SBI pension loan: easy loan process for seniors


Planning

oi-Sneha Kulkarni

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Retirement with the SBI pension loan has just brightened up. Now you can finance your child’s function, buy your dream home, plan a vacation, or get medical assistance with quick, hassle-free loan and repayment. Under the SBI pension loan scheme, state government, central government, defense and family retirees are eligible after retirement.

The retired personal loan can be used for a sum of Rs 25,000 to Rs 14 Lakh. For family retirees, the overall ceiling is Rs 5 Lakh. SBI pension loan interest rate starts at 9.75% per annum

Using Twitter, the bank said; “Get 9.75% retirement loans and have a great retirement. Just text 7208933145”.

SBI pension loan: easy loan process for seniors

Main characteristics of the SBO pension loan

Processing fees are lower
There are no hidden costs
Loans are processed quickly
EMI easy through
No need for too much paper, it is done with a minimum of documentation.
An interested senior can apply by dialing the number, giving a missed call or sending a message.

  • Dial 1800-11-2211
  • Make a missed call to 7208933
  • “PERSONAL” SMS to 7208933145 to be called back by our Contact Center

What to know before opting for a retirement loan

  • In all cases for family retirees, the EMI / NMP ratio does not exceed 33%.
  • For other forms of retirees, the EMI / NMP ratio would not exceed 50%.
  • The prepayment charge will be 3% of the prepaid amount.
  • The method of repayment of the loan is specified by the Standing Instruction for the debit of IMEs from the pension account for recovery.
  • The entire loan is guaranteed by the partner eligible for a family pension or by another family member or by a third party eligible for a pension loan.

Documents to benefit from the loan

  • Proof of identity such as passport, Pan card, voter ID card, driver’s license, Aadhaar card
  • Proof of address can be a ration card, bank statement, passport, driver’s license, utility bill, phone bill, property purchase contract, and Aadhaar card.
  • Proof of income can be bank statements, pay stubs.

For central government and state retirees:

Age at time of loan sanction Maximum loan amount (18 months pension or Rs.) Repayment period Age at time of full refund
Below 72 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 24months Up to 78 years

For retirees from La Défense:

Age at time of loan sanction Maximum loan amount (36 months pension or Rs.) Repayment period Age at time of full refund
Under 56 14 lakhs 84 months 63 years old
56 – 72 years 14 lakhs 60 months 77 years old
72 – 74 years 12 lakh 48 months 78 years old
74 – 76 years 7.50 lakh 24months 78 years old

For Family Retirees (including Retirees from La Défense):

Age at time of loan sanction Maximum loan amount (18 months pension or Rs.) Repayment period Age at time of full refund
Below 72 5.00 lakh 60 months 77 years old
72 – 74 years 4.50 lakh 48 months 78 years old
74 – 76 years 2.50 lakh 24months 78 years old

BonRetours.in

Article first published: Tuesday February 23, 2021, 4:26 PM [IST]

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