Pensioners

1. Before Retirement
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat
Eligibility : Persons whose age is 50 or more and having a pension scheme after retirement may apply for loan under this scheme.
Terms & Conditions : An undertaking letter that the entire loan oratleast 30 % or an amount as decided by the Area Office will be repaid out of the retirement benefits is required. The balance is to be repaid from the Pension Income. The amount of Principal to be repaid at the time of retirement will depend on the Pension amount the applicant is eligible after retirement.
Loan Term : The term of the loan will be up to 15 years or 70 years of age whichever is earlier.
2. After Retirement
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat.
Eligibility : Pensioners having a stable income throughout their life from pension may apply for loan under this scheme.
Terms & Conditions : 1) Commutation of Pension or any portion thereof is not allowed under this scheme.
2) A Guarantor acceptable to the Company is required.
Repayment Mode : The loan is to be repaid before the applicant attains the age of 70 years.

Leave a Reply

Your email address will not be published. Required fields are marked *