SBI PENSION LOAN: INTEREST RATE, ELIGIBILITY, DOCUMENTS AND OTHER FEATURES

State Bank of India (SBI) providing pension loans to senior citizens and family pensioners receiving a fixed pension from the central or state government through the bank. This personal loan can be used by pensioners to fill 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 easy loan and repayments.

The country’s top banker tweeted: “Get Pension loans at 9.75% and have a peaceful retirement. All you need to do is SMS <PERSONAL> on 7208933145.”

SBI PENSION LOAN FEATURES

1. Low processing fees
2. No hidden costs
3. Quick loan processing
4. Easy EMIs through SI
5. Minimal documentation
6. You can apply at all SBI branches

SBI PENSION LOAN ELIGIBILITY FOR CENTRAL & STATE GOVERNMENT PENSIONERS

1. The pensioner should be under 76 years of age.
2. The pension payment order is managed with SBI.
3. The pensioner to provide an irrevocable undertaking not to alter his decree to the Treasury during the tenure of the loan.
4. The Treasury to give assent 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 suitable, including a guarantee by the spouse (eligible for a family pension) or by a suitable third party.

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FOR DEFENCE PENSIONERS

1. Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles, and Assam Rifles.
2. The pension payment order is maintained with SBI.
3. No minimum age bar under the scheme.
4. The maximum age at the time of preparing the loan should be less than 76 years.

FOR FAMILY PENSIONERS

1. Family pensioners include approved members of the family to receive a pension after the death of the pensioner.
2. Family pensioners should not be more than 76 years of age.

SBI PENSION LOAN INTEREST RATES

SBI Pension Loan interest rate starts from 9.75% p.a