Many banks only give loans to customers after checking their age, income, and trustworthiness.
This makes some older people worry about getting a loan at their age. But if you’re retired, get a monthly pension,
and have an account with the State Bank of India (SBI), you don’t need to worry. Even at your age, SBI can help you with a pension loan during tough times.
SBI has a special loan plan for pensioners called the State Bank of India Pension Loan Scheme.
With this plan, pensioners can borrow money from the bank when needed. The loan amount depends on their income. Let’s look at some details about this scheme.
Features of Pension Loan
1) The good thing about a pension loan is that it has low processing fees, a quick loan approval process, and you don’t need to provide too many documents.
2) The interest rates for pension loans are usually lower than personal loans, and there are no hidden charges. Pensioners can choose an EMI option to repay the loan.
3) You can apply for a pension loan at any SBI branch.
Loan Conditions
1) This loan is similar to a personal loan and requires the pension payment order to be with the State Bank of India.
2) To apply for the loan, the pensioner should be under 76 years old.
3) The pensioner needs to promise not to change the instructions given to the treasury during the loan period.
4) The treasury must confirm in writing that it won’t transfer pension payments to another bank until the No Objection Certificate is issued by the Bank.
5) Other terms and conditions, including a guarantee by the spouse or a third party, also apply.
6) The loan repayment period is 72 months, and it must be repaid by the age of 78.
For More Information
If you want more details about SBI loans, visit the official website https://sbi.co.in/.
You can also call the toll-free number 1800-11-2211 for information or apply for a pension loan.
To get a call back from SBI Contact Center, give a missed call to 7208933142 or SMS ‘PERSONAL’ to 7208933145.
