Bank of India Loan for Pensioners

Features of Bank of India Loan for Pensioners

The features of Bank of India Loan for Pensioners are given below:

1. EMIs begin at Rs.22,05 per lakh.
2. Maximum amount of the net monthly pension loan is up to 20 times for secured loans and 15 times for clean loans.
3. Repayment period maximum of sixty months
4. Fast loan repayment (very short turnaround time)
5. Free of charge processing for older citizens
6. A clean lending facility is offered without requiring any security pledge.
7. Simple record keeping

Benefits of Bank of India Loan for Pensioners

The benefits of Bank of India Loan for Pensioners are given below:

1. Senior persons do not incur any processing fees.
2. Interest rates are low, starting at 10.85% per year, with a maximum of Rs.10.00 lakhs
3. No unstated fees
4. No penalty for early payments

Fees

1. Senior persons do not incur any processing fees.
2. Others: one-time fee of 2% of loan amount, with a minimum of Rs. 500 and a maximum of Rs. 2,000.

Interest rate

The Bank of India (BOI) Loan for Pensioners rate of interest is 10.85%

Eligibility criteria

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.

Eligible Individuals:

Pensioners receiving pension payments through a bank branch

Age Limit:

Maximum age of 75 years at the time of the final loan repayment

Required Documents:

For Individuals:

1. Identity Proof (any one of the following): PAN card, Passport, Driver's License, or Voter ID card
2. Address Proof (any one of the following): Passport, Driver's License, Aadhar card, Latest Electricity Bill, Latest Telephone Bill, or Latest Piped Gas Bill
3. Pension Payment Order (PPO) with the bank branch

How to Calculate EMI on BOI Loan for Pensioners

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.

What is the BOI Loan for Pensioner interest rate?

The BOI Loan for Pensioner interest rate offered is 10.85%.

What is the repayment period offered?

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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FAQs on Bank of India Loan for Pensioners

• What is the Bank of India's maximum age for a pension loan?

  When the borrower's age at the conclusion of the repayment period does not exceed 75 years, they can be either regular pensioners or family pensioners: If the PPO is kept at the branch, the maximum loan amount is Rs. 5 lakh and the loan amount is 15 times the monthly income for the pensioner or family pensioner.

• Who isn't qualified for a pension loan?

  Ex-central and state government employees, family pensioners, and reemployed pensioners are eligible to apply for the loan. The loan is available to former Bank of India workers who have their pension SB accounts at an Bank of India branch.

• What distinguishes a personal loan from a pension loan?

  Pensioners may take out a pension loan to cover this unforeseen price. One kind of personal loan intended exclusively for pensioners is the pension loan. It can be applied to a variety of situations, including marriage and medical emergency.

• How can I calculate my Bank of India pension loan's monthly installments (EMIs)?

  Use the BankBazaar personal loan EMI calculator to determine your Bank of India pension loan's monthly installments (EMI). 

• How can I locate the nearest branch of Bank of India?

  Find the nearest Bank of India branch by using the branch locator on the bank's official website.  

• How can I use the money that Bank of India offered me as a pension loan?

  The sum of the pension loan from Bank of India can be used for a number of personal expenses, including travel, home renovations, medical bills, and other necessities. 

• How is a pension loan handled posthumously?

  The legal heir(s) of the borrower shall be liable for repayment of the loan to the extent that they inherited the borrower's estate, in addition to the security created for the benefit of the lenders.  

• How much time does it take to approve a personal loan for a pensioner? 

  The time it takes for a loan to be approved varies by lender. Some lenders may complete the application procedure in a few days, while others may approve applications immediately. 

• Do pensioners pay back their personal loans?

  Pensioners are entitled to make partial or complete early repayments on their personal loans. Examine the terms and conditions before making any prepayments, as certain lenders may charge fees or penalties for early repayment.  

• Is collateral required for retirees seeking Bank of India pension loans?

  Generally speaking, Bank of India offers unsecured pension loans to retirees without the need for collateral. However, some lenders could need collateral, or a guarantor based on the borrower's creditworthiness. 

• RLLR: Just what is it?

  Repo Linked Lending Rate is abbreviated as RLLR. It signifies that the RBI sets the interest rate on the loan, which is based on the Repo Rate. RLLR is the name of the external benchmark used to calculate loan interest rates.  

• What documentation is required when a senior applies for a pension loan from Bank of India?

  Documents that may be required to apply for a Bank of India pension loan include proof of identity (Aadhaar card, passport, voter ID), proof of address (utility bills, rental agreement), proof of income (pension statements), proof of bank account, and any other documents required by the lender.