Bank Of India Pension Scheme

I am the customer of bank of India and I wanted to know is bank of India gives Loans to the retired pensioners ? if yes then give me details of their loan schemes?

[Rajkumar Agarwal]

Yes, Bank of India provides the gives Loans to the retired pensioners; here are the details of their Loan Schemes.

Eligibility of pensioners :
Regular pensioners or family pensioners drawing regular monthly pension through the branch.
Retired employees (other than dismissed/compulsorily retired)
For those over 75 years, Max. Limit Rs.1 lac.

Type of Advance
Demand Loan/Term Loan/Overdraft (reducible as per repayment schedule)/ Overdraft

Quantum of Advance
DL/TL/OD (reducible as per repayment schedule) Overdraft [Pensioner' Credit Card holder not eligible] Where PPO is held with Branch.

Pension directly received at Branch from Treasury /DPDO

Loan Scheme:
15 times of monthly pension (For Pensioner / Family Pensioner – Max. loan Amount Rs.5 Lac
15 times of monthly Pension Max. Loan for Pensioners Rs.3 Lacs.
Max. Loan for Family Pensioner Rs.1.5 lacs\
Regular Pensioner / Family Pensioner where age does not exceed 75 years at the end of repayment period.

Net pension amount credited to SB A/c. less EMI for Loans if any, Max. Rs.50000/-

times of Net pension amount credited to SB A/c. less EMI for Loans if any, Max. Rs.50000/
Net take home Pension
The net take home pension after deduction of loan installment should be at least 40% of the pension amount.

For more details you may contact to Bank of India Head Office. the contact details are given below:

Contact details :

Head Office :

BANK OF INDIA
STAR HOUSE
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.
Ph: 022-66684444

For all your enquiries :
Call at Tele No - (022) – 40919191 / 1800 220 229 (all days)
24 X 7