If you are are a pensioner who were in need of some quick cash then getting the personal loan from Allahabad Bank is the right option, The Allahabad Bank is providing personal loan for pensioners at very low rates of interest rates with less documentation in a easy and also simple process.
Target Group & Eligibility Criteria:
- All the State Govt. and Central Govt. Pension holders and teacher pensioners drawing pension from our branches.
- Pensioners who are drawing pension from Post-Offices / Other Banks are also eligible for loan under the scheme if they are willing to provide 50% collateral security by way of FDR / NSC / KVP / LIP (Surrender value).
Definition: Pension means basic pension plus dearness relief at the time of sanction of credit facility.
Age: Age of the pensioner must not exceed 70 years as on the date of disbursement of loan.
Purpose: The Personal Loan can be availed without assigning any specific purpose.
Quantum of Loan: An amount equivalent of 10 months’ pension inclusive of relief or Rs.75, 000/- whichever is lower. Minimum Loan amount is Rs.15, 000 /-.
Group Personal Accident Insurance: Group Personal Accident Insurance Policy of Rs.75, 000/- covering accidental death for the pensioners availing loan under Personal Loan Scheme for Pensioners.
Repayment Period: 36 months.
Collateral Security:
For borrowers drawing pension fromAllahabad Bank:
- Guarantee from family pensioner.
- Letter of undertaking from family pensioner.
For others:
- Pledge of NSC / KVP / FDR etc. covering 50% of loan amount.
- Guarantee from working son / spouse / daughter or from third person with net worth of Rs 50,000/- or more.
