SBI Personal Loan for Pensioners

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SBI Personal Loan for Pensioners
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SBI Pension Loan

• Are you enjoying your retired life after years of
  distinguished service with Central/State
  Government services?
• Are you experiencing the urgent need for funds?
• In that case, SBI Pension Loan is your best
  friend arranging funds.
• SBI Pension loan has been structured specifically
  to address the needs of pensioners.
• It is disbursed in a quick and hassle-free manner.

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Features

• It covers the sudden and unexpected funding needs
  of Government employees, Defense employees, or
  family pensioners.
• Pensioners can avail this scheme up to 76 years
  of age.
• It has a nominal processing fee. Nil for Defense
  pensioners.
• Pensioners can avail an SBI Personal Loan in the
  range of ? 25K to ? 14 Lakhs.
• Family pensioners can avail up to a maximum of ?
  5 Lakhs.
• SBI pension loan offers zero hidden charges,
  quick processing, and approval facilities.
• Any prepayment (in full or part) and foreclosure
  will attract a fee of 3 on the prepaid amount.

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Who are eligible? Part 1

• Central Government Employees
• State Government Employees
• Defence Personals like
• Armed forces (Army, Air Force Navy)
• Paramilitary Forces (CISF, CRPF, ITBP, BSF, etc)
• Coast Guards
• Assam Rifles
• Rashtriya Rifles
• The above-mentioned personals are drawing their
  pensions through any of the SBI branches and are
  not over the age of 76 years, are eligible for
  the SBI pension loan.

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Who are eligible? Part 2

• The Pension Payment Order (PPO) remains with the
  Government Treasury and the pensioner needs to
  give his mandate to the treasury for paying his
  pension through an SBI branch.
• He/She also needs to furnish an irrevocable
  undertaking that this mandate will not be changed
  during the tenure of the SBI pension loan availed
  by him.
• A guarantee will be required from a third party
  (spouse), who will remain eligible for the family
  pension.

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Maximum Eligible Loan Amount and Repayments for
Central/State Government Pensioners

Age at the time of Loan Sanction Maximum Loan Amount  Period for Repayment Age at the time of Full Repayment
Below 72 ? 14 Lakhs 5 years Up to 77 years
72 - 74 years ? 12 Lakhs 4 years Up to 78 years
74 - 76 years ? 7.50 Lakhs 2 years Up to 78 years
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Maximum Eligible Loan Amount and Repayments for
Defence Pensioners

Age at the time of Loan Sanction Maximum Loan Amount  Period for Repayment Age at the time of Full Repayment
Below 56 years ? 14 Lakhs 7 years 63 years
56 - 72 years ? 14 Lakhs 5 years 77 years
72 - 74 years ? 12 Lakhs 4 years 78 years
74 - 76 years ? 7.50 Lakhs 2 years 78 years
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Maximum Eligible Loan Amount and Repayments for
Family Pensioners (including Defense Pensioners)

Age at the time of Loan Sanction Maximum Loan Amount  Period for Repayment Age at the time of Full Repayment
Below 72 years ? 5 Lakhs 5 years 77 years
72 - 74 years ? 4.50 Lakhs 4 years 78 years
74 - 76 years ? 2.50 Lakhs 2 years 78 years
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Thank You !!!