Jai Jawan Pension Loan for Defence Pensioners

Jai Jawan Pension Loan for Defence Pensioners

Changes made in Jai Jawan Pension Loan – Maximum age 76 years – 2nd loan after liquidating the first loan only after 12 months

Changes have been made in JAI JAWAN PENSION LOAN to cover all the Defence Pensioners under one scheme – Maximum age 76 years.

JAI JAWAN PENSION LOAN : ARMED FORCES PENSIONERS HAVING PENSION A/CS WITH SBI

The following changes have been made in JAI JAWAN PENSION LOAN to cover all the Defence Pensioners under one scheme. Eligibility Pensioners of Defence,Para Military Forces, Coast Guard, Rashtriya Rifles and Assam Rifles whose pension payment order is with SBI.

No minimum age bar and maximum age at the time of availing loan should be 76 years.

Family Pensioners of the above categories can also avail SBI Pension Loan. Loan Amount Minimum Rs 25,000/-

a) Max of 36 months pension with a ceiling of Rs 14.0 Lakhs for pensioners up to 56 years of age.
b) Max of 18 months pension with a ceiling of
(i) Rs 14.0 Lakhs for pensioners above 56 years and up to 72 years of age.
(ii) Rs 12.0 Lakhs for pensioners above 72 years and up to 74 years of age.
(iii) Rs 7.5 Lakhs for pensioners who are above 74 and up to 76 years of age. EMI/NMP not to exceed 50% Age and Repayment Period Age at the time of loan sanction
Repayment Period Age at the time of full repayment Up to 56 years 84 months
63 years More than 56 and up to 72
60 months
77 years More than 72 and up to 74
48 months
78 years More than 74 and up to 76
24 months
78 years
Rate of Interest Fixed : 380 bps above Two Yr MCLR (9.30% now) Interest Now 13.05 % Processing Fee Nil Type of Loan Term Loan to be opened under the same CIF on which Pension Payment Account exists Disbursement By credit to Pension Payment a/c only even if loan is sanctioned at non-home branch.

Third Party Guarantee (TPG) of spouse eligible for family pension. In the absence of spouse, TPG of any other family member or a third part worth the loan amount.
Place for availment of loan by pensioner Home branch or if re-employed at any branch at his present place of posting.

Provision of 2nd Loan No provision for 2nd loan. Fresh loan can be taken after liquidating the first loan only after 12 months

Product Code for Pension Loan – 6450-2021-MC-JAI JAWAN PENSION LOAN (SOURCE- VIA E-MAIL FROM DIR TEL SAINIK WELFARE)

Source : Indian Military Veterans

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7th Pay Commission Recommendations may be revised upwards by Committee of Secretaries appointed by Government

It is expected that decision of Committee of Secretaries on 7th Pay Commission recommendations would be submitted in the month of June 2016

7th Pay Commission Recommendations may be revised upwards by Committee of Secretaries appointed by Government.

Cabinet Secretary P K Sinha who is heading the Empowered Committee or Secretaries group is likely to hand over a report on the revised pay structures of 7th pay commission recommendations to Finance Minister Arun Jaitley by the end of next month.

Finance Minister Arun Jaitley said government had requisite fund to implement 7th pay commission award. Cabinet Secretary Sinha will finally make his appearance before the the Empowered Committee or Secretaries group on June 11 to make a proposal on the recommendations of 7th Pay Commission before cabinet nod.

Committee’s decisions on 7th Pay Commission Recommendations is expected to be submitted by June .  The same will be placed before the Cabinet after the finance ministry’s review. We don’t think it will take more time for Finance Minister Arun Jaitley’s consideration and the new pay structures will be implemented from July after cabinet nod,” said a top official from the Finance Ministry who did not wish to be named.

The 7th Pay Commission headed by Justice A K Mathur submitted the report on November 19. It had proposed the highest salary at Rs 250,000 and the lowest at Rs 18,000. The commission also recommended 14.27 per cent increase in basic pay, 23.55% overall increase in salary, allowances and pensions.

The increase in allowances has been recommended to the extent of 63% while pension has  been proposed to be raised by 24%. Finance Minister Jaitley is likely to agree with the Secretaries group. “I think it should not be touched again,” the official said. Once the new structure is implemented, salaries of around 48 lakh central government employees and 52 lakh pensioners will rise by 30 percent. The Finance Minister already said the 7th pay commission award would not make the commodity prices to go up.

The central government employees and pensioners will also spend more money on a variety of goods after receiving the 7th Commission award with arrears from January 2016. “This means higher consumption similar to what happened in the past. But the previous two Pay Commission awards came with a lag of two years. So the arrears were large.

This time, it will not be so,” says Pronab Sen, former Chief Statistician, government of India and now Country Director, International Growth Centre, a think tank based at LSE, run in partnership with University of Oxford.

The official also agrees with Sen and said there was no possibility of any impact of the report on the market at this stage of implementation as there were no impacts when the Pay Commission had first submitted the report. The government formed a 13 member secretary-level Empowered Committee or Secretaries group headed by Sinha in January to review the report of the 7th Pay Commission before cabinet nod. The 7th pay commission was set up by the UPA government in February 2014. It submitted the report after around 22 months. After getting the 7th pay commission report, the finance minister Jaitley while introducing the Seventh Pay Commission report on November 19, already said that the final decisions on the Seventh Pay Commission report took five and a half months including the process of Secretaries group. Finance Minister also said, government had requisite fund to implement it.


The secretary group is likely to propose pay structure of minimum at Rs 21,000 and the maximum at Rs 2,70,000 Accordingly, the Secretaries group is likely to reach the conclusion to propose 30 percent basic pay raise instead of 14.27 per cent, which was recommended by 7th Pay Commission.

They are also mulling for doubling of existing rates of such allowances and advances, which has been recommended for abolition by the 7th Pay Commission, sources said.

Source: Indian Military Veterans

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