Karnataka Bank Pension Loan Features
| Karnataka Bank Pension Loan Interest Rate | 16%-16.50% p.a. |
| Karnataka Bank Pension Loan Processing Fee | 1% of the loan amount |
| Karnataka Bank Pension Loan Tenure | 36 months |
| Karnataka Bank Pension Loan Amount Minimum | Rs 25,000 |
| Karnataka Bank Pension Loan Amount Max | Rs.12lakhs |
| Karnataka Bank Family Pension Loan Amount Minimum | Rs 2lakhs |
| Karnataka Bank Family Pension Loan Amount Max. | Rs. 5lakhs |
| Karnataka Bank prepayment | 3% of the loan amount |
| Karnataka Bank foreclosure | 3% of the loan amount |
Karnataka Bank Pension Loan Eligibility
The pensioner should collect his monthly pension from the bank branches and be a retired central or state government employee.
Karnataka Bank Pension Loan Eligibility for Central and State Government Pensioners
| Age range | The basis for arriving at quantum | Maximum permissible loan (Amount in lakhs) |
| Up to 65 years | 18 times gross monthly pension routed through our Bank | 10.00 |
| 65 – 70 years | 18 times gross monthly pension routed through our Bank | 5.00 |
| Over 70 years | 5 months gross pension being routed through our Bank | 2.00 |
Karnataka Bank Pension Loan Eligibility For Defence Pensioners
| Age range | The basis for arriving at quantum | Maximum permissible loan (Amount in lakhs) |
| Up to 65 years | 18 times gross monthly pension routed through our Bank | 10.00 |
| 65 – 70 years | 18 times gross monthly pension routed through our Bank | 5.00 |
| Over 70 years | 5 months gross pension being routed through our Bank | 2.00 |
Karnataka Bank Pension Loan Eligibility For Family Pensioners
| Age range | The basis for arriving at quantum | Maximum permissible loan (Amount in lakhs) |
| Up to 65 years | 18 times gross monthly pension routed through our Bank | 10.00 |
| 65 – 70 years | 18 times gross monthly pension routed through our Bank | 5.00 |
| Over 70 years | 5 months gross pension being routed through our Bank | 2.00 |
Maximum Eligible Karnataka Bank Pension Loan Amount and repayments
For Central and State Government Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Defense Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 56 years | ₹ 14.00 Lakh | 84 months | Up to 63 years |
| 56 – 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Family Pensioners (including Defense Pensioners) :
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 5.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 4.50 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 2.50 Lakh | 24 months | Up to 78 years |
Interest Rate On Karnataka Bank Personal Loan For Pensioners
Pensioners at Karnataka Bank can use personal loans at an interest of MCLR+ 3.60% p.a. The current interest rate is 16.4 per cent.
Document Required For Karnataka Bank Personal Loans For Pensioners
The list of documents varies from tenure to loan sum for repayment. The following are the generic documents needed to be submitted:
- Completed & Signed loan application form with photographs of passport size
- Copy of your driving license, passport, or proof of identity (voter’s ID)
- (Photocopy of recent Telephone Bills/ Energy Bill) Address Evidence.
- Declaration of bank accounts for the previous six months
- Latest slip in pay
- The most recent Form 16 or returns on income tax
Loan Amount On Karnataka Bank Personal Loan For Pensioners
For State and Central Government Pensioners
| Bank Pension Loan | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure(months) |
| Below 65 years Between 65 – 70 years Above 70 years |
Rs 25,000 | RS 10 lakhs RS 5 lakhs RS 2 lakhs |
18 months | 60 48 24 |
Defence Pensioners
| Bank Pension Loan | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure(months) |
| Below 65 years Between 65 – 70 years Above 70 years |
Rs 25,000 | RS 10 lakhs RS 5 lakhs RS 2 lakhs |
18 months | 60 48 24 |
Family Pensioners
| Bank Pension Loan | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure(months) |
| Below 65 years Between 65 – 70 years Above 70 years |
Rs 25,000 | RS 10 lakhs RS 5 lakhs RS 2 lakhs |
18 months | 60 48 24 |
About Karnataka Bank Pension Loan
This financial services firm is based in Kumbakonam, Tamil Nadu, and is headquartered there. All over India, it has 700 sites. Mr R. Mohan (Chairman) The vision of the regional rural banks was seen by Dr N. Kamakodi (MD & CEO).
FAQs
✅ Am I liable for a pension loan from the Karnataka Bank?
You are entitled to take advantage of the Karnataka Bank Pension Loan if you are a pensioner with a bank account and are not over 78 years old.
✅ How do you get a pension loan from the Karnataka Bank?
You can apply online via Dialabank or call at 9878981166.
✅ What’s the maximum amount of loan that a borrower can get?
The maximum loan amount obtained under a personal loan from Karnataka Bank by an applicant aged 65 years and under is up to ⁇ 12 Lakh.
