• Bank of Baroda Loan for Pensioners

    Bank of Baroda provides a specific loan that is aimed at regular or family pensioners, including retired staff of Bank of Baroda and/or their family pensioners. This loan features low interest rates and fast approval times.

    Purpose of the loan

    The loan can be utilised for business or personal needs, but can’t be utilised for any speculative purposes.

    Eligibility criteria

    The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following entities-

    1. Pensioners or family pensioners drawing pension through Bank of Baroda’s branches
    2. Pensioners getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their savings accounts in Bank of Baroda
    3. Pensioners or Family Pensioners of Bank of Baroda
    4. Age limits fall within a minimum of 21 years and a maximum of 75 years

    Types of Financing

    The financing modes allowed under the Pensioner Loan is a term loan.

    Maximum loan amount

    Based on the credit-worthiness of the applicant, Bank of Baroda can provide loans that are 18 times the monthly pension of the applicant subject to the following limits–

    1. Regular Pensioners –
      • Age <= 70 years – INR 8 lakhs
      • Age > 70 years – INR 5 lakhs
    2. Family Pensioners –
      • Age <= 70 years – INR 3 lakhs
      • Age > 70 years – INR 1.5 lakhs

    The total monthly deductions with all EMIs should not exceed 60% of monthly pension.

    The repayment duration can be anywhere from 3 years to 5 years as the maximum time.

    Interest rate

    Interest rates for a pensioner loan could range from the base rate per annum to Base Rate + 2.00% per annum based on Bank of Baroda’s discretion. The rates are as per November 2015.


    1. Application form
    2. Passport Size Photographs
    3. Identity proof
    4. Residence proof or Address Proof
    5. Details of Pension or PPO No. or other relevant documents

    Features of Bank of Baroda Loan to Pensioners

    The Pensioner Loan from Bank of Baroda is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for pensioners to meet any kind urgent personal or business need.

    The loan period can be of 60 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation.

    Applying for Bank of Baroda Loan to Pensioners

    Through Bank of Baroda’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Bank of Baroda requesting an executive assistance for application process.

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