Indian Bank Pension Loan
Indian bank, a national financial institution, has introduced a unique personal loan scheme. It is called as Indian bank pension loan, which can be availed in order to meet all the expenses towards medical, education, family function etc. Central and state government pensioners, family pensioners, re-employed pensioners, Indian bank retirees both under VRS and superannuation can avail personal finance under this special loan scheme. Eligible loan applicant must have a pension SB accounts at Indian bank at the time of applying.
In short, the norms of the bank clearly states that the applicant should be a pensioner and his account should be maintained with Indian bank. As far as quantum of loan is concerned, pensioners whose age is up to 70 years can avail 10 times of monthly pension with a maximum of Rs. 1 lakh. And, pensioners whose age is above 70 years and up to 75 years can avail the finance around 10 times of monthly pension with a maximum of Rs. 60,000. Family pensioners whose age is up to 70 years can also avail up to 10 times of monthly pension with a maximum of Rs. 60,000.
For this special personal finance, processing fee is not at all chargeable if the borrowed loan amount is up to Rs.25000. And, if the loan amount is above Rs. 25000, then, Rs. 250 is chargeable from the borrower. Repayment period for Indian bank pension loan is of maximum 36 months. The Indian bank pension loan interest rate does not fluctuate during the entire period of Loan repayment.
Repayment of the loan can be easily done through the equated monthly installments (EMIs), which include interest as well as principal amount. You can apply online for this type of personal loan through online application. With this approach, your loan can be processed fast and with zero documentation.
