IND COVID EMERGENCY PENSION LOAN

Parameter	Norms
Target Group	Central & State Government Pensioners & Family Pensioners, (Re- employed Pensioners, RBI pensioners and IB Retirees (both under VRS & superannuation) whose pension accounts are maintained with our branches)

	(Existing Borrowers under IB Pension Loan Scheme (IBPLS) can avail this loan subject to availability of Net take home pay (NTHP) of 40% or 30% as the case may be (Please refer to NTHP Norms detailed below) after deducting the existing and proposed EMI).

	CRS retirees and EPF Pensioners are not eligible for Pension Loan
Purpose	For meeting unforeseen expenses due to Covid-19
Eligibility	All existing accounts in “Standard category” excluding SMA1 / SMA 2 as on date of sanction.
Validity	Up to 30/06/2020
Nature of facility	Medium Term Loan
Quantum of Loan		Sl.	Regular Pensioners
		a.	Maximum 15 times of monthly pension net of TDS
		b.	Maximum Loan amount of Rs.2 lakhs
		c.	NTHP 40%**
		Eligible Loan amount – Least of above three parameters a to c
		** Wherever the applicant has availed loans with our Bank secured by immovable properties, Sanctioning Authority can consider loan with 30% NTHP against extension of EM. Registration of MODTD need not be insisted.
Margin	Nil
Rate of Interest	Concessional Rate: 8.75% p.a. Fixed
Age limit	Regular Pensioners:			Family Pensioners:
	Maximum Entry Age: 68 years Maximum Exit Age: 75 years			Maximum Entry Age: 68 years Maximum Exit Age: 73 years
	Entry age – No minimum years
Repayment	Maximum 36 months including holiday period of 3 months
Security	NIL
	Wherever 30 % NTHP has been considered, extension of EM over immovable property
Service Charges	Processing / Documentation / Pre-closure charges – NIL

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