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Baroda Loan to Pensioners

Purpose :

  • For any purpose other than speculation.

Target Group :

  • Regular Pensioners, Family Pensioners
  • Retired Employees of Bank of Baroda/ their Family pensioners

Eligible Borrowers :

  • Pensioners/ family pensioners drawing pension through our Bank's branches.
  • Pensioners who are getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their savings accounts with our branches.
  • Pensioners/ Family Pensioners of our Bank.

Family Pensioner: Spouse authorised to receive pension after the death of the pensioner.

Pensioner should be drawing pension through the branch for at least last -3- months and his account should have been conducted satisfactorily. i.e., no return of cheques for financial reasons.

Age :

  • Minimum: 21 Years
  • Maximum: 75 years

Loan Limit :

  • 18 times of monthly pension with a ceiling of:

Regular Pensioners:

  • For age upto 70 years : Rs.8.00 Lacs
  • For age above 70 years: Rs.5.00 Lacs

For Family pensioner:

  • For age upto 70 years : Rs.3.00 Lacs
  • For age above 70 years : Rs.1.50 Lacs

Total monthly deductions including proposed EMI and EMIs of existing loans (if any) should not exceed 60% of monthly pension.

Repayment Period

Regular Pensioners/Family Pensioners:

  • For age upto 70 years : 60 months
  • For age above 70 years : 36 months

Rate of Interest

  • Base Rate + 2.00%
  • For Retired Employees of Bank of Baroda/ their Family pensioners:¬† Base Rate.

Penal interest

  • Penal interest @2% shall be levied on overdue amount

Penalty for Prepayment


Unified Processing Charges

  • Pensioners / Family Pensioners of Bank of Baroda : Nil
  • Others : Rs.1,000/-

Documents Required to be submitted by applicants

  1. Application form
  2. Passport Size Photograph
  3. Identity proof
  4. Residence /Address Proof
  5. Details of Pension /PPO No. etc.

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