FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Ballia-Etawah Gramin Bank – Gramin Bank Pensioner Loan Scheme
Objective: To provide financial help to senior citizens of society drawing pension through the account of the bank this loan scheme is offered. This loan scheme can be availed for any legitimate consumption needs of the applicant.
Eligibility: Any pensioner up to the age of 70 years drawing pension through the bank account is eligible for this personal loan scheme. Except a family pension earner, any such pensioner can obtain this loan.
Quantum of Loan: Up to age of 65 years, the maximum amount that can be granted as loan is equivalent to 8 months pension. In case of pensioners of age 65 to 70 years the maximum amount that is granted as loan is 4 months pension or Rs. 50 thousand which ever is less.
Type of facility: This is a kind of Personal Demand Loan.
Repayment Period: Up to age of 65 years, the repayment of the loan has to be done within 36 equal monthly installments. In case of pensioners of 65-70 years age, the repayment of loan has to be done within 24 equal monthly installments.