SBI PENSIONER LOAN
If you are a Central or State Government pensioner drawing your pension through one of SBI branches and are not more than 72 years of age, you can avail of a loan from SBI branch to meet your personal expenses. SBI understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with SBI.
You can avail a loan of up to a maximum of 12 months pension, subject to a ceiling of Rs.1,00,000. The documentation is easy.
The loan may be repaid over 5 years and will carry a low interest rate of 13.25% p.a.
There are no processing fees, no hidden costs and no prepayment penalties. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.
Salient features of the Scheme:
The loan may be repaid over 5 years and will carry a low interest rate of 13.25% p.a.
There are no processing fees, no hidden costs and no prepayment penalties. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.
Salient features of the Scheme:
Eligibility:
All Central and State Government pensioners, whose pension accounts are maintained at any of SBI branches. The pensioner should not be more than 72 years of age.
All Central and State Government pensioners, whose pension accounts are maintained at any of SBI branches. The pensioner should not be more than 72 years of age.
To meet personal expenses .
A maximum of 12 months pension with a ceiling of Rs.1,00,000/-
Security :
The spouse eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.
Repayment 60 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of loan sanction is upto 70 years
48 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of sanction is between 70 – 72 years
The spouse eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.
Repayment 60 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of loan sanction is upto 70 years
48 Equated Monthly Instalments (EMIs) – if age of Pensioner at the time of sanction is between 70 – 72 years
Authorised Branches : All branches maintaining pension accounts. The facility is available only from the branch which is maintaining pension account of the applicant.
37 comments:
Sbi ia nationalised bank & should care for senior citizens. interst rate is very high for pensioners loan.
Exctly Deepak...
The rate is very high,
it should be 4 or 5 for Senior Citizan.
I understand what you both mean, but when there is nobody to offer loans for retired persons, at least SBI does it. (Since pension can't be considered as an income, SBI is taking so much risk. If anything happens to the pensioner, there is no point of recovering the money.)
Haahaaa was that a joke...u shoud respect srcitizen rather than making money from a pensioner....it true the rates shoud be 5% per yr
Yes, the interest rate on Pension Loan shoud be reduced.
Venkataraman, FYI Sbi ask for guarantors which means if the pensioner dies, there is still a way to recover the loan. So in no way the bank is at lost. I agree with others that the interest rate is too..... High. In fact the bank instead of helping is legally robbing whatever little the pensioners are getting. Our mantriji's should pass a special bill for the benefit of d pensioners. RBI should also intervene.
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Interest rate should be reduced as like the sbi employees from normal interest rates
However genuine and rationale request may be to reduce the interest on pensioners loan , sbi does not care for senior citizen. They will consider rate cut for the defaulters/ big corporate house - loan but certainly not for poor pensioners.
Regards,
Debashis Aich
rates of loan to pensioners is very high. it should be more than 5 or the rates of fixed deposit in the same bank. Banks shall not seek profit from the elderly citizen instead help the needy elders.
The interest rate isvery high
The int rate nay b reduced to 8 per cent from 13.5 percent for t senior citizens we will be happy and thsnkful
The int rate nay b reduced to 8 per cent from 13.5 percent for t senior citizens we will be happy and thsnkful
As far as recovery of loan amount is concerned sbi to follow all banks guideline in offering personal loans.....a young chap may also die after getting personal loan...
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At present you are paying interest 7.75%on the fixed deposits for senior citizens (retired employees)
The interest rate on loans shall be 2%more. Which can be bear by senior citizens of this great nation
At present you are paying interest 7.75%on the fixed deposits for senior citizens (retired employees)
The interest rate on loans shall be 2%more. Which can be bear by senior citizens of this great nation
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Sir I want to know that if I have taken pension loan and after some period can I paid all the due payment ?
If I able to paid then how Sbi calculate the due amount ?
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How can sbi recover pensioners personal loan from their heirs if the loan was taken without their consent or knowledge at all?
Pensioners are senior citizens. The rate of interest on pensioners loan is sky-high. Government must intervene against this high handedness of the banks.
Kya pension loan ka bima hota hai?
is cibil checked in the pension loan while applying for the pension loan please reply
Seshaiah: If a pensioner who taken a pension loan from SBI and If he die, Has the dependent to pay the loan?
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