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  • Higher loan quantum.
  • NIL processing charges.
  • NIL Margin.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No pre-payment penalty.
  • Quick loan approval & disbursement.
Purpose To meet the cost of medical expenses and other genuine personal needs of the Pensioners.
Quantum and Repayment

For General Public Pensioners/Family pensioners :

Age at the time of Loan Sanction Maximum Loan Amount (24 months pension or Rs.) Repayment Period Age at the time of full Repayment
Below 60 years 15.00 lakhs 84 months Up to 67 years
60 - 70 years 10.00 lakhs 60 months Up to 75 years
70 - 75 years 5.00 lakhs 36 months Up to 78 years
Processing Charges 100 % waived.
Net Take Home NTH for Canara Bank Retired Pensioners/Family Pensioners is 40%.
Security
  • 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 to be stipulated by the sanctioning authority.
  • In case of Loan to Family Pensioners: Third party guarantee/co-obligation good for the amount should be obtained invariably.

    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.

  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
  • KYC documents of applicant/Co-applicant or guarantor.
  • Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., and others.
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Last updated on 05-10-2023 03:13 PM

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