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  • Loan to Retired Employees of our Bank.
  • NIL processing charges.
  • NIL Margin.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No pre-payment penalty.
  • Quick loan approval & disbursement.
  • Purpose
    • Component 1 : To meet the cost of medical expenses and other genuine personal needs of the Pensioners/Family Pensioners.
    • Component 2 : To 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 .
  • Quantum and Repayment
    • In respect of Retired Employees of our Bank/Family Pensioners of Retired Employees of our Bank :
      20 months’ pension amount or Rs 10,00,000/- whichever is less, subject to maintenance of NTH of 25% of Gross after deducting the proposed EMI.
    • Maximum 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.
      • Maximum, eligible loan amount as per Canara Pension Loan Scheme.
      • 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).
  • Processing charges

    100 % waived.

  • Net Take Home

    NTH for Canara Bank Retired Pensioners/Family Pensioners is 25%.

  • 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.
  • Repayment
    • Component 1 :
      • To be repaid in 72 equated monthly installments (EMIs) if the Pensioner is below the age of 65 years at the time of sanction.
      • To be repaid in 60 equated monthly installments (EMIs) if the Pensioner is above the age of 65 years at the time of sanction.
    • Component 2 :
      • 10 Equated Monthly Installments irrespective of the age of the Pensioner. First installment to commence from the subsequent month after disbursement.
  • Pensioners and Family Pensioners of our Bank.
  • 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 03:14 PM

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