A new product “Jai Jawan Pension Loan” has been launched for financing Young Defence Pensioners of Defence and Paramilitary Forces who retire at very young age, sometimes even in the range of 30 to 35 years. As these young pensioners do not have any means of livelihood other than pension, they find it difficult to meet their emergent financial needs or to spend on setting up small ventures to supplement their income.
Name of the scheme
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Jai Jawan Pension Loan
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Purpose
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To meet personal expenses of young Defence pensioners.
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Eligibility
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Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces, Coast Guards, Rashtriya Rifles, CRPF, BSF,ITBP etc.
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Age
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Upto 50 years.
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Loan amount
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48 times of net monthly pension. Subject to maximum of Rs.2.00 lakh subject to EMI/NMI not exceeding 40% of net monthly pension.
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Margin
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NIL
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Guarantee
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Third Party Guarantee of Spouse eligible for family pension. In the absence of spouse TPG of any other family member or a third party worth the loan amount.
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Repayment
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Maximum 84 months, payable one month after disbursal of loan from the pension through SI, to debit the pension account for recovery of monthly instalments.
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Type of loan
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Clean Demand Loan
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Processing fee
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Same as for Prasanthi Loan
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Disbursement
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By credit to SB account/Current account of the pensioner.
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Additional document required
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An undertaking to recover monthly instalments from pension credited to account.
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Rate of interest
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13.00% (BPLR)
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Authorized Branches
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All pension disbursing branches.
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Source: http://www.statebankoftravancore.com/new/jaijawan.htm
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