SPECIAL PENSION LOAN TO PENSIONERS.
JAI JAWAN PENSION LOAN TO YOUNG DEFENCE AND
PARAMILITARY FORCES PENSIONER IN S.B.I.
This loan is given in all the pension paying branches of State Bank of India
Maximum amount of Loan : Rs.2 lacs.
Age limit : Must be below 50 years.
Loan amount : 48 times the monthly pension subject to a maximum of
Rs.2 lacs. EMI (Equated Monthly Instalment amount)
Rs.2 lacs. EMI (Equated Monthly Instalment amount)
Should not exceed 40% of the total pension.
Margin : Nil
Security : No Security for loan up to Rs.25000/-.
Above Rs.25000/- Pensioner’s spouse or any third party
worth the amount of loan.
Repayment : 84 months EMI.
Documents required : Two Passport size photo of the pensioner & the spouse
Xerox copy of the PPO showing the spouse’s name
Xerox copy of the Front page of the SB pass book
It is a term loan. No other charges except a revenuStamp.
Xerox copy of the PPO showing the spouse’s name
Xerox copy of the Front page of the SB pass book
It is a term loan. No other charges except a revenuStamp.
Rate of Interest : 0.5 % above SBI advance rate. (around 14.5%)
The following is the loan entitlements of defence pensioners below 50 years of age.
Sepoy Gp. ‘D’15 years service Rs.88,000 EMI Rs.1670
Naik Gp ‘D’17 years service Rs.96,000 EMI Rs.1825
Hav GP’D’20 years service Rs.1,07,000 EMI Rs.2035
Nb.Sub.Gp.’D’20 years serviceRs.1,55,000 EMI Rs.2950
‘This Jai Jawan loan’ is a Special Loan to defence pensioners in addition to normal pension loan to all the pensioners up to the age of 70 years. For full details visit the branches.
Note: If any of the Branches are not giving this loan, please report the matter to the Manager or to the concerned Regional Manager. Avail this loan only if it is very essential. SBI interest rates lower than other banks with flexible terms & conditions.
All pension paying banks are liberally giving loans to pensioners and earning huge amount of profit by way of interest. The same banks are holding huge amount of deposits from the pensioners, but paying nominal interest to them. There is a large gap in the rate of interest between pensioners deposit and pension loan. For a fixed deposit, the bank pays only around 8.5.% interest, whereas it charges 14.5% and above for a pension loan. This difference must be reduced at least for pensioners.
Thank you for the valuable information and we hope that eligible ESMs are utilizing the opportunity.
ReplyDeletekanthiah
14.5 percent interest is too high .Is it a welfare to exservicemen by SBI? Certainly not. One can get loan from anywhere with 14.5 percent interest.
ReplyDeleteAt this high interest rate, my common sense dont say it is a welfare oriented scheme for jawans, but for the welfare of SBI.
ReplyDeletelaon sanctioned upto 50 years age may extend the age limit. Recently retired jawans are getting lump sum amount. This loan is infact required for pre-1996 pensioners who received less amount.
ReplyDeleteupper age limit may be extended. this loan is required for pre-1996 pensioners.
ReplyDeleteupper age limit may be extended. this loan in fact is required for pre-1996 pensioners.
ReplyDeleteupper age limit may be extended. this loan in fact is required for pre-1996 pensioners.
ReplyDeleteWelfare of SBI. (not Exservicemen)
ReplyDelete14.5 % loan is the highest i ever heard.
welfare of SBI(not Jawans)
ReplyDelete14.5 % is the highest interest rate.
Private Banks are also offering the same.
I am K Ravichandra reddy retired from
ReplyDeleteNavy and approached my pension paying
SBI Branch for Jaijawan loan.The bank
is asking for the official Circular
issued by the Bank authorities.Can any body help me in this mateer by
providing the circular in question?
with regards
I have been retired from navy and
ReplyDeleteapplied for Jaijawan loan.Bank is
asking for official circular issued
by Bank authorities ragarding the
loan.Can any body help me in this
matter.
with regards
sir is it possible to increase the loan amount of jai jawan up to 3 lakh , because all are the ex services man getting pension above 10,000/- x 40% = 4000 x 84 month = 3,36,000/- , i request you to consider as soon as possible please
ReplyDeletehai i am also an exservicemen and i have availed this loan.. intrest rate is around 14.5%.. i bought this loan in Nov 2011 and upto this feb 2013, i could not be able to see that my principal amount is not even reduced to 1/3rd of the loan amount...worst loan ever given to an XSM.. iu am going to close this loan as early as possible ... If any urgency, then go for this kind of loan...
ReplyDeleteHi Dear,
ReplyDeleteIf you have a pension account with SBI, then do visit them and ask for the loan on pension account.
best regards
How to download the Jai jawan loan application?
ReplyDeleteHow to download the jai jawan loan application
ReplyDeleteHow much interest rates on fixed deposit in MIS for ex servicemen
ReplyDeleteI have an idea.
ReplyDeleteWhy we should go to a bank for a loan. Why cant we (team of ex-servicemen) start/create start-up/venture with local defence authority in a proper way to start our own banking system for the benefit of serving as well as retired personnel.
Our local units must have deposited their regimental fund in the local bank and earn interest. With the money deposited in the bank use it as a capital and can give loan to needy service and retired person from the capital with no profit no loss basis or take minimum charges to run the show but we should have a clear understanding with the record office in case of defaulter due to any reason the money should come from his/her account/salary/pension.
Thanks
I m exservesmen
ReplyDeleteI m exservesmen
ReplyDeleteThanks for the info.
ReplyDelete