SBI Pension Loan: Check interest rate, eligibility, documents and other features

New Delhi: The country’s top lender State Bank of India (SBI) is offering pension loans to senior citizens and family pensioners receiving a regular pension from the central or state government through the bank.

The loan can be used by pensioners 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.

Main Features of SBI pension Loan

  • The processing fee is less
  • There are no hidden costs
  • Loan processing is done quickly
  • Quick loan processing
  • Easy EMIs through SI
  • Minimal documentation
  • You can apply at all SBI branches

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 & State Government Pensioners

  1. The pensioner should be below 76 years of age.
  2. The pension payment order is maintained with SBI.
  3. The pensioner to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
  4. 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.
  5. 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.

For Family Pensioners

  • 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% p.a

Documents

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 Card

Income proof

Pension payment order

Source:-timesnownews

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