LOANS TO PENSIONERS

If you are a Central or State Government pensioner drawing your pension through one of our
branches and are not more than 76 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.
Nominal 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.

(1) Eligibility:
(a) For Pensioners:
The pensioner should not be more than 76 years of age In addition, pensioners whose pensions
are disbursed by Government Treasuries by means of cheques drawn in favour of our branches,
as per mandate of the pensioner, are also proposed to be included. In such cases, the original
Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives
a mandate to the Treasury for payment of pension through a particular branch of a bank.
Such pensioners will be included under the purview of the Scheme subject to the following
conditions:
(i) The pensioner concerned furnishes an irrevocable undertaking that he will not amend his
mandate to the Treasury to pay his pension from the branch, during the currency of a loan
availed by him from SBI.
(ii) The Treasury concerned consents in writing that it will not accept any request from the
pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the
Bank.
All other terms and conditions of the Scheme will be applicable, including guarantee of the
spouse (who will be eligible for family pension) or a suitable third party. The norms for family
pensioners will continue.

(b) For Family Pensioners:

(1) 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 76 years of age.

(2) Loan Amount:

(A)

For

Minimum

Pensioners:
: Rs.

25,000/-

Maximum : 18 months' Pension with a ceiling of:

Rs. 14.00 lacs: For Pensioners who are upto 72 years of age.

Rs. 12.00 lacs: For Pensioners who are above 72 years and upto 74

years of age.
Rs. 7.50 lacs: For Pensioners who are above 74 years and upto 76
years of age.

(EMI / NMP not to exceed 50% in all the cases for Pensioners)
EMI

Equated

Monthly

Instalments

NMP = Net Monthly Pension

(B) For Family Pensioners:

Minimum

: Rs.

25,000/-

Maximum: 18 months' Pension with a ceiling of:

Rs. 5.00 lacs: For Pensioners who are upto 72 years of age.

Rs. 4.50 lacs: For Pensioners who are above 72 years and upto 74

years of age.
Rs. 2.50 lacs: For Pensioners who are above 74 years and upto 76
years of age.

(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)
(3) Collateral Security:
The spouse eligible for family pension should guarantee the loan or any other family member or
a third party worth the loan amount.

(4) Age & Repayment Period:

(a) For Pensioners:

Age at the time of Loan sanction

Repayment

Age

at

Period

Repayment

the

time

of

full

Up to 72 years of Age

60 months

77 years

More than 72 years and up to 74 48 months

78 years

years

More than 74 years and up to 76 24 months

78 years

years

(b) Family Pensioners:

Age at the time of Loan sanction

Repayment

Age

Period

Repayment

60 months

77 years

More than 72 years and up to 74 48 months

78 years

Up to 72 years of Age

at

the

time

of

years

More than 74 years and up to 76 24 months

78 years

years

(5) Processing Fees:

0.51% of the Loan Amount (including Service Tax) subject to Minimum of Rs. 250/- (Processing
Fee is not applicable for SBI Pensioners)
(6) Margin: Nil

Interest

full

PERSONAL LOAN SCHEMES

Base Rate 9.70% w.e.f. 08.06.2015

Personal Loans
Scheme Name

Check Of

Xpress Credit

Full Check-off (Category 315 - 365 bps above Base Rate i.e., 12.85% I)
Partial
(Category II)

Rate of Interest*
13.35% p.a. currently
Check-off 415 - 465 bps above Base Rate i.e., 13.85% 14.35% p.a. currently

No Check-off (Category 515 - 565 bps above Base Rate i.e., 14.85% III)
SBI Pension Loans

15.35% p.a. currently

3.65% above Base Rate, currently 13.35%
p.a.

Jai Jawan Pension Loan

4.75% above Base Rate, currently 14.45%

p.a.

SBI Saral

8.50% above Base Rate floating, currently

18.20% p.a.

Festival Loan Scheme

6.75% above Base Rate, currently 16.45%

p.a.

Clean Overdraft

8.25% above Base