SBI PENSION LOAN

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Retirement just got merrier with SBI Pension Loan. Fund your child’s marriage, buy your dream home, plan a trip or get medical aid with simple and hassle free loan and repayments.


Features
• Low Processing Fees • Easy EMIs through SI
• No hidden costs • Minimal documentation
• Quick loan processing  

Eligibility:
i) For Central & State Government Pensioners

  • • The pensioner should be below 76 years of age.
  • • Pension payment order is maintained with SBI.
  • • The pensioner to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
  • • The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued
  • • All other terms and conditions of the Scheme will be applicable, including guarantee by the spouse (eligible for family pension) or by a suitable third party.

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.
  • • Pension payment order is maintained with SBI.
  • • No minimum age bar under the scheme.
  • • Maximum age at the time of processing the loan should be less than 76 years.

iii) For Family Pensioners

  • • Family pensioners include authorized members of the family to receive pension after the death of the pensioner.
  • • Family pensioner should not be more than 76 years of age.

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Maximum Eligible Loan Amount and repayments:
(i) For Central and State Government Pensioners:

Age at the time of Loan sanction

Max Loan Amt (18 months Pension or Rs.)

Repayment Period

Age at the time of full Repayment

Below 72

14.00 lakh

60 months

Up to 77 years

72 - 74 years

12.00 lakh

48 months

Up to 78 years

74 - 76 years

7.50 lakh

24 months

Up to 78 years


(ii) For Defence Pensioners :

Age at the time of Loan sanction

Max Loan Amt (36 months Pension or Rs.)

Repayment Period

Age at the time of full Repayment

Below 56 years

14 lakhs

84 months

63 years

56 - 72 years

14 lakhs

60 months

77 years

72 - 74 years

12.00 lakh

48 months

78 years

74 - 76 years

7.50 lakh

24 months

78 years


(B) For Family Pensioners (including Defence Pensioners) :

Age at the time of Loan sanction

Max Loan Amt (18 months Pension or Rs.)

Repayment Period

Age at the time of full Repayment

Below 72

5.00 lakh

60 months

77 years

72 - 74 years

4.50 lakh

48 months

78 years

74 - 76 years

2.50 lakh

24 months

78 years


Terms and Conditions:
  • EMI/NMP ratio shall not exceed 33% in all the cases for Family Pensioners

  • Processing fee:
    • Zero processing fee for defence pensioners.
    • 0.50% of the loan amount + Tax for all other Pensioners including family Pensioners.
  • Prepayment charges - 3% on prepaid amount.

  • No prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme.

  • Repayment mode of the loan is furnished by Standing Instructions to debit the pension account for recovery of the EMIs.

  • Guarantee of loan is secured by TPG of Spouse eligible for family Pension or any other family member or a third party eligible for pension loan.


Where to Apply?
  • At all SBI branches