Regular Pensioners
- Minimum Rs.25,000/=
- Maximum of 18 months’ pension with a ceiling of Rs.14.00 lacs for pensioners who are up to 72 Years of age
- Rs.12.00 lacs for pensioners who are above 72 years and up to 74 years of age
- Rs.7.50 lacs for pensioners who are above 74 years and up to 76 years of age.
- EMI/NMP (Net Monthly Pension) not to exceed 50%.
Family Pensioners
- Minimum Rs.25,000/-
- Maximum of 18 months’ pension with a ceiling of Rs.5.00 lacs for pensioners who are up to the age of 72 Years
- Rs.4.50 lacs for pensioners who are above 72 years and up to 74 years of age
- Rs2.50 lacs for pensioners who are above 74 years and up to 76 years of age.
- EMI/NMP not to exceed 33%.
Third Party Guarantee
- Regular Pensioner having PPO with our Bank: NIL
- Other Regular 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.
- All 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.
Processing Fees
- SBI Pensioners & Defense Pensioners (including SBI & Defence Family Pensioners) : No processing fee.
- Other Regular Pensioners: 1% of the loan amount + applicable GST with a minimum of Rs.1000 and maximum of Rs. 10000 + applicable GST
- Other Family pensioners: 0.50% of the loan amount + applicable GST with a minimum of Rs.500 and maximum of Rs 2500 + applicable GST.
Loan Branch
- Regular/ Family Pensioner having PPO with our Bank: Loan can be sanctioned at home branch (Pension paying branch) or any branch nearby his/ her place of present posting/ residence.
- Other categories of Pensioners: The loans to be sanctioned at Home branch (Pension paying branch) only.
Penal Interest
In the event of default in payment of any instalment or any irregularity in the loan account, penal interest at the rate of 2% p.m. over the stipulated interest rate with monthly rests will be charged for the irregular amount and overdue period.
| Margin | NIL |
| Age | Upto 76 years of age at the time of loan sanction |
| Repayment Period | 72 months (Loan to be repaid by 78 years of age) |
| Security | NIL |
| Facility | Demand Loan |
| RSM | > 40 |
| Pre-Sanction Survey | Not stipulated |
Top up Loan
- Top-up loan (2nd loan) can be sanctioned to Pensioner and Family pensioner after disbursement of the 1st loan/
- It can only be sanctioned if 1st loan is running regular.
- There cannot be more than 2 Pension Loans standing in the name of a borrower.
- However, this is subject to the overall EMI/NMP ratio of 50% for Pensioner and 33% for the Family Pensioner.
- The sum total of outstanding in the 1st loan and limit of 2nd loan in no case should exceed the pensioner’s entitlement at the time of availment of 2nd loan.