SBI Pension Loan: Former Central and state government employees, defence pensioners or family pensioners, this scheme tailor made for you; check interest rate

Great news for pensioners seeking a loan! India’s largest public sector bank State Bank of India (SBI) is offering loans to senior citizens at attractive interest rates. This loan can be taken for the purpose of child marriage, to buy a new home, plan a trip or even get medical aid. All you must do is to apply it through the YONO app or through the official SBI website – sbi.co.in. 

The bank claims the loan process to be hassle free with easy repayment options. Know here what to do! 

SBI Pension Loan 

“Retirement just got merrier with SBI Pension Loan. Fund your child’s marriage, buy your dream home, plan a trip or get medical aid with simple and hassle-free loan and repayments,” SBI Bank’s website says. To get any loan related information you can call at the customer service number 1800-11-2211. You can also visit the nearest bank branch for the same.  

You can also give a Missed Call on 7208933142 or SMS “PERSONAL” on 7208933145 to get a call back from our Contact Centre, SBI Bank’s website says.   

Interest Rate: 

The SBI Pension loan is being offered at 9.75 per cent interest, the SBI bank said in a Tweet on its Official Website @TheOfficalSBI

See Tweet Here!

Happy Retirement is not a myth anymore! Just give us a missed call on 7208933142 and know more about pension loans/ receive a call back.

Visit link to know more: https://t.co/eMBj7S8ZKF#PensionLoan #Loan #Pension #MissedCall #Retirement #SmartBanking pic.twitter.com/bwBVtNedI0

— State Bank of India (@TheOfficialSBI) February 23, 2021

 Features: 

1. Low Processing Fees 
2. No hidden costs 
3. Quick loan processing 
4. Easy EMIs through SI 
5. Minimal documentation. 
6. You can apply at any SBI branches 

Eligibility:  See the eligibility criteria here! The information is also available on bank’s website. 

For former Central and State Government employees (Pensioners)

1. The pensioner should be below 76 years of age. 
2. Pension payment order is maintained with SBI. 
3. The pensioner to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan. 
4. The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued 
5. All other terms and conditions of the Scheme will be applicable, including guarantee by the spouse (eligible for family pension) or by a suitable third party. 

SBI Pension Loan - For Defence Pensioners 

Armed Forces pensioners including Army, Navy and Air Force, Paramilitary Forces, Coast Guards, Rashtriya Rifles and Assam Rifles are eligible for the. 
Pension payment order is maintained with SBI. 
No minimum age bar under the scheme but maximum age at the time of processing the loan should be less than 76 years. 

For Family Pensioners 

1. Family pensioners include authorised members of the family to receive pension after the death of the pensioner. 
2. Family pensioner should not be more than 76 years of age.