Loan for Pensioners in SBI

 

Loan for Pensioners in SBI – Like other individuals, Pensioners (Central/State Government Employee/Defence Personnel) can also avail  loan facility if they have an account in their respective home branch.

It is also a type of personnel loan which is provided by SBI to pensioners in order to meet their Financial Requirements subject to fulfillment of certain terms and conditions.

The pensioner can apply online or can visit their home branch for the same. Here are some basic information mentioned below for availing loan by pensioners from  Home branch where their accounts are being operated:

 

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   1)  The eligibility age for a pensioner to avail loan from their respective SBI Branch is

    Minimum  – 60 years –  Maximum – 76 years

 

 2)    The minimum loan amount that can be availed by Pensioners is Rs 25000/– and the maximum loan amount is the total pension amount of 18 (Eighteen) Months with a different upper cap for different ages.

3) For Pensioners of age group 60 years – 72 years, the repayment period is  60 months

    For Pensioners of age group 72 years – 74 years, the repayment period is 48 months.

    For Pensioners of age group 74 years – 76 years, the repayment period is 24 months.

4)  The rate of Interest for Pensioners’ Loan is 8% above 2-year flexible MCLR. This is currently 11.45% per annum

5)  The Pensioner’s Loan can be availed on the availability of Guarantor (Spouse/ any reputed person) taking the responsibility of repayment of the loan in a time-bound manner.

6) The Pensioner must have a good CIBIL Score not less than 650. Through CIBIL Score Bank can check the habit of Individual related to its Debt and Bill Payment

7) Documents required for Pensioner’s Loan are Complete Application Form, Aadhaar Card, PAN Card, Passport Photo, Copy of PPO (Pension Payment Order) Book, Duly Signed DP Note Delivery Letter (This is provided from Bank for signature only).

8) Stamp Duty for Agreement related in accordance with Bank’s Norms.

On fulfillment of all Terms and Conditions, the Loan Amount will be credited to the Pensioner’s Saving Account. REPAYMENT of the loan will be done through SI (Standing Instructions).

 

(The information provided are based on collections from all available reliable sources)

 

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• Charges can also be levied on Pre-Closure (Forced Closure) of Loan Account.