A Pensioner Overdraft Scheme to consolidate your debts from Central Bank of India.

A simple overdraft facility for pensioners to consolidate their loans.

Central Bank of India Cent OD Facility to Pensioners

This loan helps pensioners and family pensioners drawing pension through Central Bank of India including ex-employees of the bank get access to funds to meet their personal needs. While this secured loan can be used to meet expenses for overseas travel expenses, medical emergencies and so on, it can also be used to consolidate high-interest debts.

Features of Cent OD Facility to Pensioners

Why this Loan?

  • The Central Bank of India Cent OD Facility to Pensioners is designed to help pensioners and family pensioners drawing pension from Central Bank of India including retired employees of the bank meet their genuine financial needs other than speculation, real estate investment or other prohibited activities
  • Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • This is a collateral-free loan

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan is up to 18 times the monthly pension of the borrower or Rs. 10 lakh, whichever is lower


  • The interest rate applicable to this loan is defined as the sum of one-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium of 1.50%. As of October 2020, the interest rate applicable to this loan is 8.45%


  • This overdraft must be repaid within 12 months


  • Regular and family pensioners of Central Bank of India including ex-employees other than dismissed staff or compulsorily retired employees drawing regular monthly pension through the bank are eligible for this loan

Security Needed

  • The spouse of the pensioner or the legal heir of family pension beneficiary must be a co-borrower of the loan

Margin & Processing Charges

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest calling the bank customer care number to know more details

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Documents related to the Central Bank of India Pension account
  • Letters should be addressed to the Pension Disbursing Authority and the particulars of the loans granted should be noted invariably in the Pension Register/PPO maintained with the pensioner and SB master

Reference Facts

  • Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111