SBI Pension Loan
Although a retired person receives PPF and monthly pension, sometimes he needs lump sum money to navigate from unexpected situations. SBI has designed the pension loan for all pensioners who are below 76 years. They can avail of the request for the pension loans up to 14 lakhs. The sole purpose of this loan scheme is to help pensioners to live independently even after retirement. With the SBI pension loan, you can sort out all your emergency expenses like paying house debt, children fees, hospital expenses, and so forth.
SBI Pension Loan- keyfactors
Key Factors of SBI pension Loan:
Following are the key factors of the SBI pension loan-
- The minimum age below 76 years.
- The loan amount is Rs. 25,000 to Rs. 7.50 lacs.
- The payment charges up to 3.00% of the loan amount.
- The SBI pension loan interest rate is 11.50%-12%
- The application process fee is zero.
SBI Pension Loan Interest Rates
SBI Pension loan interest rates are relatively lower than other private banks that are 11.50-12%, respectively. Along with that, this bank gives flexibility in repaying loan amounts. You can repay the loan monthly/ quarterly/ half-quarterly/yearly. Pensioners don’t need to pay any fees to proceed with the loan application form.
Loan amount: The minimum amount a pensioner can avail of the request is Rs. 7.50 lacs up to Rs. 14 lacs, respectively.
Flexible tenure: A pensioner can get a time to repay the SBI pension loan from 24 months to 84 months.
Minimal documents: SBI requests pensioners to submit only minimum documentation like personal identity proof, retirement proof, bank statement, age proof, address proof.
Online process: Pensioners don’t need to visit a bank to apply for the SBI pension loan. By clicking on the official site SBI pension loan, go to the online application form, fill out the details and tenure period and submit the documents.
Quick loan processing: A SBI bank only asks you to submit the minimum loan documents. The eligibility criteria are fundamental and hence it allows fast processing of a loan.
Eligibility Criteria for SBI Pension Loans
For family pensioners:
Pensioners whose age up to 72 years and the tenure period of this loan is 60 months. The time of full retirement is 77 years, and you can opt for the SBI pension loan.
If their age is more than 72 years up to 74 years, and the tenure period is 48 months, and their age at the full retirement age is 78 years.
If their age is more than 74years up to 76years and the tenure period is 24 months, and their age at the full retirement age is 80 years.
The minimum loan amount can be Rs. 25,000 and the maximum amount of 2.50 lacs.
For Central and state government pensioners:
Central and state government pensioners age up to 72 years, and the time of full retirement is 77 years, and their retirement period is 60 months can avail the request for the SBI pension loan.
The pensioners whose age is 72 years up to 74 years. The tenure period to repay the loan is 48 months. And their age at the full retirement age is 78 years.
In addition, the pensioners whose age is more than 74years up to 76years. And their age at the full retirement age is 80 years. The tenure period is 24 months.
The minimum loan amount they can avail is Rs. 25,000 and maximum amount of 7.40 lacs. Only the spouse is the person who will be applicable for the family pensioners loan.
For Defence Pensioners:
For the defense pensioners, the age, the retirement period, and age at the full retirement is the same above mentioned pensioners.
If their age and the retirement period matches with the above-mentioned criteria they can apply for the SBI pension loan.
The minimum loan amount they can avail is Rs. 25,000 and a maximum 14 Lacs.
How much loan can I take for my pension?
The SBI pension loan amount depends on the age. If a pensioner’s age is below 72 years, can take the 14 lacs loan. If the age lies between 72-74 can take loan up to 12 lacs. For the pensioners’ age between 74-76 can take the loan up to 7.50 lacs. The SBI pension loan interest rate is 11.65%- 12%, respectively.
I am 70 years old and can take the state bank of India pension loan?
No, the minimum age to get the SBI pension loan is 72 years. If you are currently 70 years old, then you need to wait for two years to avail the request for the SBI pension loan. You can also opt for the loan options if you want money urgently.
I am a family pensioner. Can I avail of the SBI pension loan?
Yes, if you are a family pensioner, you can avail of the request for the SBI pension loan. There are some eligibility criteria that you need to go through to prove as a reliable loan borrower. Your age must be 72 years to fill the SBI pension loan application form. The SBI pension loan interest rates are similar for all ages of pensioners that lie between 11.5-%-12%, respectively.
What is the tenure period of the SBI pension loan?
The tenure period of the SBI pension loan varies from age to age. If your age is 72 years, then the tenure period is 60 months. Pensioners who avail the request for the SBI pension loan at the age of 74 years the tenure period is 48 months. Lastly, for the people whose ages are 76 years, the tenure period is 24 months.
What type of loan is the SBI pension loan?
The SBI pension loan scheme is available to cover the unexpected needs of the pensioners. After retirement, in the middle of life, if the pensioner needs a lump sum amount. They can generate the request for the pension loan effortlessly. SBI personal loan ranges from Rs. 25,000 to 14 lacs at the SBI personal loan interest rates 11.5%-12%.
Is security compulsory for a personal loan for pensioners in SBI?
If you want to apply for the SBI personal loan you don’t need to put the assets against it. If you are a pensioner and age above than 72 years can avail the request for the loan.
Is it compulsory to have an account with SBI to get the SBI personal loan?
Whether you are an SBI account holder or not, you can apply for the SBI personal loan. Before applying for the SBI personal, the bank holder requests you to open the SBI account.
Can a family pensioner get the SBI pension loan?
Yes, family pensioners can get the SBI pension loan if their age is above 72 years.