The country’s largest lender State Bank of India provides various types of loans for its customers. In this, many types of loan facilities are provided from personal loan to car loan, home loan and pension loan. If you are an SBI customer and you need money urgently, then the bank can give you a pension loan in just three steps.
You will not be charged any additional fee for this. You can also complete the process of getting loan online sitting at home. Also, this loan will be given to you at low interest. Simple and hassle free loans can be used for wedding expenses of a child, buying a dream home, traveling or for medical assistance. Let us know who is eligible for this and what is the process to get the loan?
Features of Pension Loan
Low processing feeNo extra chargesFast loan processSimplified EMI through permanent terms and conditionsMinimum documents requiredYou can apply in all branches of State Bank of India.
Who gets pension loan
Central and state government pensioners come under the eligibility category, under which the age of the pensioner should be less than 76 years. Defense pensioners can also take pension loans, who have served in the army, navy and air force, paramilitary forces. There is no minimum age for these, while the maximum age should be less than 76 years. Family pensioners also get pension loan. To receive the pension after the death of the pensioner, the authorized member of the family has to repay the loan. The age of the family pensioner should not exceed 76 years.
Loan amount and repayment for central and state government pensioners
Image- SBI
Pension Loan Amount for Defense Pensioners
Image- SBI
Loan amount for family pension holders
Image- SBI
how to apply
First you have to go to onlineapply.sbi.co.in and now select the pension-loan option in personal-banking. In the first step, you have to submit the reason for taking the loan, type of account, account number, mobile number and disclaimer by tricking Now in the second step, you have to enter how much loan you want. Loan up to a maximum of 14 lakhs can be filled. In the third step, submit the complete details asked for the loan such as name, address and other information along with the documents. After the application is found correct by the bank, the loan amount will be credited to your account in a few days. In lieu of this loan, the bank will charge an interest rate of 9.75 percent.
What is the Terms and Conditions
EMI/NMP ratio shall not exceed 33% in case of family pensioners. EMI/NMP shall not exceed 50% in case of all other types of pensioners. 0.50% of the loan amount in case of all other types of pensioners including family pensioners + Pre-Tax Repayment Fee – The prepayment will be 3% of the amount. Loan will be repaid by giving standing instructions in the pension account for recovery of EMI.