Friday, June 3, 2016

JAI JAWAN PENSION LOAN : ARMED FORCES PENSIONERS HAVING PENSION A/CS WITH SBI

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

(SOURCE- VIA E-MAIL FROM DIR TEL SAINIK WELFARE)

14 comments:

  1. Most of banks have such scheme . These scheme are basically a publicity gimmick of these banks. Instead,I feel that the services they are providing to the exservicemen must be improved. It would be surprising for the readers that there are a large no of defence pensioners who are not being paid their entitled dues correctly and in time. The bank staff at the branch levels is not fully trained and lack the commitments. Even the bank complaint cells are big farce. They work like a post office and forward the complaints to the branches against the complaints are lodged. It would be better that the banks have well trained and positive staff deployed to handle the pension accts of ex servicemen. The Exservicemen community has lived a very disciplined and respectful life while in service . Hence they got to be handled respectfully and their problems sorted out quickly.

    ReplyDelete
  2. Housing loan is 9.5%, car loan is less than 10% and allmost all other loans in the priority section is less than 11%.NPA among these loans are very high with plenty of defaulters.
    What a patriot the so called Bharatiya bank, doing a lot of sacrifices by giving loans to poor veterans @ 13.1% and that too the most secured loan without any worries of loan defaults and always a performing assets in their balance sheet that too on the pension date they can regularly take the money.
    This patriotic bank thrives on the livelihoods of poor veterans and they are worse than Shylock.

    ReplyDelete
    Replies
    1. I couldn 't agree with you more. BTW, you have missed to factor in the TPG , thus making it one of the safest and most lucrative loan portfolio of the bank.

      Delete
  3. Sir,
    I humbly request all the veterans not to fall on the trap of these so called patriotic banks. They give luxury car loans less than 10%,housing loan 9.5% and all other priority sectors less than 11% and these loans may become NPA over some time because of loan defaulters.
    Loans to the veteran are the most secured loan without any worries of loan defaults and always reflects in their balance sheet as performing assets. With all these positive advantage the so called Bharatiya bank is giving loans to us @13.1%. They are sucking our blood in the name of patriotism. These are blood suckers and worse than Shylock.
    Now banks are worried about their NPA, which is piling day by day and touching more than our defence budget. So they are coming out with strategies in the name of patriotism to loot us.They are looting not only us but also other pensioners like prashanthi loan @ 14.5%.

    ReplyDelete
  4. Housing loan is 9.5%, car loan is less than 10% and allmost all other loans in the priority section is less than 11%.NPA among these loans are very high with plenty of defaulters.
    What a patriot the so called Bharatiya bank, doing a lot of sacrifices by giving loans to poor veterans @ 13.1% and that too the most secured loan without any worries of loan defaults and always a performing assets in their balance sheet that too on the pension date they can regularly take the money.
    This patriotic bank thrives on the livelihoods of poor veterans and they are worse than Shylock.

    ReplyDelete
  5. They sanction loan to veteran with so many condition with tpg but grant crores to unworthy people easily to gain their commission finally land in court cases and writeoff

    ReplyDelete
  6. Can these so called banks give us same interest rate (13.1%) on our deposits under patriotic scheme?

    ReplyDelete
  7. Yes really these banks are more interest than civilian why we paid loan's monthly on Pen's payments regularly.

    ReplyDelete
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    ReplyDelete
  9. I am an ex service man drawing pension from SBI NARASAPUR (0885).. I want to take housing loan.Amount rs 5L to 10 L. house will be in NARASAPUR town. Procedure to follow mail me to bvsnageswar@gmail.com. Thanking you sir.

    ReplyDelete
  10. How to apply for housing loan. I am drawing defence pension from SBI

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  11. my fathers expired, my mother is a family pensioner now. After two years of my fathers expiry the bank holds my mothers pension and says that my father took a loan of 30,000 before he expired. They told us to repay with two years of interest. They granted us another loan and recovered all the money. What they done to us is a fraud.

    ReplyDelete
  12. Dear Sbi,
    Why u r charging roi 13.1 %, u should provide as equal to home loan

    ReplyDelete