Bank of Maharashtra Pension Loan

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Bank of Maharashtra Pension Loan Features

BOM Pension Loan Interest Rate 3.40%
BOM Pension Loan Processing Fee 1%
BOM 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
BOM prepayment 3%
BOM foreclosure 3%

Bank of Maharashtra Pension Loan Eligibility

For the Bank of Maharashtra loan eligibility:

  • One of your ex-staff members should be having a pension account. 
  • You must be one of the pension account holders of state government, central government, or PSU
  • After paying the bank instalments you must be able to take 60% of your pension amount. You are only eligible for a loan if you can fulfil the above requirements.

Bank of Maharashtra 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 Maharashtra 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 Maharashtra 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 Repayment Period Age at the time of full repayment
Below 72 Years 14 Lakh 60 Up to 77 Years
72-74 Years 12 Lakh 48 Up to 78 Years
74-76 Years 7.5 Lakh 24 Up to 78 Years

(ii) For Defense Pensioners:

Age Max Loan Amount Repayment Period Age at the time of full repayment
below 56 Years 14 Lakh 84  Up to 63 Years 
56-72 Years 14 Lakh 60 Up to 77 Years
72-74 Years 12 Lakh 48 Up to 77 Years
74-76 Years 7.5 Lakh 24 Up to 78 Years

(ii) For Family Pensioners (including Defense Pensioners) :

Age  Max Loan Amount Repayment Period Age at the time of full repayment
Below 72 Years 14 Lakh 60 Up to 77 Years
72-74 Years 12 Lakh 48 Up to 77 Years
74-76 Years 7.5 Lakh 24 Up to 78 Years

Interest Rate Personal Loan For Pensioners

The personal loan is provided to pensioners to fulfil their needs in their ending days. They can use this loan for any purpose of their choice. They can use it for any medical emergency, financial help. This loan can be used anywhere. On such type of personal loan for pensioners is 3.40%.

Document Required For Loans For Pensioners 

Identity proof: As an identity proof aadhar Card, Pan Card, Voter Identity Card any of these would fulfil the need for identity proof.

Address Proof: Adress proof can be determined by the Utility bills, Aadhar Card, Bank account statements.

Income Proof: For Income Proof you must have both Salary slips as well as bank account statements. These both are necessary.

Loan Amount on Bank Personal Loan For Pensioners

The minimum loan amount which will be provided by BOM to the pensioners is 25,000. The maximum amount will be 14 Lakhs to state and central government pensioners, 14 Lakhs to Defence pensioners, 5 Lakhs to Family Pensioners. The loan tenure will vary accordingly. For more information please refer the below-given table:

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 Maharashtra

Bank of Maharashtra Pension Loan

 

It is one of the major Public Banks of India. The government owns a stake of 74.14% in the Bank of Maharashtra. It had 15 million customers by 2016. It has 1,897 branches across India. The Bank of Maharashtra was founded in Pune by V.G Kale and D.K Sathe.

FAQs

✅ What is the loan amount that a pensioner can avail?

The minimum loan amount that a pensioner can avail is 25,000 and maximum varies according to the categories.

✅What is Bank of Maharashtra Pension Loan scheme?

The Bank of Maharashtra Pension Loan scheme provides a loan to all those retired people who were involved in Government jobs, defence services or are the spouse of those who is receiving pensions.

✅From where can we apply for Pension Loan?

You can apply for Pension Loan from Dialabank or you can call us at 9878981166.

✅ At what Interest can we get Loan for Pension in Bank of Maharashtra?

The interest rate provided by the Bank of Maharashtra for pensioners is 3.40%

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