State Bank of India offers a personal loan exclusively for senior citizen or retired individuals. Central and state government pensioners, defence pensioners, and family pensioner below 76 years old can get an SBI Pension Loan to meet their various financial needs. To avail an SBI personal loan, borrowers need to draw their pension from one of SBI branches.

SBI personal loan for pensioners comes with an array of benefits, such as:

  • Zero processing fee for defence pensioners and nominal processing fee (0.50% of the loan amount + Tax) for others
  • Minimal documentation and quick loan processing
  • Flexible tenure — you can get an SBI pension loan for 24 months to 60 months
  • Defence pensioners can get the loan for up to 84 months

Eligibility for SBI pension loan

Eligibility criteria for an SBI pension loan vary from the pensioner to pensioner, depending on the pension category. SBI Bank Provide various services like SBI personal loan, SBI Business Loan, SBI pension Loan etc.

For central and state government pensioners

  • The applicant’s pension payment order should be maintained with SBI.
  • The treasury has to give a written undertaking that it will not accept any request from the pensioner to transfer his pension to any other bank till a NOC is issued.
  • Maximum age should be less than 76 years at the time of processing
  • Defence pensioners of armed forces including Army, Navy, Airforce, Paramilitary forces (CRPF, BSF, ITBP, CISF) Rasht Riya Rifles, Assam Rifles, and Coast Guards.
  • The applicant’s pension payment order should be maintained with SBI.
  • Family pensioners should not be more than 76 years old.
  • Authorized family members who receive pensions after the death of the central or state, and defence pensioners can apply for a pension loan.
  • Pension payment order should be maintained by SBI.

Documents required for SBI pension loan

Here is the checklist of the documents required for SBI pension loan

  • Identity Proof: Voters ID card/ Aadhar Card/ PAN Card/ Passport/ Driving License/ Ration Card
  • Residence Proof: Ration Card/ Passport/ A copy of utility bill — not older than 3 months/Lease or Rent Agreement
  • Age Proof: PAN Card/ Birth Certificate/ School Certificate
  • Income proof: Bank statement of the past 6 months
  • Retirement proof: Pension Slip, Name of the Organization

SBI pension loan interest rate and other charges

Rate of interest applicable on a pension loan from State Bank of India ranges from 11.60% — 12.10%. Interest rate varies from customer to customer, depending on the pension amount and credit score.

SBI personal loan can be availed of at all SBI branches.

Originally published at https://ajit-samalafinoz.blogspot.com on September 28, 2019.

I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments

I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments