Tuesday, November 18, 2008

SBI - LOAN TO PENSIONERS

LOAN TO PENSIONERS

If you are a Central or State Government pensioner drawing your pension through one of our branches and are not more than 72 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us. 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 13.50% 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 by our branches. The pensioner should not be more than 72 years of age.

Purpose :
To meet personal expenses .

Loan Amount :
A maximum of 12 months pension with a ceiling of Rs.1,00,000/-

Margin :
Nil

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

Rate of Interest :
0.50% above SBAR Floating i.e. 13.50% p.a.

Authorised Branches :
All branches maintaining pension accounts. The facility is available only from the branch which is maintaining pension account of the applicant.



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1 comment:

florence12 said...

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