Utility News Desk!!! Any bank gives loans to its customers only after checking their age, income and credibility. This is the reason why many elderly people believe that from where will they get loan facility at this age? But if you are retired, getting pension every month and your account is in State Bank of India, then you do not need to worry. Even at this stage of age, SBI can provide you pension facility in difficult times. SBI runs a special loan scheme for pensioners. This scheme is State Bank of India Pension Loan Scheme. Through this scheme, pensioners can take loans from banks in difficult times. However, the loan amount depends on their income. Know here complete information related to this scheme.

Features of Pension Loan

The specialty of pension loan is that the processing fees in it are very low. The process of taking the loan is very fast and there is no need to submit a lot of documents. The interest rates charged on pension loans are also generally lower than the interest rates charged on personal loans. There is no hidden charge in this. Pensioners get the option of EMI to repay the loan. You can apply for pension loan in any branch of SBI.

These are the conditions related to the loan

• This loan given to pensioners is like a personal loan. To avail this, it is necessary that the pension payment order of the borrower should be with the State Bank of India.
• To apply for pension loan from SBI, the pensioner must be below 76 years of age.
• The pensioner will have to give in writing that during the loan period, he will not modify his mandate given to the Treasury.
• Treasury will have to give in writing that until no objection certificate is issued from the bank
• Treasury will not entertain any request by a pensioner to transfer pension payments to any other bank.
• All other terms and conditions of the scheme including life partner (eligible for family pension) or appropriate third party guarantee will apply.
• The loan repayment period is 72 months, which in any case has to be repaid till the age of 78 years.

Other information related to loan will be available here

If you want to get other information related to SBI loan then you can visit the official website of SBI. Apart from this, related information can also be obtained by dialing toll free number 1800-11-2211. Besides, you can also apply for pension loan from this number. To get a call back from SBI Contact Centre, give a missed call to 7208933142 or SMS ‘Personal’ to 7208933145.