Baroda Loan to Pensioners

Purpose

For any purpose other than speculation.

Eligibility Borrowers

• Pensioners/ family pensioners drawing pension through our Bank’s branches.
• Pensioners who are getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their savings accounts with our branches.
• Pensioners/ Family Pensioners of our Bank.
  

  Family Pensioner: Spouse authorized to receive pension after the death of the pensioner.

Pensioner should be drawing pension through the branch for at least last -3- months and conduct of his/her account should be satisfactory i.e., no return of cheques for financial reasons.

Co-Applicant

Applications to be considered on individual basis only. Co-applicants not to be allowed.

Age

• Minimum: 21 years
• Maximum:75 years

Quantum of Finance

Limit is stipulated based on the classification of Pensioner.

Regular Pensioners:

• For age upto 70 years :Rs.8.00 Lacs
• For age above 70 years : Rs.5.00 Lacs

For Family pensioner:

• For age upto 70 years :Rs.3.00 Lacs
• For age above 70 years : Rs.1.50 Lacs

Specific Guidelines for Loan Eligibility:

Rate of interest for Baroda Loan to Pensioners:

• BRLLR + SP + 2.60%

Unified Processing Charges:

• Pensioners / Family Pensioners of our Bank: Nil
• Others: Rs.1,000/-+GST

Foreclosure charges:

• There are no foreclosure charges.

Penal interest:

• Penal interest @2% shall be levied on loan outstanding amount

• Completely filled loan application along with 3 passport sized photographs along with Form 135 giving details of Assets and Liabilities of the applicant.
• Proof of residence includes any of the following:
  1. Valid passport
  2. Voter id card
  3. Driving license
  4. Post-paid utility bill (gas bill and electricity bill)
  5. Updated passbook or bank account statement
  6. Registered rent agreement
• Proof of identity:
  1. PAN card
  2. Aadhar Card
  3. Valid Indian passport
  4. Voters ID card
  5. Driving license
  6. Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate
  7. Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI
• Details of Pension /PPO No. etc.