SBI is the India’s largest bank and it takes care of the banking needs of the people. Central, State Government & Defense pensioners, who have an account with SBI, can avail SBI Pension Loan. The loan can be availed from any of its branches. The following documents need to be furnished for SBI Pension Loan -

· Identity proof: Aadhaar Card/PAN Card/Voter ID Card/Driving License/Passport/Ration card Residence Proof: Passport/Utility Bill/Voter ID Card/Driving License/Lease or Rent Agreement.

· Age Proof: Birth Certificate/School Leaving Certificate & PAN Card

· Financial Documents: Past 6 months bank statements

· Retirement Proof: Name of the organization & Pension Slip

Let’s have a look at the major eligibility conditions and benefits -

1. The maximum age limit for the pensioners should be upto 76 years

2. The minimum pension amount is Rs 25,000 and the maximum amount is Rs 14 lakh

3. For defense pensioners, the processing fee is nil

4. There is no hidden charges

5. Any prepayment attracts a fee of 3% on the prepaid amount

Some Universal Rules for all SBI pensioners -

1. NMP/EMI ratio should not be more than 33% in all the cases of family pensioners

2. Loan guarantee is secured by TPG of spouse family

How do I get in touch with SBI Pension Loan team?

How do I get in touch with SBI pension Loan?

To enquire about SBI pension Loan, one can dial the toll free no — 1–800–110–009, and other dedicated nos are 1–800–4253–800 & 1–800–112–211.

For what purpose one can take an SBI Pension Loan?

This is a collateral free loan and pensioners can use it for any purpose. A person availing a pension loan can fulfill his dreams like going to a vacation, renovating his home, purchasing any costly gadget. Further, a pension loan is a best option in case of an emergency situation like meeting expenses for medical, and child’s marriage.SBI provide various Loans offer to publics like SBI Personal Loan , SBI Pension Loan , SBI Business Loan etc.

Originally published at http://ajitsamal.wordpress.com on September 27, 2019.

I am a diligent and motivated self-worker with 3+ years of experience working in credit review and loan processing within the financial tech industry.

I am a diligent and motivated self-worker with 3+ years of experience working in credit review and loan processing within the financial tech industry.