Apply Online for Pension Loan | Canara Bank Pension Loan

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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