Personal Loan
SBI Pension loan: Avail a Pension Loan from Your Banker Friend for Life
15 Jun 2019 3 min read
Personal Loan: SBI Pension loan

“A friend in need is a friend indeed”

Are you enjoying your retired life after years of distinguished service with Central/State Government services?

Then SBI Pension Loan is your best friend arranging funds in case, if you are planning for a travel experience or to meet some exigencies. SBI Pension loan has been structured specifically to address the needs of pensioners like you and these loans are disbursed in a quick and hassle-free manner.

SBI Pension Loan Features.

  • The SBI pension loan scheme is for covering the sudden and unexpected funding needs of Govt, Defence or family pensioners’ up to 76 years of age.

  • It has a nominal processing fee (nil for Defence pensioners)

  • Pensioners can avail an SBI Personal Loan in the range of Rs 25000 to  Rs 14 lakhs

  • Family pensioners can avail up to a maximum of Rs 5 lakhs

  • SBI pension loan offers zero hidden charges and quick processing/approval facilities

  • Any prepayment (in full/part) and foreclosure will attract a charge of 3 % on the prepaid amount.

SBI personal loan eligibility for Pension Loan

The Central/State Government or Defence pensioners, who are drawing their pensions through any of the SBI branches and are not over the age of 76 years, are eligible for the SBI pension loan. In these cases, the Pension Payment Order or PPO remains with the Government Treasury and the pensioner needs to give his mandate to the treasury for paying his pension through an SBI branch. He also needs to furnish an irrevocable undertaking that this mandate will not be changed during the tenure of the SBI pension loan availed by him. A guarantee will be required from a third party or from his spouse (who will remain eligible for the family pension).

Pensioners from the below-mentioned agencies, whose PPO is with SBI are considered eligible for the SBI pension loan-

  • Armed forces( Army, Air Force & Navy)

  • Paramilitary Forces (CISF, CRPF, ITBP, BSF etc)

  • Coast Guards

  • Assam Rifles

  • Rashtriya Rifles

SBI your banker for life

When it comes to personal loans, the State Bank of India has remained one of the most preferred lenders for Indian customers. SBI can boast of a wide-spread reach, with over 24000 branches across the country. Because of this wide operational network that covers almost every nook and corner of the country, SBI Personal Loan application and processing are possible at almost every location in India. SBI Personal loan products come with facilities such as minimum processing fees, competitive SBI Personal Loan Interest Rate, quick and hassle-free processing and so on and it’s not a surprise why SBI is one of the biggest lenders in the country.

Contact Us

Afinoz "is there to take care of your financial health and our dedicated experts will provide you with the best possible financial advice related to getting an SBI Pension Loan, with the cheapest SBI Personal Loan Interest Rate. Moreover, our services are offered to you absolutely free of cost.

For any query, feel free to call us at +91 120 411 0376 or fill out the given form. Our representative will contact you soon.

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