SBI Personal Loan for Pensioners

SBI Personal Loan for Pensioners

SBI Pension Loan

SBI provides Personal Loan for Central or State Govt. or Defence pensioner drawn his pension through one of the SBI branches and are not more than 76 years old with the nil processing fees for Defence Pensioners or nominal processing fees for other pensioners.

(1) Eligibility:
(A) For Pensioners:
(i) For Central & State Government Pensioners:
The pensioner should not be more than 76 years of age In addition, pensioners whose pensions are disbursed by Government Treasuries by means of cheques drawn in favour of our branches, as per mandate of the pensioner, are also proposed to be included. In such cases, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a particular branch of a bank.
Such pensioners will be included under the purview of the Scheme subject to the following conditions:
The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the branch, during the currency of a loan availed by him from SBI.
The Treasury concerned consents in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the Bank.
All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.
(ii) For Defence Pensioners:
Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with us.There is no minimum age bar under the scheme. The Maximum age at the time of availment of loan should be 76 years.

(B) For Family Pensioners (including Defence Family Pensioners) :
Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.

(2) Loan Amount:
(A) For Pensioners:
(i) For Central & State Government Pensioners
Minimum : Rs. 25,000/-
Maximum : 18 months' Pension with a ceiling of:
Age                                   Max Loan Amount
≤ 72 years                           Rs 14.00 lac
> 72 but ≤ 74 years             Rs 12.00 lac
> 74 but ≤ 76 years             Rs 7.50 lac

(ii) For Defence Pensioners

Minimum : Rs. 25,000/-
Maximum : 36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age
18 months’ Pension with a ceiling of :
Age                                     Max Loan Amount
> 56 but ≤ 72 years              Rs 14.00 lac
> 72 but ≤ 74 years              Rs 12.00 lac
> 74 but ≤ 76 years              Rs 7.50 lac
(EMI / NMP not to exceed 50% in all the cases for all type Pensioners)
EMI = Equated Monthly Instalments
NMP = Net Monthly Pension

(B) For Family Pensioners (including Defence Pensioners):
Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of:
Age                                    Max Loan Amount
≤ 72 years                           Rs 5.00 lac
> 72 but ≤ 74 years             Rs 4.50 lac
> 74 but ≤ 76 years             Rs 2.50 lac
(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)
EMI = Equated Monthly Instalments
NMP = Net Monthly Pension

(3) Age and Repayment Period:
(A) For Pensioners:
(i) For Central and State Government Pensioners :
Age at the time of Loan sanction               Repayment Period    Age at the time of full Repayment
Up to 72 years of Age                                 60 months                 77 years
More than 72 years and up to 74 years        48 months                 78 years
More than 74 years and up to 76 years        24 months                 78 years

(ii) For Defence Pensioners :
Age at the time of Loan sanction              Repayment Period      Age at the time of full Repayment
Up to 56 years                                             84 months                63 years
More than 56 years and up to 72 years         60 months                77 years
More than 72 years and up to 74 years         48 months                78 years
More than 74 years and up to 76 years         24 months                78 years

(B) For Family Pensioners (including Defence Pensioners) :
Age at the time of Loan sanction             Repayment Period       Age at the time of full Repayment
Up to 72 years of Age                                 60 months                 77 years
More than 72 years and up to 74 years        48 months                 78 years
More than 74 years and up to 76 years        24 months                 78 years

(4) Repayment Mode : Standing Instruction to debit the pension account for recovery of the EMIs

(5) Processing Fees:
(A) For Central and State Government Pensioners (including Family Pensioners):
0.50% of the Loan Amount + Applicable ST subject to Minimum of Rs. 500/- + applicable ST
(B) For Defence Pensioners:  NIL

(6) Margin: Nil

(7) Prepayment Charges :

• Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
• No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

(8) Guarantee :
(a) TPG of Spouse eligible for family Pension.
(b) In the absence of spouse, TPG of any other family member or a third party worth the loan amount

(9) Insurance : Nil

(10) Interest2 year MCLR 9.20% w.e.f. 01.08.2016

Personal Loan - Fixed Interest Rate

Scheme Name	Check-off	Rate of Interest
Xpress Credit	Full Check-off (Category I)	330-380 bps above 2 year MCLR i.e., 12.5%-13.00% p.a. currently
	Partial Check-off (Category II)	430-480 bps above 2 year MCLR i.e., 13.5%-14.00% p.a. currently
	No Check-off (Category III)	530-580 bps above 2 year MCLR i.e., 14.5%-15.00% p.a. currently
SBI Pension Loans (Both Variants)		3.80% above 2 year MCLR, currently 13.00% p.a.
Clean Overdraft		7.40% above 2 year MCLR, currently 16.60% p.a.

Click Here to Apply Online

Click here to view the full term & conditions of the Loan scheme or visit the official website.

Source : sbi.co.in