Retirement loan | SBI pension loan: check interest rate, eligibility, documents and other features

SBI pension loan: check the interest rate, eligibility, documents and other features | Photo credit: IANS

New Delhi: The country’s main lender, the State Bank of India (SBI) offers retirement loans to the elderly and family retirees receiving a regular pension from the central government or the state through the bank.

The loan can be used by retirees to meet a variety of personal financial needs such as financing your child’s wedding, buying your dream home, planning a trip, or getting medical help with a hassle-free loan and repayments.

Main characteristics of the SBI pension loan

  • Processing fees are less
  • There are no hidden costs
  • Loans are processed quickly
  • Fast loan processing
  • Easy EMIs via SI
  • Minimum documentation
  • You can apply in all SBI agencies

An interested senior can apply by dialing the number, making a missed call or sending a message. Dial 1800-11-2211 Missed call to 7208933 SMS “PERSONAL” to 7208933145 to be called back by our Contact Center Know before opting for a retirement loan.

In all cases for family retirees, the EMI / NMP ratio does not exceed 33%. For other forms of retirees, the EMI / NMP ratio would not exceed 50%. The prepayment charge will be 3% of the prepaid amount. The method of repayment of the loan is specified by the Standing Instruction for the debit of IMEs from the pension account for recovery. The entire loan is guaranteed by the partner eligible for a family pension or by another family member or by a third party eligible for a pension loan.

Documents to benefit from the loan

Proof of identity such as passport, Pan card, voter ID card, driver’s license, Aadhaar card Address proof can be ration card, bank statement, passport, driving license , an electricity bill, a phone bill, a property purchase contract and an Aadhaar card be bank statements, pay slips.

For central government and state retirees

  1. The retiree must be under 76 years of age.
  2. The order of payment of pensions is maintained with the SBI.
  3. The pensioner to provide an irrevocable commitment not to change his tenure to the Treasury during the term of the loan.
  4. The Treasury must give its written consent that it will not accept any request from the retiree to transfer the payment of his pension to another bank until a notice of compliance is issued.
  5. All other terms and conditions of the Plan will apply, including a guarantee by the spouse (eligible for a family pension) or by an appropriate third party.

For retirees from La Défense

  • Retired from the armed forces including army, navy and air force, paramilitary forces (CRPF, CISF, BSF, ITBP, etc.), coast guard, Rashtriya rifles and Assam rifles .
  • The order of payment of pensions is maintained with the SBI.
  • No minimum age bar under the plan.
  • The maximum age at the time of loan processing must be less than 76 years.

For family retirees

  • Family pensioners include members of the family authorized to receive a pension after the death of the pensioner.
  • The family pensioner must not be over 76 years old.

SBI pension loan interest rate

SBI pension loan interest rate starts at 9.75% per annum

Documents

Proof of identity: passport, Pan card, voter ID card, driver’s license, Aadhaar card

Proof of address: ration card, bank statement, passport, driver’s license, utility bill, phone bill, deed of sale / property purchase contract (for owned properties), Aadhaar card

Proof of income

Pension payment order

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