, what is the level / quantum of pension expected

Even in case of regular pensioners, any likely reduction in quantum of pension envisaged - on account of commutation, recovery of excess pension by PPA etc shall be duly taken in to account while fixing the loan amount / EMI

Rate of Interest

BPLR (15%)

Period of Loan & Repayment

Regular Pensioner: Maximum: 60 months

Family Pensioner: Maximum: 36 months

Processing charges

Nil upto Rs.25,000/-

0.75% of the loan amount above Rs.25,000/-

How to apply

Please contact nearest Puducherry Grama Bank’s Branch for more details