Bank of Maharashtra Pension Loan @ 3.40%

Bank of Maharashtra Pension Loan

⋆ Interest Rate 9.99% ⋆

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: Address 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 to 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 About Bank of Maharashtra Pension Loan

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

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

✅ What is the 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 are receiving pensions.