SBI Loan For Pensioners and Family Pensioners

SBI Loan For Pensioners and Family Pensioners…
LOAN TO AFFLUENT PENSIONERS
A new scheme “SBI Loan to Affluent Pensioners” is formulated to match the requirements and higher repayment capacity of those with higher salaries and pensions The salient features of “SBI Loan to Affluent Pensioners” scheme are as under:-
(1) Eligibility:
(a) Pensioners :
(i) All Central, State Government pensioners and SBI Pensioners whose pension accounts are maintained by our branches.
(ii) Pensioners whose pensions are disbursed by Govt. Treasuries by cheques drawn in favour of our branches as per mandate of the pensioner are also eligible subject to condition that pensioner should not be more than 72 years of age
(b) 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 65 years of age.
(2) Loan Amount:
(a) Pensioners : Maximum of 12 months net pension with a ceiling of Rs.3.00 lac
(b) Family Pensioners : A maximum of 9 months net family pension with a ceiling of Rs.1.50 lacs In no case the EMI should be more than 25% of the net pension drawn by the family pensioner.
(3) Collateral Security :
(a) Pensioners : Third party guarantee (TPG) of the spouse eligible for family pension. In the absence of the spouse, TPG of any other family member or a third party worth the loan amount.
(b) Family Pensioners : Third party guarantee of a person who has been maintaining a satisfactorily conducted account with the bank, preferably of the son/daughter of the family pensioner.
(4) Repayment Period : In EMIs commencing from the pension payable one month after disbursal of loan. Installment is deducted at the time of payment of pension:

Age at the time of loan sanction	Repayment period	Age at the time of full repayment
Up to 70 years	36 months	73 years
70-72 years	24 months	74 years

(5) Pensioners will have to submit their PAN Number or Form 15H before availing loan under this scheme.
(6) Processing Fees : Nil
(7) Margin : Nil
Interest rates
SBI CAREER LOAN
(Base Rate 9.50 % w.e.f. 11.07.2011)

Type of Security	Rate of Interest
Land/Building	4.50% above Base Rate, currently 14.00% p.a.
Bank’s TDRs/STDRs	1.00% above the rate of interest payable on deposits
Govt. Securities/Public Sector Bonds/NSCs/ KVPs/RBI Relief Bonds, LIC Policy	4.25% above Base Rate , currently 13.75% p.a.

(In case interest is paid during the course period a rebate of 0.50% will be admissible, only during the moratorium period)
NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.