SBI Pension Loan: State Bank of India (SBI) has brought a special scheme for senior citizens. Under this scheme, senior citizens can avail of a loan of up to Rs 14 lakh. The application for a loan will be made by just a phone call. Apart from this, an application for a loan can also be made through missed call or SMS. SBI just has to make a missed call on one number 7208933142. After this, the call back will come from the bank and the loan application process will be started.
The special thing about SBI’s pension loan is that it has low processing fees and documentation is very low. Apart from this, you can apply for this in any branch of SBI. SBI is providing pension loans at the rate of 9.75-10.25 percent to senior citizens below 76 years of age, whose pension account is with SBI.
According to the information given on the SBI website, you can talk on 1800-11-2211 to get more information of the application through the contact center. Apart from this, you can SMS “PERSONAL” on 7208933145.
Eligibility for SBI Pension Loan
- If Central and State Governments are pensioners, then their age should be less than 76 years and pension payment order should be maintained with SBI. Apart from this, the pensioner will have to give in writing that until the loan period is over, he will not improve his mandate given to the Treasury. Apart from this, the Treasury will also have to agree in writing that until the NOC is issued from the bank, it will not accept the request by the pensioner to transfer his pension payment to another bank.
- No minimum age has been fixed for defence pensioners. However, while taking a pension, the maximum age should be less than 76 years. Pension payment should be with SBI. Under this, loans are given to pensioners of the armed forces including the Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF ITBP etc.), Coast Guard, Rashtriya Rifles and Assam Rifles.
- If the pensioners die under the Family Pensioners, then the person receiving the pension can get a pension loan till the age of 76 years.
The loan amount and the repayment period
- Central and State Government pensioners with a repayment period of 60 months up to the age of 72 years with a loan of 14 lakhs, a loan of up to Rs 12 lakhs with a 48-month repayment period at the age of 72-74 years and a loan of 74-76 years of age. With a repayment period of 24 months, you can get a loan of Rs 7.5 lakh.
- Defence pensioners under the age of 56 years, with a repayment period of 84 months, Rs 14 lakh, at the age of 58-72 years, a loan of Rs 14 lakh with a repayment period of 60 months, 48 months at the age of 72-74 years A loan of Rs 12 lakh with a repayment period and a loan of Rs 7.5 lakh with a repayment period of 24 months can be obtained at the age of 74-76 years.
- Talk about family pensioners, with a repayment period of 60 months till the age of 72 years, a loan of Rs 5 lakh, at the age of 72-74 years, Rs 4.5 lakh with a repayment period of 48 months and 24 months at the age of 74-76 years A loan of Rs 2.5 lakh can be availed with a repayment period of Rs.
SBI Pension Loan Terms and Conditions
- In case of family pensioners, the EMI and NMP (Net Monthly Income) ratio shall not exceed 33%.
- In case of all other types of pensioners, EMI / NMP will not exceed 50%.
- Prepayment Charge – 3% of prepaid amount. However, if a new loan is taken under the same scheme then the prepayment charge will not have to be paid.
- For recovery of EMI, the pension account will be debited.
- An eligible family member or any other family member will be made eligible for guarantor family pensioners under the pension loan.