Good news for pensioners! SBI comes out with festive offer on pension loan

Good news for pensioners! SBI comes out with festive offer on pension loan

Good news for pensioners! Particularly those who are an SBI customer or draw their pension through any of the branches of the State Bank of India. For, the SBI has come out with a limited period festive offer for the pensioners who wish to celebrate Diwali without any financial constraint. The bank has, in fact, waived off processing fee on pension loans until 30.11.2018. Thus, you won’t have to pay any processing fee if you avail a pension loan from the SBI before the 30th November this year. However, before opting for this loan, you need to check out whether you are eligible for this loan or not.

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What is SBI pension loan?

The SBI provides pension loans to Central, State Government and Defence pensioners who are not more that 76 years of age and draw their pension through one of its branches. Such people can avail a pension loan from the concerned branch to meet their personal expenses.

1. Eligibility

(A) For Pensioners:

(i) For Central & State Government Pensioners:

The pensioner shouldn’t be more than 76 years of age. Besides, people whose pension is disbursed by Government Treasuries through cheques drawn in favour of SBI branches are also included included under the purview of the scheme, subject to certain conditions.

(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 whose Pension Payment Order is with SBI. There is no minimum age bar under the scheme, however, the maximum age at the time of availing the 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:

(ii) For Defence Pensioners

Minimum: Rs 25,000

Maximum:

# 36 months’ pension with a ceiling of Rs 14 lakh for pensioners who are up to 56 years of age

# 18 months’ pension with a ceiling of:

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

Minimum: Rs 25,000

Maximum: 18 months’ pension with a ceiling of:

3. Repayment Mode

Standing instruction to debit the pension account for recovery of the EMIs.

4. Processing Fees

(A) For Central and State Government Pensioners (including Family Pensioners):

Festival Offer: Nil Processing Fee till 30th November 2018.

(B) For Defence Pensioners: Nil

5. Margin

Nil

6. Prepayment Charges

# Any prepayment of EMIs in full or in part and closure of account before the end of the term will attract prepayment charges of 3% on the 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.

 

 

Source:- financialexpress

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