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SBI Loan For Pensioners and Family Pensioners


SBI Loan For Pensioners and Family Pensioners…


A new scheme “SBI Loan to Affluent Pensioners” is formulated to match the requirements and higher repayment capacity of those with higher salaries and pensions The salient features of “SBI Loan to Affluent Pensioners” scheme are as under:-

(1) Eligibility:

(a) Pensioners :

(i) All Central, State Government pensioners and SBI Pensioners whose pension accounts are maintained by our branches.

(ii) Pensioners whose pensions are disbursed by Govt. Treasuries by cheques drawn in favour of our branches as per mandate of the pensioner are also eligible subject to condition that pensioner should not be more than 72 years of age

(b) Family Pensioners: 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 65 years of age.

(2) Loan Amount:

(a) Pensioners : Maximum of 12 months net pension with a ceiling of Rs.3.00 lac

(b) Family Pensioners : A maximum of 9 months net family pension with a ceiling of Rs.1.50 lacs In no case the EMI should be more than 25% of the net pension drawn by the family pensioner.

(3) Collateral Security :

(a) Pensioners : Third party guarantee (TPG) of the spouse eligible for family pension. In the absence of the spouse, TPG of any other family member or a third party worth the loan amount.

(b) Family Pensioners : Third party guarantee of a person who has been maintaining a satisfactorily conducted account with the bank, preferably of the son/daughter of the family pensioner.

(4) Repayment Period : In EMIs commencing from the pension payable one month after disbursal of loan. Installment is deducted at the time of payment of pension:

Age at the time of loan sanction

Repayment period

Age at the time of full repayment

Up to 70 years

36 months

73 years

70-72 years

24 months

74 years

(5) Pensioners will have to submit their PAN Number or Form 15H before availing loan under this scheme.

(6) Processing Fees : Nil

(7) Margin : Nil

Interest rates


(Base Rate 9.50 % w.e.f. 11.07.2011)

Type of Security

Rate of Interest


4.50% above Base Rate, currently 14.00% p.a.

Bank’s TDRs/STDRs

1.00% above the rate of interest payable on deposits

Govt. Securities/Public Sector Bonds/NSCs/ KVPs/RBI Relief Bonds, LIC Policy

4.25% above Base Rate , currently 13.75% p.a.

(In case interest is paid during the course period a rebate of 0.50% will be admissible, only during the moratorium period)


For more details contact your nearest SBI Branch.

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