Friends, there always comes such a time in life. When you face trouble. In such a situation, the most money is needed. In such a situation, many people save money keeping their future in mind. But if a person does not save money then he has to face more problems. In such a situation, that person can take a loan from a bank, etc. But if someone is getting a pension then he has to face a lot of problems in loan. Keeping this in mind, SBI has started SBI Pension Loan Scheme for pensioners. In this article, we will tell you about SBI Pension Loan, what is SBI Pension Loan Scheme? What is the eligibility to avail pension loan? What are the documents required to take a loan? For this, you have to read this article till the end.
What are SBI Pension Loan Schemes?
The loan taken for your personal expenses is a personal loan. A personal loan has both advantages and disadvantages. You can take SBI Personal Loan for marriage, vacation, unplanned emergency or planned shopping, house repair, etc. As you know a personal loan is an unsecured loan. If you do not know what is secured and unsecured loan is, then you can get information by clicking on this link Secured and Unsecured Loan.
That’s why the bank gives you this loan on the basis of your CIBIL score. The higher your CIBIL score, the lesser your loan will be approved. You do not have to give any guarantee of any kind to take a State Bank of India (SBI) Personal loan. You can apply for an SBI loan both online and offline. You do not have to give any kind of security to the bank to take a personal loan.
SBI Personal Loan rate of interest is very less in SBI Bank as compared to other banks. There are many types of personal loans in SBI. You can take a personal loan from SBI up to a maximum of Rs 20 lakh. And you also get enough time to repay this loan. Very little processing charge is charged from you on this loan by the State Bank of India (SBI). SBI personal loan rate of interest starts from 9.60% per annum. If you want to take a home loan from SBI Bank, then you can apply for a home loan by clicking on this link “SBI Home Loan”. SBI Business Loan for Women is given to women by SBI Bank, you can apply for Business Loan for Women by clicking on this link.
Features of SBI Pension Loan?
- Very low processing fee is levied for availing loan under SBI Pension Loan Scheme.
- No other hidden charges are levied on taking loan from Pension Loan Scheme.
- Loans are available very quickly from this scheme.
- Simple installment recovery is done through standing instructions on taking loan from SBI Pension Loan Scheme.
- Loan from SBI Pension Scheme is available with very few documents.
- This loan can be taken from all branches of SBI.
Required Eligibility for SBI Pension Loan Scheme
The bank has made some rules for taking SBI Pension Loan. If the person follows this rule then only he can get the loan.
- If a person is taking pension through a private company or a firm. So you cannot take loan from SBI.
- The maximum age for a person to take a loan should be 76 years.
- To take SBI pension loan, the person should have an account with State Bank of India.
- The person taking the loan should be a pensioner from the Central Government or the State Government. If you follow all these rules. So you can take loan from State Bank of India.
Benefits from SBI Pension Loan Scheme.
- Under the scheme of the bank, the people who are getting pension from the Defense Pension Department will not have to pay any processing fee at the time of taking the loan.
- EMI will be deducted from the pension account of the person taking the loan.
- If the person repays the loan ahead of time, then he will have to pay a penalty of 3%.
- To take this type of pension loan, one will not have to buy any kind of loan insurance.
Apply for loan from SBI Pension Loan Scheme?
To take a loan from SBI Pension Loan Scheme, you have been given several options to apply for the loan. With any one of these options, you can apply for a loan under the pension loan scheme of SBI.
- Beneficiaries can apply for the loan by visiting any branch of SBI.
- Pension holders willing to take loan can also apply for loan from mobile phone.
- Applicants can apply loan from Pension Loan Scheme by visiting the main website of SBI.
How much loan amount will be available from SBI Pension Loan Scheme.
Under this scheme of the State Bank of India, you can get a loan of up to Rs 25000 from here. Apart from this, if you want to take more loans. So it depends on the tenure of your loan, the age of the person taking the loan, and their pension age, for example, if the age of a person is below 72 years, then the loan amount to that person is up to Rs 14 lakh. Can be approved and the loan amount repayment time is 60 months.
Interest Rate Under SBI Pension Loan
Under this scheme of State Bank, more than 3.90% and at present 13.20% annual interest rate is charged by the bank. SBI changes its interest rate from time to time.
What gaurenter is required to take loan under SBI Pension Loan Scheme?
Many of you would think that a guarantor would be required to take a loan. So it’s not like that at all. You will not need any kind of guarantor to take a loan from here. You don’t need any third party here.
Documents Required for SBI Pension Loan
- Must have account in SBI
- Copy of pension card
- Aadhar card
- Address proof
- Passport size photo
- Mobile number
How to apply for SBI Pension Loan Scheme?
To take a loan from State Bank, you have to visit your nearest State Bank of India branch. Where you have to fill the loan application form. Fill the form carefully. Apart from this, the Xerox copy of all the documents asked for in the form should also be attached with the application form. Submit your form to the concerned authority. If you want to apply for a loan through online mode, then you have to take internet banking of State Bank of India. Under which you can apply for the loan online. If all your documents are correct then your loan amount gets approved quickly.
What is the helpline number for SBI loan?
You can approach any branch of SBI for a pension loan. Apart from this, there is also some phone number through which you can get information about pension loans.
- You can get information related to pension loan by calling toll free number 1800112211
- By giving a missed call on this number 7208933142 you will get a call from the customer care center of the bank. With which you can get all the information about the loan.
- 7208933145 You have to send SMS by typing ‘Personal’ on this number. After this you get the reply related to the loan.