SBI Pension Loan - Apply Online for SBI Pension Loan in India - Personal Banking

Eligibility

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.

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.

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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Loan Repayment Period

• SBI PENSION LOAN:

  Repayment Period

  72 months (Loan to be repaid by 78 years of age)

• JAI JAWAN PENSION LOAN:

  Repayment:

  In maximum 72 EMIs commencing from one month after disbursal of loan through SI, or by debit to the pension a/c for recovery of EMIs.  Maximum Age at the time of loan sanction Maximum Repayment Period Age at the time of full repayment Up to 76 years 72 months 78 years

• SBI PENSION LOAN SCHEME TO PENSIONERS OF PSUs:

  Repayment Period

  72 months (Loan to be repaid by 78 years of age)

• INSTA PENSION LOAN SCHEME THROUGH YONO:

  Repayment Period

  The demand loan will be repayable by way of EMIs through Standing Instructions. The maximum repayment period will be 3 years.

Terms and conditions

• EMI/NMP ratio shall not exceed 33% in all the cases for Family Pensioners
• EMI/NMP ratio shall not exceed 50% in all other type of 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.