Pensioners Special Scheme: State Bank of India (SBI) offers a loan facility specifically designed for pensioners under the Pension Loan Scheme. This scheme provides financial assistance to pension holders in times of emergency or when additional funds are needed. If you have retired and require funds for purposes such as building a house, a wedding, or medical treatment, you can take advantage of this loan scheme offered by SBI.
Under the Pension Loan Scheme, the loan amount you can receive from the bank depends on your pension amount. It is important to note the terms and conditions associated with this loan scheme:
- The loan is similar to a personal loan and requires the borrower’s pension payment order to be with SBI.
- To be eligible for the pension loan from SBI, the pensioner’s age should be less than 76 years.
- The pensioner must provide an undertaking that they will not change their mandate to the treasury during the loan period.
- The treasury must provide written confirmation that they will not accept any request for the transfer of pension payments to any other bank until the No Objection Certificate is issued by the bank.
- The loan repayment period is 72 months, and it must be repaid by the time the pensioner reaches 78 years of age.
Features of the Pension Loan Scheme:
The pension loan scheme offers several benefits to pensioners:
- The processing fee for this loan is minimal.
- The loan approval process is quick, and the requirement for documentation is minimal.
- The interest rates for pension loans are generally lower than those for personal loans.
- There are no hidden charges associated with this loan scheme.
- Pensioners have the option to repay the loan through Equated Monthly Installments (EMIs).
- You can apply for a pension loan at any branch of SBI.
For additional information regarding the loan, you can visit the official website of SBI at https://sbi.co.in/. You can also obtain information and apply for a pension loan by calling the toll-free number 1800-11-2211. Alternatively, you can give a missed call to 7208933142 or SMS ‘PERSONAL’ to 7208933145 to receive a call back from SBI’s Contact Centre.