| Eligibility | • Minimum existing Pension Loan Limit of Rs 1 lac • Minimum residual maturity of Pension Loan – 1 year • Satisfactory repayment record for the last 1 yearThe customer should not have two Pension Loans • No instance of the Pension Loan slipping to RG-3 and beyond in the last 1 year • Existing Pension Loan account should not be RG-2 and beyond at the time of scrubbing • Repayment of Loan will be only through SI |
| Loan Amount | 20% of Pension Loan Limit (Existing Loan Limit) Minimum: Rs 20,000 Maximum: Rs 2,80,000 Rationale: Minimum existing Pension Loan limit is Rs 100,000 and the maximum Loan Limit under the scheme is Rs 14,00,000 |
| Nature of Facility | Demand Loan |
| Loan tenure | Minimum 12 months to maximum 36 month. The top up loan will be co- terminus with the existing loan. |
| Number of Loans | At any point of time, only 1 “Insta Pension” will be allowed to exist under the proposed scheme. |
| Repayment Period | The demand loan will be repayable by way of EMIs through Standing Instructions. The maximum repayment period will be 3 years. |
| Prepayment | waived |
| Security | NIL |
| Interest Rate | ROI is 2.55 % spread over 2 year MCLR with no reset. (Please refer latest circular under Personal Loans for current ROI) |
| Processing Fee | A processing fee of 1% of the loan amount plus applicable GST will be charged under the product, subject to minimum Rs 1,000 and Maximum Rs. 10,000, plus GST. |