Pensioner Lending Programs
This type of finance is enjoyed by “Early Retirement Pensioners” as well as those “retried for reaching the legal age”, provided that the age of the client would not exceed 65 years by the end of the finance term.
– This finance is granted without conditioning a minimum for the value of finance requested.
– The maximum value of finance that could be granted is determined in light of the value of the monthly pension and any other income documentarily substantiated to the bank, provided observing the term of settlement and the rate of deduction from the income determined pursuant to the following program.
– It shall be observed that the maximum rate of deduction from the pensions would not exceed 35%.
– The maximum term for settling the loan is 7 years.
Required documents :
1. National no. card
2. Recent utility receipt (residence lease or property contract/gas, electricity or telephone bill).
3. Authenticated statement of monthly pension particulars and the approval to transfer the borrower’s pension; observing that it would be issued by the paying entity stamped with its seal.
4. any documents could be submitted evidencing other sources of income (if any).