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Canara Pension (Canara Bank Ex-Employees)
PURPOSE
Component-I
To meet the cost of medical expenses and other genuine personal needs of the Pensioners/Family pensioners.
Component-IITo make payment of premium of IBA Group Mediclaim Insurance Policy for Retired Employees of our Bank/Family Pensioners of Retired Employees of our Bank who have opted for and are covered under the scheme .
ELIGIBILITY
- Pensioners and Family Pensioners of our Bank.
QUANTUM
- Loan quantum:
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Maximum loan eligibility of Retired Employees of our Bank/Family Pensioner of Retired Employees of our Bank to remit the Annual Premium of the IBA Group Mediclaim Insurance Policy as a Second Loan shall be
20 months’ pension amount or Rs.10,00,000/- whichever is less.
Component-IIMaximum loan eligibility of the pensioner/Family pensioner to remit the Annual Premium of the IBA Group Mediclaim Insurance Policy as a Second Loan shall be.
The amount of Annual Premium payable for the year.
ORMaximum, eligible loan amount as per Canara Pension Loan Scheme (Presently maximum loan of Rs.10,00,000/-) MINUS existing liability if any.
Rs.90,000/-
Whichever is lower out of the above three.
However, the maximum loan liability at the time of sanction and disbursement of loan under both the component shall not exceed 20 months’ pension amount or Rs. 10,00,000/- (whichever is lower).
RATE OF INTEREST
REPAYMENT
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A. Component-1:
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i). To be repaid in 72 equated monthly installments (EMIs) if the Pensioner is below the age of 65 years at the time of sanction.
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ii). To be repaid in 60 equated monthly installments (EMIs) if the Pensioner is above the age of 65 years at the time of sanction.
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B.Component-2:
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10 Equated Monthly Installments irrespective of the age of the Pensioner. First installment to commence from the subsequent month after disbursement.
Suitable standing instructions/drawdown should be ensured on the date of opening loan account without fail.
SECURITY
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i). Loan of a Pensioner
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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.
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ii). Loan to Family Pensioner
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Third party guarantee/co-obligation good for the amount should be obtained invariably.
PROCESSING CHARGE
- Processing charges are waived in respect of the loans under this scheme.
DOCUMENTATION
- Loan application (Retail Lending).
- Take Delivery letter to DPN.
- Irrevocable Mandate
- Letter to be addressed to Pension Disbursing Authority.
- Particulars of the loans granted should be noted invariably in the Pension Register/PPO maintained with the Pensioner and SB master in the system of the concerned borrower to ensure prompt recovery of loan installments. The fact of sanction of pension loan is to be informed to Pension Payment Authority.
- Production of Bills/vouchers is not mandatory.