A new product “Jai Jawan Pension Loan” has been launched for financing Young Defence Pensioners of Defence and Para Military 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 |
Jai
Jawan Pension Loan |
|
Purpose |
To
meet personal expenses of young Defence pensioners. |
|
Eligibility |
Pensioners
of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces,
Coast Guards, Rashtriya Rifles, CRPF, BSF,ITBP etc. |
|
Age
|
Upto
50 years. |
|
Loan
amount |
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. |
Margin
|
NIL |
|
Guarantee
|
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. |
|
Repayment |
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. |
|
Type
of loan |
Clean
Demand Loan |
|
Processing
fee |
Same
as for Prasanthi Loan |
|
Disbursement
|
By
credit to SB account/Current account of the pensioner. |
|
Additional
document required |
An
undertaking to recover monthly instalments from pension credited to
account. |
|
Rate
of interest |
13.00%
(BPLR) |
|
Authorized
Branches |
All
pension disbursing branches. |