SGB Pension Loan Scheme


Purpose
  • To meet the expenses like Marriage, Family & Domestic functions, Education, Medical etc.,
Age of applicant
  • For Regular pensioners:
    Maximum entry age : 75 Years
    Maximum exit age : 78 Years
  • For Family Pensioners:
    Maximum entry age : 70 Years
    Maximum exit age : 73 Years
Eligible amount
  • Regular pensioners: 15 Months pension credited to individual account - subject to Maximum of 10 Lakhs
  • Family pensioners:12 Months pension credited to individual account - subject to Maximum of 2 Lakhs
Take home pay
  • 40% NTHP to be maintained after deducting the EMI
Repayment
  • Maximum : 60 Months (for Regular pensioner)
  • Maximum : 36 Months (for Family pensioner)
Rate of Interest
  • 12.5%
Processing Charges
  • NIL for Loan amount upto 25,000/-
  • 300/- for Loan amount more than 25,000/-
Guarantee
  • Guarantee of spouse/legal heir eligible for family pension to be obtained. If spouse/legal heir eligible for family pension is not available, guarantee of a legal heir or a family member with sufficient income(i.e. not less than pensioner’s income) should be obtained along with proof of income
  • If both (spouse/ legal heir or family member) are not available, a suitable third party guarantee (preferably a relative) may be obtained (whose net-worth should be at-least equivalent to the loan amount) and in such cases, the loan quantum shall be restricted to the level applicable for family pensioners
Documents Required
  • KYC documents of borrower and guarantors for address and identity
  • CIBIL Report
Designed by Yaswanth Gupta Bondada & Raghav Vellore