Allahabad Bank loan for pensioners

Allahabad Bank has launched a personal loan scheme exclusively for the State and the Central Government pension-holders.

Under the scheme, a pensioner up to the age of 65 years will be eligible for a loan equivalent to his pension (with relief) for 10 months or Rs 75,000, whichever is lower.

The loan carries an interest rate of 15 per cent and is repayable in 36 months. A rebate of one per cent will be allowed for timely repayment of monthly instalments. A pensioner-loanee would also be covered under the Group Personal Accident Insurance policy of Rs 1 lakh under the scheme.