Bank Of India Pension Loan

⋆ Interest Rate 9.99% ⋆

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      Table of Contents

      Bank Of India Pension Loan

      Bank Of India Pension Loan Features

      Bank Of India Pension Loan Interest Rate 11.83% p.a.
      Bank Of India Pension Loan Processing Fee 1% of the loan amount
      Bank Of India Pension Loan Tenure 36 months
      Pension Loan Amount Minimum 25,000
      Pension Loan Amount Max 14 Lakh
      Family Pension Loan Amount Minimum 2.5 Lakh
      Family Pension Loan Amount Max. 5 Lakh
      Bank Of India Prepayment Charges 3% of the loan amount
      Bank Of India Foreclosure Charges 3% of the loan amount

      Bank Of India Pension Loan Eligibility

      For the Bank Of India loan eligibility, it is one of the primary requirement that one of your ex-staff constituent who is having a pension statement. You must also be a beneficiary of state government, PSU or Central Government. You must also take home 60% of the monthly pension after paying the bank payments.

      Bank Of India Pension Loan Eligibility for Central and State Government Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Government
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Written consent from the treasurer not to accept any pension transfer requests
      Guarantee Terms By the spouse (eligible for a family pension) or any other third party

      Bank Of India Pension Loan Eligibility For Defence Pensioners

      Eligibility Criteria Key Features
      Employer Type Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Not applicable

      Bank Of India Pension Loan Eligibility For Family Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Governments including all Armed Forces
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Authorised members of the family under the family pension scheme

      Maximum Eligible Loan Amount and repayments

      For Central and State Government Pensioners:

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 72 years ₹ 14.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

      For Defense Pensioners:

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 56 years ₹ 14.00 Lakh 84 months Up to 63 years
      56 – 72 years ₹ 14.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

      For Family Pensioners (including Defense Pensioners):

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 72 years ₹ 5.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 4.50 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 2.50 Lakh 24 months Up to 78 years

      Interest Rate On Bank Of India Personal Loan For Pensioners

      The interest rate for Bank Of India Pension Loan is very less i.e. 3.40% p.a. to fulfil the needs of old pensioners in their ending days.

      Documents Required For Bank Of India Pension Loan

      Identity proof: Any of the following mentioned–

      • Passport
      • Voter Identity Card
      • Pan Card
      • Driving License
      • Aadhaar Card

      Address proof: Any of the following mentioned–

      • Ration Card
      • Bank Account Statement
      • Passport
      • Driving License
      • Utility bills
      • The property purchase agreement
      • Aadhaar Card

      Income proof: 

      • Bank Account Statement
      • Salary Slips

      Loan Amount On Bank Of India Personal Loan For Pensioners

      The smallest loan amount is Rs 25,000. The highest loan amount and loan tenure depends on pensioner’s life and the nature of pension he/she is drawing.

      For State and Central Government Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Less Than 72 Years 25000 14 Lakh 18 Months Pension 60
      72 to 74 Years 25000 12 Lakh 18 Months Pension 48
      74 to 76 Years 25000 7.5 Lakh 18 Months Pension 24

      For Defence Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Up to 56 Years Rs 25000 14 Lakh 36 Months Pension 84
      Less Than 72 Years Rs 25000 14 Lakh 18 Months Pension 60
      72 to 74 Years Rs 25000 12 Lakh 18 Months Pension 48
      74 to 76 Years Rs 25000 7.5 Lakh 18 Months Pension 24

      For Family Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Less Than 72 Years 25000 5 Lakh 18 Months Pension 60
      72 to 74 Years 25000 4.5 Lakh 18 Months Pension 48
      74 to 76 Years 25000 2.5 Lakh 18 Months Pension 24

      About Bank Of India

      Bank of India is a state-owned commercial bank. It’s headquarters are in Mumbai. The Bank provides a wide range of  Bank Of India Pension Loan
      banking products and financial services to its customers. It provides specialized services for businesses NRIs merchant banking etc. They have branches that deal specifically with asset recovery hi-tech agricultural finance, lease finance and treasury and small-scale industries. It offers products such as mutual funds venture capital depository services bullion trading and credit cards.

      FAQs on Bank Of India Pension Loan

      ✅ Can you get a loan on a pension?

      The Bank Of India Pension Loan is available for the Central and State Govt pensioners, Defense pensioners and family pensioners up to 76 years of age.

      ✅ How much loan can a pensioner get?

      The loan amount of personal loan for pensioners varies for the different pension loan providers. The Bank Of India Pension Loan can be availed for the amount Rs 25,000 to Rs 14 lakhs. 

      ✅ What is the pension loan scheme?

      The Bank Of India Pension Loan scheme covers the funding needs of Govt, Defense and family pensioners after their retirement.

      ✅ At what rate of interest you can get Bank Of India Pension Loan?

      You can get Bank Of India Pension Loan at 3.40% p.a. interest rate. 

      ✅ How can you get Bank Of India Pension Loan?

      You can apply online via Dialabank or call at 9878981166.

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