SBI Loan For Pensioners and Family Pensioners

 

SBI Loan For Pensioners and Family Pensioners…

LOAN TO AFFLUENT PENSIONERS

A new scheme “SBI Loan to Affluent Pensioners” is formulated to match the requirements and higher repayment capacity of those with higher salaries and pensions The salient features of “SBI Loan to Affluent Pensioners” scheme are as under:-

(1) Eligibility:

(a) Pensioners :

(i) All Central, State Government pensioners and SBI Pensioners whose pension accounts are maintained by our branches.

(ii) Pensioners whose pensions are disbursed by Govt. Treasuries by cheques drawn in favour of our branches as per mandate of the pensioner are also eligible subject to condition that pensioner should not be more than 72 years of age

(b) 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 65 years of age.

(2) Loan Amount:

(a) Pensioners : Maximum of 12 months net pension with a ceiling of Rs.3.00 lac

(b) Family Pensioners : A maximum of 9 months net family pension with a ceiling of Rs.1.50 lacs In no case the EMI should be more than 25% of the net pension drawn by the family pensioner.

(3) Collateral Security :

(a) Pensioners : Third party guarantee (TPG) of the spouse eligible for family pension. In the absence of the spouse, TPG of any other family member or a third party worth the loan amount.

(b) Family Pensioners : Third party guarantee of a person who has been maintaining a satisfactorily conducted account with the bank, preferably of the son/daughter of the family pensioner.

(4) Repayment Period : In EMIs commencing from the pension payable one month after disbursal of loan. Installment is deducted at the time of payment of pension:

Age at the time of loan sanction

Repayment period

Age at the time of full repayment

Up to 70 years

36 months

73 years

70-72 years

24 months

74 years

(5) Pensioners will have to submit their PAN Number or Form 15H before availing loan under this scheme.

(6) Processing Fees : Nil

(7) Margin : Nil

Interest rates

SBI CAREER LOAN

(Base Rate 9.50 % w.e.f. 11.07.2011)

Type of Security

Rate of Interest

Land/Building

4.50% above Base Rate, currently 14.00% p.a.

Bank’s TDRs/STDRs

1.00% above the rate of interest payable on deposits

Govt. Securities/Public Sector Bonds/NSCs/ KVPs/RBI Relief Bonds, LIC Policy

4.25% above Base Rate , currently 13.75% p.a.

(In case interest is paid during the course period a rebate of 0.50% will be admissible, only during the moratorium period)

NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

For more details contact your nearest SBI Branch.

CGEN.in Newsletter Subscription…

Enter your Email:
Preview | Powered by FeedBlitz

Also you read….

Next Additional Dearness Allowance Hike Almost Confirmed at 7%..!

Next Additional Dearness Allowance Hike Almost Confirmed at 7%..! The Labour Bureau released the AICPIN points for the month of May yesterday. The AICPIN points, which had remained stagnant at 242 … [Read More...]

Collection of data of Central Government Staff and Officers – 7th Central Pay Commission

Collection of data of  Central Government Staff and Officers - 7th Central Pay Commission The Directorate General of Human Resource Development has published an order regarding the 7th Central Pay … [Read More...]

7TH CPC COMMON MEMORANDUM – AT A GLANCE

7TH CPC COMMON MEMORANDUM – AT A GLANCE Highlights of the Memorandum submitted on issues common to all Central Government employees to Secretary 7th Pay Commission. JCM NC has also submitted Interim … [Read More...]

List of Allowances & Advances increased by 25% due to DA touched to 100% with effect from 1.1.2014.

List of Allowances & Advances increased by 25% due to DA touched to 100% with effect from 1.1.2014.  List of all allowances and advances enhanced by 25% from the existing level from 1st January … [Read More...]

Dont forget to join in our community…

Comments

  1. PEERMOHAMMED MOHD SHAIKH says:

    I WOULD LIKE TO KNOW MORE ABOUT SBI PENSION LOAN.ITS A GOOD SCHEME FOR RETIRED GOVT AFFLUENT GOVT SERVANTS
    P M SHAIKH PUNE