Canara Pension-General Public
Purpose
- To meet the cost of medical expenses and other genuine personal needs of the Pensioners
Eligibility
The following types of pensioners who are drawing their pension through our branches are eligible for financial assistance under the scheme:
- All Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
- All State Government Pensioners.
- Pensioners of all Government Department Undertakings.
- Pensioners of all Public Sector Undertakings/Corporate Pensioners.
- Family Pensioners of all the above categories.
Quantum and Repayment
For General Public Pensioners:
Age at the time of Loan sanction |
Max Loan Amt |
Repayment Period |
Age at the time of full Repayment |
|
Below 70 years |
10.00 lakhs |
60 months |
Up to 75 years |
|
70 - 75 years |
5.00 lakhs |
36 months |
Up to 78 years |
For Defence Pensioners :
Age at the time of Loan sanction |
Max Loan Amt |
Repayment Period |
Age at the time of full Repayment |
|
Below 50 years |
10 lakhs |
84 months |
57 years |
|
50 - 60 years |
8 lakhs |
60 months |
65 years |
|
60 - 70 years |
6 lakhs |
48 months |
74 years |
|
70 - 75 years |
5 lakhs |
24 months |
77 years |
For Family Pensioners (General/Defence Pensioners):
Age at the time of Loan sanction |
Max Loan Amt |
Repayment Period |
Age at the time of full Repayment |
|
Below 70 years |
5.00 lakhs |
60 months |
75 years |
|
70 - 75 years |
3.00 lakhs |
36 months |
78 years |
Rate of Interest
Security
1. In case of Loan to Pensioners:
Co-obligation of the spouse (wherever there is a provision for family pension) or any other person/pensioner good for the amount, if necessary, may be stipulated by the sanctioning authority.
2. In case of Loan to Family Pensioners:
Third party guarantee/co-obligation good for the amount should be obtained invariably.
Processing Charges
- Processing charges are waived in respect of the loans under this scheme
Documents / Formalities
- Stipulated Loan Application with 2 copies of passport size photographs
- Co-obligation (unless waived)
- Delivery letter to DPN