SBI provides loan facility to pension holders under Pension Loan Scheme. But the amount you will get from the bank as a loan depends on your pension.
After retirement, your accumulated capital is the biggest support. But suppose that suddenly a situation arises in which your accumulated capital is also spent and you need more money, then what will you do? Even in such a situation, you do not need to worry. Such a loan scheme is run by the State Bank of India, through which even the elderly can avail the loan facility from the bank.
After retirement, if you have to build a house, there is any need related to daughter’s marriage or treatment and money is not being arranged from anywhere, then you can take advantage of the State Bank of India Pension Loan Scheme. can take. SBI provides loan facility to pension holders under this scheme. But the amount you will get from the bank as a loan depends on your pension. Let us tell you about this loan scheme of SBI for pensioners.
These are the terms and conditions of the loan
- This loan given to pensioners is just like a personal loan. To take this, it is necessary that the pension payment order of the borrower should be with the State Bank of India.
- To apply for pension loan from SBI, the age of the pensioner should be less than 76 years.
- The pensioner will have to give an undertaking that during the period of the loan, he will not amend his mandate to the treasury.
- Treasury will have to give in writing that till the No Objection Certificate is issued from the bank,Â
- The Treasury will not accept any request by the pensioner for transfer of pension payment to any other bank.
- The repayment period of the loan is 72 months, which must be repaid till the age of 78 years.
Features of Pension LoanÂ
The specialty of pension loan is that the processing fee is very less in this. The process of getting the loan is very quick and there is no need to submit too many documents. The interest rates charged on pension loans are also usually lower than personal loan interest rates. There are no hidden charges in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.
Other information related to loan will be found here
If you want to get other information related to SBI loan, then you can visit the official website of SBI https://sbi.co.in/ . Apart from this, you can get information related to this by dialing toll free number 1800-11-2211. Along with this, you can also apply for pension loan from this number. Give a missed call to 7208933142 or SMS ‘PERSONAL’ to 7208933145 to get a call back from SBI’s Contact Centre.
