SBI’s Special Loan Plan for the Elderly
To many, when can one seek a loan after retirement could sound like a pipe dream because retirement means no regular source of income. However, for pensioner, there is another feasible availability through the State Bank of India SBI. SBI’s Pension Loan Scheme helps the pensioner’s to get loan easily for any requirements they have to meet.
What is the Pension Loan?
SBI Pension Loan is a personal loan that has been categorized for pensioners who receive their pension from a recognised bank / post office. It can be used in as many ways as to fund a child’s wedding, purchase a home or even construct one, travel, or go for medical checkups. The total processed loan varies depending on the pensioner’s income level.
Eligibility Criteria
To qualify for the SBI Pension Loan, applicants must meet the following requirements:
1. Pension Payment Order: The pension payment order should/could be with SBI.
2. Age Limit: The applicant should not be above seventy six years old.
3. Repayment Period: The loan is required to be repaid in 72 months before the borrower attains the age of 78.
4. Treasury Directive: There must be a writing showing that no change in the pensioner’s treasury directive shall be made during the loan period.
5. Pension Transfer: Any transfer of the pensioner’s pension to another bank should not take place until the former sends a no-objection certificate to the latter.
6. Guarantee: The loan must be secured by a spouse or other third party of equal standing.
The pension loan advantages and disadvantages
Low Processing Fees: This loan is barely expensive in terms of processing fees .
Lower Interest Rates: Normally, these pension loans attract lower interest rates as compared to the rates on personal loans.
EMI Options: It also has flexible reimbursement terms with the borrowers able to repay the loan in easy EMIs.
Minimal Documentation: The paperwork that is done on the case is not complicated and not voluminous, either.
Quick Processing: The loan is easy to get and fast, additionally, there is no additional fee.
How to Apply
To know more about Pension Loan Scheme of SBI, please visit the official website of the Bank or get in touch with SBI helpline number 1800-11-2211. This loan is very helpful to anyone who is in need of it, if you or any of your beloved family member is interested in this loan, get informed and apply now.
