Karnataka Bank Pension Loan

⋆ Interest Rate 9.99% ⋆

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      Karnataka Bank Pension Loan

      Karnataka Bank Pension Loan Features

      Karnataka Bank Pension Loan Interest Rate  16%-16.50% p.a.
      Karnataka Bank Pension Loan Processing Fee 1% of the loan amount
      Karnataka Bank Pension Loan Tenure 36 months
      Karnataka Bank Pension Loan Amount Minimum Rs 25,000
      Karnataka Bank Pension Loan Amount Max Rs.12lakhs
      Karnataka Bank Family Pension Loan Amount Minimum Rs 2lakhs
      Karnataka Bank Family Pension Loan Amount Max. Rs. 5lakhs
      Karnataka Bank prepayment 3% of the loan amount
      Karnataka Bank foreclosure 3% of the loan amount

      Karnataka Bank Pension Loan Eligibility

      The pensioner should collect his monthly pension from the bank branches and be a retired central or state government employee.

      Karnataka Bank Pension Loan Eligibility for Central and State Government Pensioners

      Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
      Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
      65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
      Over 70 years 5 months gross pension being routed through our Bank 2.00

      Karnataka Bank Pension Loan Eligibility For Defence Pensioners

      Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
      Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
      65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
      Over 70 years 5 months gross pension being routed through our Bank 2.00

      Karnataka Bank Pension Loan Eligibility For Family Pensioners

      Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
      Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
      65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
      Over 70 years 5 months gross pension being routed through our Bank 2.00

      Maximum Eligible Karnataka Bank Pension 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 Karnataka Bank Personal Loan For Pensioners

      Pensioners at Karnataka Bank can use personal loans at an interest of MCLR+ 3.60% p.a. The current interest rate is 16.4 per cent.

      Document Required For Karnataka Bank Personal Loans For Pensioners

      The list of documents varies from tenure to loan sum for repayment. The following are the generic documents needed to be submitted:

      • Completed & Signed loan application form with photographs of passport size
      • Copy of your driving license, passport, or proof of identity (voter’s ID)
      • (Photocopy of recent Telephone Bills/ Energy Bill) Address Evidence.
      • Declaration of bank accounts for the previous six months
      • Latest slip in pay
      • The most recent Form 16 or returns on income tax

      Loan Amount On Karnataka Bank Personal Loan For Pensioners

      For State and Central Government Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      Defence Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      Family Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      About Karnataka Bank Pension Loan

      Karnataka Bank Pension Loan

      This financial services firm is based in Kumbakonam, Tamil Nadu, and is headquartered there. All over India, it has 700 sites. Mr R. Mohan (Chairman) The vision of the regional rural banks was seen by Dr N. Kamakodi (MD & CEO).

      FAQs

      ✅ Am I liable for a pension loan from the Karnataka Bank?

      You are entitled to take advantage of the Karnataka Bank Pension Loan if you are a pensioner with a bank account and are not over 78 years old.

      ✅ How do you get a pension loan from the Karnataka Bank?

      You can apply online via Dialabank or call at 9878981166

      ✅ What’s the maximum amount of loan that a borrower can get?

      The maximum loan amount obtained under a personal loan from Karnataka Bank by an applicant aged 65 years and under is up to ⁇ 12 Lakh.

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