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Bank of India Pension Loan Highlights |
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| Interest Rates | 10.85% p.a. |
| Loan Amount | Up to Rs 10 lakh |
| Processing Charges | For senior citizens: NIL
For others: One time @ 0.50% of loan amount Minimum Rs 250 and Max Rs 1,000 |
Interest rates as of 20 November 2024
Table of Contents
Bank of India Pension Loan Interest Rates
| Star Pensioner Loan Scheme | 11.85% p.a. |
| Star Suvidha Express Personal Loan | 10.85% p.a. |
Fees and Charges of Bank of India Pension Loan
Processing Charges
Bank of India does not charge any pension loan processing fees for senior citizens (age 60 and above). However, it charges a one-time processing fee of 0.50% of the pension loan amount from other pension loan applicants with a minimum fee being Rs 250 and a maximum amount being Rs 1,000.
Bank of India Pension Loan Amount
- Where PPO is held with Nagpur Government Business Branch/DPDO- Up to Rs 10 lakh
- Pension directly received at branch from treasury- Up to Rs 5 lakh
- Family pensioners getting pension through treasury/DPDO- Up to Rs 3 lakh
Note:
- For pensioners opting for secured personal loan, loan amount is up to 20 months of net pension*
- For pensioners opting for unsecured loan, loan amount is up to 15 months of net pension*
- *net pension= gross income – income tax & EMI of other loans
- *net take home pension should be at least 40% of the pension amount (after deduction of loan installment)
Bank of India Pension Loan Eligibility Criteria
- Retired employees
- Regular pensioners/family pensioners drawing pension from Bank of India
Documents Required for Bank of India Pension Loan
While the Bank of India has not clearly stated the documents required for availing pension loans, the documentation, if any, should be minimal as the bank would already have most of the required documents due to the KYC of the pension accounts maintained with the bank.