Tamilnad Mercantile Pensioner Plan Envisages the Release of loan to elderly persons who are Getting their Monthly Pensions, from the future pension receipts

To meet Medical Expenses, Payment of Electricity Charges, Phone bills, Educational Expenses, Water Charges, Family Expenses

Eligibility :

The employees of Central / State Government organization / Public Sector undertakings / Banks who receive their pension amount through our Bank Branches.

Nature of Limit ;

Overdraft in SB account (The overdraft limit should be allowed only at the branch where the pension amount is being credited.)

Loan Quantum :

Upto 95% of one month pension amount after deducting other repayment obligations if any for the existing loans and advances granted to the applicant.

Margin
5%.

Security
Nil.

Rate of Interest

BR + 3.75% (14.15% p.a.).
Current Base Rate for Lending (BR) is 10.40% p.a.

Penal Interest
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.

Processing Charges
1.00% of Limit sanctioned without any maximum cap


Documentation Required New Pension System

Proof of identity:

The following documents can be submitted as proof of identity
Ration card
Passport
PAN card
Driving License
Aadhar card

Proof of address:

The following documents can be submitted as proof of address
Electricity bill
Telephone bill
Bank passbook
Property or house tax receipt
House lease agreement