Bank of Baroda has launched a new product to meet the needs of ex-defence personnel. The product is aimed at people who wish to pursue some profession or business after early retirement.

Retired defence personnel or the spouse of deceased a pensioner drawing pension from any branch is eligible for the loan. The maximum amount for applicants below 55 years would be twenty times of the last month''s pension or Rs.1.50 lakh (whichever is lower), while in the case of applicants above 55 years, the loan limit would be 15 times of the last month''s pension or Rs.1.50 lakh (whichever is lower).