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What is the rate of super senior citizen?

Published in Retail Loan Interest Rates 2 mins read

The specific additional interest rate component applicable to resident super senior citizens on certain retail loans is 0.75%. This rate is applied over and above the standard interest rates.

Understanding the Super Senior Citizen Rate Component

For resident individuals categorized as super senior citizens, an additional interest rate component is applied to their retail loans. This additional component signifies a higher interest rate charged compared to other borrower categories, reflecting a specific policy or risk assessment by the lending institution.

Here's a breakdown of how this additional rate is structured:

  • Additional Rate for Super Senior Citizens: Resident super senior citizens are subject to an additional 0.75% on their retail loan interest rates.
  • Comparison to Normal Rate: This 0.75% is added directly to the "normal rate" that would otherwise apply to general borrowers.
  • Comparison to Senior Citizen Rate: Furthermore, this 0.75% is specifically 0.25% over and above the rate applicable to resident senior citizens, implying that resident senior citizens themselves receive an additional rate of 0.50% over the normal rate (0.75% - 0.25% = 0.50%).

This tiered structure ensures that the additional rate component for super senior citizens is explicitly defined relative to both the normal rate and the rate for senior citizens.

Rate Structure Overview

The following table illustrates the additional rate components for various borrower categories based on the provided information, specifically for Government Employee Retail Loan Interest Rates:

Category Additional Rate Component (Over Normal Rate) Comparative Additional Rate
Normal 0.00% (Base Rate) -
Resident Senior Citizen 0.50% (Implied) -
Resident Super Senior Citizen 0.75% 0.25% over the Resident Senior Citizen additional rate

This information pertains to Government Employee Retail Loan Interest Rates as offered by institutions like Union Bank of India. For more details on these specific rates, you may refer to the official rate of interest pages for relevant loan products.