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SBI PENSION LOAN, Interest Rate, Eligibility, Age limit

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3 months ago

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If you are a Central or State Government or Defence pensioner drawing your pension through one of our branches and are not more than 76 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us.

Nominal processing fees (Nil Processing Fees for Defence Pensioners), no hidden costs and quick loan processing. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

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(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):
0.25% of the Loan Amount + 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) Interest

PERSONAL LOAN SCHEMES (w.e.f. 01.01.2017)

 

A. Personal Loan (Unsecured)

Xpress Credit to employees of Rated Corporates:

 

Facility Type Check Off Category Rating 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
Term Loan
Check Off
A- and above
8.10%
3.80%
11.90%
No Reset
Term Loan
Check Off
BBB+ and below
8.10%
4.30%
12.40%
No Reset
Term Loan
No Check off
A- and above
8.10%
5.90%
14.00%
No Reset
Term Loan
No Check off
BBB+ and below
8.10%
6.40%
14.50%
No Reset
Overdraft
Check Off
A- and above
8.10%
4.05%
12.15%
No Reset
Overdraft
Check Off
BBB+ and below
8.10%
4.55%
12.65%
No Reset
Overdraft
No Check off
A- and above
8.10%
6.15%
14.25%
No Reset
Overdraft
No Check off
BBB+ and below
8.10%
6.65%
14.75%
No Reset

 

Xpress Credit to employees of Unrated Corporates:

 

Facility Type Check Off Category Credit Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
Term Loan
Check Off
≥800
8.10%
4.55%
12.65%
No Reset
Term Loan
Check Off
700 – 799
8.10%
5.05%
13.15%
No Reset
Term Loan
No Check off
≥ 800
8.10%
5.40%
13.50%
No Reset
Term Loan
No Check off
700 – 799
8.10%
6.65%
14.75%
No Reset
Overdraft
Check Off
≥ 800
8.10%
4.80%
12.90%
No Reset
Overdraft
Check Off
700 – 799
8.10%
5.30%
13.40%
No Reset
Overdraft
No Check off
≥ 800
8.10%
5.65%
13.75%
No Reset
Overdraft
No Check off
700 – 799
8.10%
6.90%
15.00%
No Reset

 

Scheme 1 year MCLR Spread over 1 year MCLR Effective Interest Rate Reset Period
Xpress Elite
8.00%
3.40% – 7.15%
11.40% – 15.15%
1 Year
Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
Xpress Credit – IT Employees
8.10%
4.80% – 6.80%
12.90% – 14.90%
No Reset
Xpress Credit – Non-Permanent Employees (NPEs)
8.10%
4.30% – 6.65%
12.40% – 14.75%
No Reset
Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
SBI Pension Loan
8.10%
4.35%
12.45%
No Reset
Jai Jawan Pension Loan
8.10%
4.35%
12.45%
No Reset
PENSION LOAN TO COAL MINES PROVIDENT FUND (CMPF) PENSIONERS
8.10%
4.35%
12.45%
No Reset
Xpress Credit – IT Employees
8.10%
4.80-6.80
12.90%-14.90%
No Reset
Clean Overdraft
8.10%
8.45%
16.55%
No Reset
OD for e-commerce purchases
8.10%
5.50%
13.60%
No Reset
Xpress Credit-Non-Permanent Employees (NPEs)
8.10%
4.30 – 6.65
12.40% – 14.75%
No Reset
Personal Loans (Secured)
Scheme 1 year MCLR Spread over 1 year MCLR Effective Interest Rate Reset Period
Gold Loan (all variants)
8.00%
2.55%
10.55%
1 year
Loan against Shares& Mutual Funds
8.00%
3.15%
11.15%
1 year
Loan against NSC/ KVP/ RBI Relief Bond/ Surrender Value of SBI Life/ LIC/ SBI Magnum
8.00%
4.65%
12.65%
1 year
Loan against FCNR (B) Deposit
8.00%
2.90%
10.90%
1 year

 

Scheme Interest Rate
Loan against Bank’s Time Deposits (Domestic)
1% over the rate of interest paid on the relative Time Deposits offered as security irrespective of the loan amount.
Loan Against Floating Rate Term Deposit (Domestic)
1.50% over the rate of interest paid on the relative Time Deposits offered as security irrespective of the loan amount.
Loan against Bank’s Time Deposits and NRO Fixed Deposits
1% over the rate of interest paid on the relative Time Deposits offered as security irrespective of the loan amount.
Loan against NRE Fixed Deposits
1% over the rate of interest paid on the relative Time Deposits offered as security irrespective of the loan amount.
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