Online Apply for Personal Loans in India | SBI Personal Loan Apply

Happy retirement with Online Apply for Personal Loans in India | SBI Personal Loan Apply SBI Pension Loans. Fund your child’s wedding, buy your dream home, plan a trip, or get medical help with simple, hassle-free loans and repayments. Online Apply for Personal Loans in India | SBI Personal Loan Apply with SBI Bank Account

Eligibility For Online Apply for Personal Loans in India | SBI Personal Loan Apply

For federal and state government retirees and Pensioner

Pensioners must be under 76 years of age.
Annuity payment orders are managed by SBI.
Pensioners must make an irrevocable commitment to the Department of Finance not to change jobs during the term of the loan.
The Ministry of Finance agreed in writing that until the NOC is issued, it will not accept requests from retirees to transfer their pension payments to other banks
All other scheme provisions apply, including guarantees by the spouse (who is entitled to the heirs’ pension) or an appropriate third party.

For military retirees

Retired from the Armed Forces including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP etc.), Coast Guard, Rashtriya Rifles and Assam Rifles.
Annuity payment orders are managed by SBI.
There is no minimum age requirement under the system.
The maximum age at the time of loan processing must be under 76 years.

For retired families pensioners

Family pensioners are family members who are entitled to receive a pension after the death of a pensioner.
Family pensioners cannot be more than 76 years old.

• Characteristic
• Low processing fees
• no hidden fees
• Fast loan processing
• Simple EMI by SI
• Minimal documentation.
• You can Apply at all SBI branches

Loan Repayment Period

SBI PENSION LOAN:Repayment Period 72 months (Loan to be repaid by 78 years of age)

JAI JAWAN PENSION LOAN:

Repayment:

In maximum 72 EMIs commencing from one month after disbursal of loan through SI, or by debit to the pension a/c for recovery of EMIs. Maximum Age at the time of loan sanctionMaximum Repayment PeriodAge at the time of full repaymentUp to 76 years72 months78 years

SBI PENSION LOAN SCHEME TO PENSIONERS OF PSUs:

Repayment Period

72 months (Loan to be repaid by 78 years of age)

• INSTA PENSION LOAN SCHEME THROUGH YONO:Repayment Period The demand loan will be repayable by way of EMIs through Standing Instructions. The maximum repayment period will be 3 years.

Terms and Conditions of SBI PENSION LOAN

In all cases, the EMI/NMP ratio should not exceed 33% for family retirees
For all other types of pensioners, the EMI/NMP ratio cannot exceed 50%.
Prepayment fee – 3% of the prepayment amount.
There are no prepayment/foreclosure fees if the account is closed from a new loan account under the same system.
Loan repayment modes are provided with standing instructions to debit retirement accounts for EMI recovery.
Loan guarantees are guaranteed by TPG to spouses or other family members who are entitled to a family pension or to third parties who are entitled to a pension loan.Use the EMI calculator click here

PERSONAL LOAN SCHEMES – Rate of Interest (w.e.f. 15.11.2022)

Mean ROI for Xpress Credit (July-Sep’22) : 11.53%

I. XPRESS CREDIT

A. Applicants of Defence/ Central Armed Police/ Indian Coast Guard

i) ‘Term Loan’ facility:

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	2.40% – 3.90%	10.65% – 12.15%

 ‘Overdraft’ facility available at an additional interest rate of 0.50% over Term Loan

B. Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status

i) ‘Term Loan’ facility:

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	2.40% – 4.90%	10.65% – 13.15%

 ‘Overdraft’ facility available at an additional interest rate of 0.50% over Term Loan

C. Applicants of Other Corporates

i) ‘Term Loan’ facility:

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	3.40% – 5.40%	11.65% – 13.65%

‘Overdraft’ facility available at an additional interest rate of 0.50% over Term Loan

II. XPRESS ELITE SCHEME (Term Loan/ Overdraft)

Salary Account with SBI:

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	2.40% – 3.90%	10.65% – 12.15%

Salary Account with another Bank:

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	2.65% – 4.15%	10.90% – 12.40%

III. XPRESS LITE SCHEME

1% higher than I. Xpress Credit scheme for all brackets

IV. SBI QUICK PERSONAL LOAN SCHEME THROUGH CLP PORTAL (i.e., https://www.sbiloansin59minutes.com)

(for customer not maintaining salary account with SBI)

0.25% higher than I. Xpress Credit Scheme for all Brackets

V. XPRESS CREDIT INSTA TOP-UP LOANS

2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
8.25%	3.50%	11.75%

 

VI. PENSION LOAN SCHEMES

Mean ROI for Pension Loan (April-June’22): 10.48%

Scheme	2 year MCLR	Spread over 2 year MCLR	Effective Interest Rate with No Reset
SBI Pension Loan	8.25%	2.55%	10.80%
Jai Jawan Pension Loan	8.25%	2.55%	10.80%
Pension Loan Scheme For Treasury & PSU Pensioners	8.25%	2.55%-3.05%	10.80%-11.30%
Pre-Approved Pension Loans(PAPNL)	8.25%	2.55%	10.80%
Pre-approved Insta Pension Top-Up	8.25%	2.55%	10.80%