State Bank of Travancore (SBT) has launched a special loan campaign for pensioners by revising all its existing loan schemes.
The campaign addresses the loan needs of retirees of State and Central Governments; all public sector undertakings; banks; and defence services drawing their pension through SBT branches.
The campaign will extend up to June 30, an official spokesman said, adding that the bank offered full waiver of processing charges for loans sanctioned during this period.
Under the scheme, service pensioners drawing pension from SBT branches are entitled to loans of up to ₹7.5 lakh, depending on eligibility.
The bank has clarified that family pensioners are also covered under the new pension product with a maximum eligible loan of ₹1 lakh.
Those who already have loan accounts under the old schemes can seamlessly migrate to the new product to benefit from the higher loan amount on offer.
Sajeev Krishnan, Chief General Manager (Retail Banking), SBT, launched the special loan campaign at a function held at the headquarters of the bank here by handing sanctioning letters to beneficiaries.