Any bank gives loans to its customers only after checking the age, income and reliability. This is the reason that all the elders believe that from where they will get the loan facility at this age? But if you are retiring, getting pension every month and your account is in State Bank of India, then you do not need to worry. Even at this stage of age, SBI can give you pension facility in difficult times. SBI runs a special loan scheme for pensioners. This scheme is State Bank of India Pension Loan Scheme. Through this scheme, pensioners can take loans from banks in difficult times. However, the loan amount depends on their income. Know the complete information related to this scheme here.
Characteristics of pension loan
The specialty of pension loan is that the processing fees are very low in it. The process of taking the loan is very fast and there is no need to submit a lot of documents in it. Interest rates charged on pension loans are also generally lower than interest rates on individual loans. There is no hidden charge in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.
These are the conditions related to the loan
This loan given to pensioners is like a personal loan. To take this, it is necessary that the State Bank of India should have a pension payment order of the borrower. To apply for pension loan from SBI, the age of pensioner should be less than 76 years. The pensioner will have to give in writing that during the loan period, he will not amend his mandate given to the Treasury. The treasury will have to give in writing that the Treasury will not consider the request of a pensioner to transfer the pension payment to another bank until the No Objection Certificate is issued from the bank. All other terms and conditions of the scheme, including life partner (eligible for family pension) or appropriate third party guarantee, will apply. The loan repayment period is 72 months, which has to be repaid by the age of 78 years.
Other information related to loan will be available here
If you want to get other information related to SBI loan, then you can visit SBI’s official website https://sbi.co.in/. Apart from this, related information can also be obtained by dialing toll free number 1800-11-2211. Also, you can also apply for pension loan from this number. To get a call back from SBI Contact Center, give a missed call on 7208933142 or SMS on 7208933145 by writing ‘personal’.
