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State Bank of Hyderabad Prashanti Scheme (Loan to Pensioners) | Interest Rates | Documents

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SBH Prashanti Scheme (Loan to Pensioners): Get Details on Interest Rates, Documents, Eligibility and fees and charges required for SBH Loans for Instant Online Apply.

Purpose: To enable the Pensioners to meet their personal expenses like medical expenses, children marriage expenses etc., our Bank has introduced various loan schemes for pensioners. Presently, there are four types of Pension Loan schemes evolved over a period of time;

  1. SBH Loan to Pensioners.
  2. SBH Loans to Family Pensioners.
  3. SBH Loan to Pensioners who are aged 70 years and above
  4. SBH Pension Loan to Affluent Pensioners – “Prasanthi Scheme” .

Eligibility:

  1. For Pensioners
    All State & Central Government including Defense, Railways and Telecom Department Pensioners and Bank’s Pensioners, whose Pension Accounts are maintained by our branches. The age of the Pensioner should not be more than 72 years of age.
  2. For Family Pensioners
    Family Pensioner, i.e. spouse authorized to receive pension after the death of the Pensioner, subject to condition that age of the Family Pensioner should not be more than 70 years of age.

Loan Amount:Maximum of 12 months net pension/ net family pension with a ceiling of `7.50 lacs subject to EMI not exceeding 40% of net pension/ net family pension.

Repayment:: In Equated Monthly Instalments commencing from the succeeding month of sanction of loan.

  1. For Pensioners
    Maximum 48 months. Age at the time of full repayment of loan should not be more than 74 years
  2. For Family Pensioners
    Maximum 36 months. Age at the time of full repayment of loan should not be more than 72 years.

Collateral Security:

  1. For Pensioners
    Guarantee of the spouse who is eligible for family pension. If the spouse is not alive, guarantee of any other family members or a third party worth for the loan amount.
  2. For 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 whose net worth is equal to or more than loan amount.

Type of Loan: Demand Loan.

Disbursement: The amount should be credited to the Pension Account being maintained with the branch.

Interest Rates:4.50% above Base Rate. The present effective rate would be 15.00%.

Processing Fee:`500/-.

Documents Required:

  • i)Application –cum- Authority Letter
  • ii) DP Note to be signed by Pensioner/ Family Pensioner in favour of guarantor and endorsed by guarantor in favour of the Bank
  • iii)DP Note delivery letter and
  • iv)Letter of waiver

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