Corporation Bank Pension Loan

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Corporation Bank Pension Loan Features

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

Corporation Bank Pension Loan Eligibility

For the pension loan eligibility of Corporation Bank. You ex-staff member should have an account in pension. You must have a pension account in PSU, State Government or Central Government. You must be able to save 60% of the pension after paying loan instalment.

Corporation Bank 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

Corporation Bank 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

Corporation Bank 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 interest rate is 3.40%. This loan will be your personal loan and can also be used in the following ways:

  • Medical emergency
  • Financial problem
  • Wedding of your children.

You can apply for a loan on Dialabank.

Document Required For Loans For Pensioners 

Identity proof: Following documents can be used for verification of identity proof. Anyone of the documents would work.

  • Aadhar Card
  • Pan Card
  • Passport
  • Voter Identity Card 

Address Proof: Following documents can be used for verification of the address proof. Anyone of the documents would work.

  • Ration Card
  • Passport
  • Utility Bills
  • aadhar Card
  • Property Purchased documents.

Income Proof: Following documents are required for verification of Income proof. Both documents are necessary. 

  • Salary slips
  • Bank Account Statements 

Loan Amount on Bank Personal Loan For Pensioners

The minimum loan amount which will be provided by Corporation Bank to the pensioners is 25,000. The maximum amount is as follows:

  • For state and central government pensioners: 14 Lakhs
  • Defence pensioners: 14 Lakhs
  • Family Pensioners: 5 Lakhs

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 Corporation Bank

Corporation Bank Pension Loan

 

It was a public sector bank, and its headquarter was situated in Mangalore. It had a PAN India presence. It had 2,432 fully automated BSE branches, and it also had 3,040 ATM’s. Corporation Bank was founded in 1906 in March and was started in Udupi. It was started with 5,000 capital.

FAQs

✅ What is the loan amount that the Corporation Bank provides?

The minimum loan amount is 25,000.

✅What is the Corporation Bank Pension Loan scheme?

The Corporation Bank Pension Loan scheme will be providing loan to all those retired people who were involved in Government jobs, defence services or are the spouse of those who are receiving pensions.

✅From where can we apply for Pension Loan?

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

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

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

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