COVID times -
How to get a Pensioner Loan from Bank Of India.
- by Rajeev Pathak
Image courtesy: Pexels by Tristan-Le.1642883
In view of ongoing economic crises in the country, the Bank Of India has extended a loan (COVID Loan) for Pensioners who draw their pension from any branch of Bank Of India. This will help the lacs of customers who are facing hardships arisen due to the Corona pandemic.
Who can avail of a Pensioner Loan:
Regular Pensioners: Any Pensioner who is drawing his / her Pension from any branch of Bank Of India,
Family Pensioners: who draws his / her Family Pension from Bank Of India,
Bank Of India Staff Retiree Pensioners and
Pensioners/Family pensioners who are drawing pension through the Treasury / Defense Pension disbursing office (DPDO) with direct credit to their SB A/cs with Bank Of India.
It is important to note here that the Nominee / legal heir of the Pensioner / Family Pensioner has to join as co-borrower. As per the latest guidelines, a guarantee from another pensioner is required. However, this stipulation is waived in the case of Bank Of India's own staff-pensioners/family pensioners.
Quantum of Loan:
Ten (10) times of last drawn pension maximum of
Rs. 2 lacs for a Regular Pensioner and
Rs. 0.75 lac for a Family Pensioner.
Maximum Re.1 lac in case of a Pensioner who is getting his pension through Treasury / DPDO.
Net Take Home Pay (NTHP)- Minimum 35%, in simple words, after deduction of loan installment, he/ she should have at least 35% of the pension amount left for his livelihood.
There is NO Margin stipulation in the scheme.
Rate Of Interest:
RBLR floating with monthly rests, currently 6.85%.
Age:
The age of the pensioner at the end of the repayment period should not exceed 75 years.
Processing Fee:
There is NO Processing Fee under the Scheme.
Repayment of loan:
Pensioner Loan is repayable in 36 monthly installments.
What documents are needed to apply?
Copies of proof of Identities 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.
How to apply:
One can apply online at Bank’s website or can submit an application at the branch of Bank Of India where his / her Pension account is maintained.
TAT (Turn Around Time) :
The status of the loan application may be checked online. Bank aims to have a TAT of 3 business days. One can say, " तीन दिन में लोन ".
No need to say, documents are to be executed in person at the branch, and the loan amount is to be credited in the account in which the pension is credited.
For any clarifications, pensioners may approach their Pension Paying Branch or raise their query in Comments Box, we will endeavor to get the queries answered.
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