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Sunday, 5 June 2016

JAI JAWAN PENSION LOAN


Friday, June 3, 2016

The following changes have been made in JAI JAWAN PENSION LOAN to cover all the Defence Pensioners under one scheme.
Eligibility
Pensioners of Defence,Para Military Forces, Coast Guard, Rashtriya Rifles and Assam Rifles whose pension payment order is with SBI.
No minimum age bar and maximum age at the time of availing loan should be 76 years.
Family Pensioners of the above categories can also avail SBI Pension Loan.
Loan Amount
Minimum Rs 25,000/-
a)    Max of 36 months pension with a ceiling of Rs 14.0 Lakhs for pensioners up to 56 years of age.
b)    Max of 18 months pension with a ceiling of
       (i)    Rs 14.0 Lakhs for pensioners above 56 years          
       and up to 72 years of age.
       (ii)   Rs 12.0 Lakhs for pensioners above 72 years
       and up to 74 years of age.
       (iii)   Rs 7.5 Lakhs for pensioners who are above 74     
       and up to 76 years of age.
EMI/NMP not to exceed 50%
Age and Repayment Period
Age at the time of loan sanction
Repayment Period
Age at the time of full repayment
Up to 56 years
84 months
63 years
More than 56 and up to 72
60 months
77 years
More than 72 and up to 74
48 months
78 years
More than 74 and up to 76
24 months
78 years
Rate of Interest
Fixed : 380 bps above Two Yr MCLR (9.30% now) Interest  Now 13.05 %
Processing Fee
Nil
Type of Loan
Term Loan to be opened under the same CIF on which Pension Payment Account exists
Disbursement
By credit to Pension Payment a/c only even if loan is sanctioned at non-home branch.
Third Party Guarantee (TPG)  of spouse eligible for family pension.
In the absence of spouse, TPG of any other family member or a third part worth the loan amount.
Place for availment of loan by pensioner
Home branch or if re-employed at any branch at his present place of posting
Provision of 2nd Loan
No provision for 2nd loan.  Fresh loan can be taken after liquidating the first loan only after 12 months


Product Code for Pension Loan – 6450-2021-MC-JAI JAWAN PENSION LOAN

EMI is calculated below for Rs 100000/-@ 13.05% PA

S N          Month                             EMI

1.           12                                    8934

2.           24                                    4756

3.           36                                    3372

4.           48                                    2685

5.           60                                    2271

6.           72                                    2010

7.           84                                    1823

If calculated for more EMI can be multiplied the 2 for 200000/- , by 3 for 300000/- and so on.


Reformated by AFVAI

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