JAI JAWAN PENSION LOAN : Armed Forces Pensioners having Pension A/c with SBI
The following changes have been made in JAI JAWAN PENSION LOAN to cover all the Defence Pensioners under one scheme. Eligibility Pensioners of Defence,Para Military Forces, Coast Guard, Rashtriya Rifles and Assam Rifles whose pension payment order is with SBI.
No minimum age bar and maximum age at the time of availing loan should be 76 years.
Family Pensioners of the above categories can also avail SBI Pension Loan. Loan Amount Minimum Rs 25,000/-
a) Max of 36 months pension with a ceiling of Rs 14.0 Lakhs for pensioners up to 56 years of age.
b) Max of 18 months pension with a ceiling of
(i) Rs 14.0 Lakhs for pensioners above 56 years and up to 72 years of age.
(ii) Rs 12.0 Lakhs for pensioners above 72 years and up to 74 years of age.
(iii) Rs 7.5 Lakhs for pensioners who are above 74 and up to 76 years of age. EMI/NMP not to exceed 50% Age and Repayment Period 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 and up to 72
77 years More than 72 and up to 74
78 years More than 74 and up to 76
Rate of Interest Fixed : 380 bps above Two Yr MCLR (9.30% now) Interest Now 13.05 % Processing Fee Nil Type of Loan Term Loan to be opened under the same CIF on which Pension Payment Account exists Disbursement By credit to Pension Payment a/c only even if loan is sanctioned at non-home branch.
Third Party Guarantee (TPG) of spouse eligible for family pension. In the absence of spouse, TPG of any other family member or a third part worth the loan amount.
Place for availment of loan by pensioner Home branch or if re-employed at any branch at his present place of posting.
Provision of 2nd Loan No provision for 2nd loan. Fresh loan can be taken after liquidating the first loan only after 12 months
Product Code for Pension Loan – 6450-2021-MC-JAI JAWAN PENSION LOAN