India's largest lender State Bank of India (SBI) provides pension loans to senior citizens and family pensioners receiving a regular pension from the central or state government through the bank.
Pensioners can use this personal loan to fulfill various personal financial needs such as funding your child’s marriage, buying your dream home, planning a trip, or get medical aid with a simple and hassle-free loan and repayments."Get Pension loans at 9.75% and have a happy retirement. All you need to do is SMS <PERSONAL> on 7208933145" SBI tweeted.
Get Pension loans at 9.75% and have a happy retirement. All you need to do is SMS <PERSONAL> on 7208933145.
February 23, 2021
SBI Pension Loan Features
-Low processing fees
-No hidden costs
-Quick loan processing
-Easy EMIs through SI
-You can apply at all SBI branches
SBI Pension Loan Eligibility
For Central & State Government Pensioners
-The pensioner should be below 76 years of age.
-The pension payment order is maintained with SBI. The pensioner to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
-The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued.
-All other terms and conditions of the Scheme will be applicable, including a guarantee by the spouse (eligible for a family pension) or by a suitable third party.
For Defence Pensioners
-Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles, and Assam Rifles.
-The pension payment order is maintained with SBI.
-No minimum age bar under the scheme.
-The maximum age at the time of processing the loan should be less than 76 years.
-Family pensioners include authorized members of the family to receive a pension after the death of the pensioner.
-Family pensioner should not be more than 76 years of age.
SBI Pension Loan interest rates
SBI Pension Loan interest rate starts at 9.75 percent p.a
Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar CardIncome proof: Pension payment order