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SBI Pension Loan: Easy Loan Process for Senior Citizens

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Retirement with the SBI Pension Loan has just got merrier. Now, you can fund your child's function, buy your dream house, schedule a holiday, or get medical assistance with a quick, hassle-free loan and repayment. Under the SBI pension loan scheme, State Govt, Central Govt, Defense and family pensioners are eligible after their retirement.

 

The personal pensioner loan can be used for a sum from Rs 25,000 to Rs 14 Lakh. For family pensioners, the overall cap is Rs 5 Lakh. SBI Pension Loan interest rate starts at 9.75% p.a.

Using Twitter, the bank said; "Get Pension loans at 9.75% and have a happy retirement. All you need to do is SMS on 7208933145".

SBI Pension Loan: Easy Loan Process for Senior Citizens

Main Features of SBO pension Loan

The Processing Fee is less
There are no hidden costs
Loan processing is done quickly
Easy EMIs through
No need for too many papers, it is done with minimal documentation.
An interested senior citizen can apply by dialling the number, giving a missed call, or messaging.

  • Dial 1800-11-2211
  • Give a Missed Call on 7208933
  • SMS "PERSONAL" on 7208933145 to get a call back from our Contact Centre
 

Things to know before opting for a pension loan

  • In all cases for family pensioners, the EMI/NMP ratio does not exceed 33%.
  • For the other forms of pensioners, the EMI/NMP ratio would not exceed 50%.
  • Prepayment charges will be at 3% on the prepaid amount.
  • The mode of redemption of the loan is given by the Standing Instructions for debiting the EMIs from the pension account for recovery.
  • The loan package is guaranteed by the partner eligible for a family pension or by some other member of the family or by a third party eligible for a pension loan.

Documents to avail loan

  • Identity proof such as Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
  • Address proof can be Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Property purchase agreement, and Aadhaar Card
  • Income proof can be Bank Account statements, Salary Slips.

For Central and State Government Pensioners:

Age at the time of loan sanctionMax Loan Amt (18 months Pension or Rs.)Repayment PeriodAge at the time of full Repayment
Below 7214.00 lakh60 monthsUp to 77 years
72 - 74 years12.00 lakh48 monthsUp to 78 years
74 - 76 years7.50 lakh24 monthsUp to 78 years

For Defence Pensioners :

Age at the time of loan sanctionMax Loan Amt (36 months Pension or Rs.)Repayment PeriodAge at the time of full Repayment
Below 56 years14 lakhs84 months63 years
56 - 72 years14 lakhs60 months77 years
72 - 74 years12 lakh48 months78 years
74 - 76 years7.50 lakh24 months78 years

For Family Pensioners (including Defence Pensioners) :

Age at the time of loan sanctionMax Loan Amt (18 months Pension or Rs.)Repayment PeriodAge at the time of full Repayment
Below 725.00 lakh60 months77 years
72 - 74 years4.50 lakh48 months78 years
74 - 76 years2.50 lakh24 months78 years

GoodReturns.in

Read more about: sbi pension loan
Story first published: Tuesday, February 23, 2021, 16:26 [IST]
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