Personal Loan

SBI Pension loan: Avail a Pension Loan from Your Banker Friend

13 Oct 2019 3 min read
Personal Loan: SBI Pension loan - Interest Rate, Eligibility, EMI Calculator

“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, Defense, or family pensioners up to 76 years of age.
  • It has a nominal processing fee (nil for Defense 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 fee of 3% on the prepaid amount.

SBI personal loan eligibility for Pension Loan

The Central/State Government or Defense 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

Apply Personal Loan

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.

Maximum Eligible Loan Amount and repayments:

(i) For Central and State Government Pensioners:

Age

Max Loan Amount

(18 months Pension or Less)

Repayment Period

Age at the time of

full Repayment

Below 72 years

₹ 14.00 Lakh

60 months

Up to 77 years

72 - 74 years

₹ 12.00 Lakh

48 months

Up to 78 years

74 - 76 years

₹ 7.50 Lakh

24 months

Up to 78 years


(ii) For Defense Pensioners:

Age

Max Loan Amount

(36 months Pension or Less)

Repayment Period

Age at the time of

full Repayment

Below 56 years

₹ 14.00 Lakh

84 months

Up to 63 years

56 – 72 years

₹ 14.00 Lakh

60 months

Up to 77 years

72 - 74 years

₹ 12.00 Lakh

48 months

Up to 78 years

74 - 76 years

₹ 7.50 Lakh

24 months

Up to 78 years


(ii) For Family Pensioners (including Defense Pensioners) :

Age

Max Loan Amount

(18 months Pension or Less)

Repayment Period

Age at the time of

full Repayment

Below 72 years

₹ 5.00 Lakh

60 months

Up to 77 years

72 - 74 years

₹ 4.50 Lakh

48 months

Up to 78 years

74 - 76 years

₹ 2.50 Lakh

24 months

Up to 78 years

** EMI / NMP ratio shall not exceed 33% in all the cases for family pensioners

 

 

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.

SBI Personal Loan Other Products :

SBI Saral Personal Loan SBI Festive Loan
SBI Agricultural Loan SBI Personal Loan For Government Employee
SBI Xpress Credit Personal Loan SBI Business Loan


FAQ SBI Pension Loan:-

1. Question: How much loan can I take on my pension?

Answer: Under SBI pension loan scheme, loan amount varies from pensioner to pensioner depending on a pensioner’s age and the type of pension one is getting. Maximum eligible loan amount is as under:

For central and state government pensioners

Below 72 14 lakh
72 to 74 years 12 lakh
74 to 76 years 7.5 lakh

For defence pensioners

Below 56 years 14 lakhs
56 to 72 14 lakh
72 to 74 years 12 lakh

For family pensioners

Below 72 5 lakhs
72 to 74 years 4.5 lakh
74 to 76 2.5 lakh

Note: EMI/ NMI ratio should not be more than 33% for all family pensions.

2. Question: What type of loan is SBI Pension Loan?

Answer: Under the umbrella of a personal loan, State Bank of India offers a pension loan to central or state government, defence, and family pensioners, who are below 76 years old, to meet their various needs, such as child’s marriage, medical expenses, dream home, dream vacation, home renovation, etc.

3. Question: Is security compulsory for a personal loan for pensioners in SBI?

Answer: State Bank of India offers an unsecured and collateral free personal loan for central and state government and defence pensioners. Hence, you don’t need to offer an asset or security to get a pension loan from SBI.

4. Question: Is it compulsory to have an account with SBI to get the SBI personal loan?

Answer: The central / state government or defence pensioners who are getting their pension from State Bank of India can apply for a pension loan from the State Bank of India.

5. Question: Can a family pensioner get the SBI pension loan?

Answer: Yes, any family pensioner below 76 years having the pension account in SBI can get the SBI pension loan.