This is a special loan scheme offered to those receiving regular pension or those drawing regular pension through the branch.
Unsecured loan can be taken to meet marriage expenses, medical expenses and education of self, spouse, child or near relatives. The loan amount can also be used for repairs, renovation and extension of your house or to meet any other personal expenses. If borrower is opting for the unsecured loan, an undertaking will be obtained from the borrower stating that the amount has been used for the purpose declared.
Secured loan can be used to repay the existing home loan or to purchase consumer durables, computers or professional equipment. Proof of receipt for expenses incurred has to be obtained.
|Type of loan||Demand or term loan or overdraft that is reducible as per repayment schedule.|
|Maximum loan amount||When the borrower is above 75 years then the maximum loan offered is Rs.1 lakh.|
For unsecured loan, maximum EMIs offered is 36 months with effect from one month after the first disbursement or 60 EMIs are offered for exceptional cases.For secured loan, the borrower will get maximum 60 EMIs with effect from one month after the first disbursement.
Senior citizens will not have any processing fees charged.
For others, a one-time processing fee is charged at 2% on the loan amount, subject to a minimum of Rs.500 and a maximum of Rs.2,000 plus service tax.
Other charges applicable are the stamp paper charges and loan agreement copy charges.
|Quantum of loan amount||
The Bank of India (BOI) Loan for Pensioners rate of interest is Base rate + 2%. Base rate is 9.70% +2% that is 11.70%. If a collateral security is available and it is over 25% of the loan amount, you will get a concession on the interest at 1 base point for 1% security maximum available base point is 100.
BOI Loan for Pensioner is offered to regular pensioners or family pensioners who are drawing a regular monthly pension through the branch or the retired employees other than those who were dismissed or compulsorily retired.
One must know how much EMI you will be paying each month and how long it is going to take for you to clear out the loan, before taking a loan. BankBazaar offers you EMI Calculators, where all you need to do is fill in details of the loan amount, tenure and the interest rate.
Based on your capacity to pay off the loan EMI, you can choose the tenure that you see fit. BankBazaar will give you a breakup of the loan, amortization, repayment details, interest and principal components etc.
Who can take BOI Loan for Pensioner?
BOI Loan for Pensioner is offered to regular pensioners or family pensioners or to retired employees.
what is the maximum loan limit?
The maximum loan amount offered is Rs.5 lakh.
What is the BOI Loan for Pensioner interest rate?
The BOI Loan for Pensioner interest rate offered is 11.70%.
What is the repayment period offered?
The repayment term for unsecured loan is 36 months and 60 months in exceptional cases. Secured loan repayment term is 60 months.
Is there a processing fee charged?
Yes, 2% of the loan amount is charged as the processing fee, however, the processing fee is not charged for senior citizens.
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