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‘Baroda Loan to Pensioners’ was launched in September, 2000 for catering to the
needs of retired employees and for meeting changing needs of the target group.
The product was modified from time to time. On realignment of Retail Loan
products, w.e.f. 01.04.09, Loan to Pensioners is merged with ‘Baroda Personal Loan’.
However, w.e.f. 01.04.2015, to widen its scope and make it more competitive, Bank
has modified the parameters of loan to pensioners including increase in loan limit
and reduction on rate of interest. Accordingly, w.e.f. 01.04.2015, Loan to Pensioners to
be opened/ reported separately as ‘Baroda Loan to Pensioners’ in separate
scheme code.
With the modified features, our branches will find ‘Baroda Loan to Pensioners’ as
highly competitive and attractive product in respect of all the major parameters
rate of interest vis a vis similar products of Peer Banks. We are sure that branches will
make all out efforts to increase this safe and remunerative advance which
eventually will help in increasing healthy retail lending portfolio.
Regular Pensioners:
For age upto 70 years : Rs.8.00 Lacs
For age above 70 years: Rs.5.00 Lacs
Risk rating Credit rating will be done as per existing guidelines under
Clean Loan Rating Model and Loan shall not be extended
to the borrowers getting scores below cut-off mark.
Letter to Pensioners Branches can send letter to those pensioners who satisfy
basic criteria of loan to pensioners under Personal Loan
scheme.