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How to Apply for Pension Loan in SBI?

sbi pension loan
In: Business

The State Bank of India takes plenty of initiatives to provide a satisfactory experience to its customers. The provision of loans with several attributes makes the organisation flourish since 1955. Every person can make a financial profit in association with this bank. In addition to loans for general citizens, senior citizens can also opt for the same here. The loan scheme exclusively for senior citizens is named “SBI Pension Loan”. To avail of the loan, all you need to do is follow a few simple steps. The article will navigate you through the features of the Pension Loan that SBI is offering. Furthermore, it will elaborate on the steps that you will have to go through for a successful application. Also, there will be a discussion on the eligibility criteria along with the terms and conditions. 

Attributes of SBI Pension Loan:

Pensioners and seniors are the only ones eligible for this plan. However, not every senior citizen can apply for this scheme. The pensioners belonging to either a Central or State Government organisation can only appeal for this type. Through this loan, the pensioners can accomplish several financial requisitions. Moreover, they can fulfil due responsibilities. They can pay unexpected bills due to sudden ailments. Also, they can use this loan to renovate a home or get their child married. This plan even allows the pensioners to use it for taking vacations accordingly.

Features of SBI Pension Loan:

Here are some of the SBI Pension Loan features:

  • The Interest Rate for the SBI Pension Loan ranges between 9.75% per annum to 10.25% per annum.
  • Besides, the pensioner can appeal for a loan of up to Rs 14 Lakhs. 
  • The tenure of this loan plan is a maximum of 84 months. 
  • Also, there is a processing fee included. This fee ranges between 0.50% to 1% of the loan amount. 
  • In addition to the processing fee, a prepayment charge of 3% is applicable. 
  • A pensioner has to repay the debt before attaining 78 years of age. 
  • However, SBI keeps updating these features. At times, it comes up with offers that reduce various charges. For an instance, the bank is offering a waiver of 100% from the charges of processing. Applicants must apply between the 15th of August 2021 till the 31st of March 2022.

Eligibility Criteria for SBI Pension Loan Application:

The criteria of eligibility are as follows:

  • You can apply for the pension loan plan only if you are above 60 years and below 76 years. 
  • The maintenance of your payment order should be in association with SBI. 
  • Also, there is a requisition for a third-party guarantor. The guarantor can be your spouse. 
  • An irrevocable undertaking is also necessary declaring no mandate amended to any treasury during the session of loan. 
  • Additionally, there is a necessity for consent from the treasury. It should issue a letter subjecting to abort any request from the pensioner to transfer the pension to another banking institution. 

Steps to Apply for SBI Pension Loan Online:

Here is a step by step guide on how to get pension loan from SBI?

  • Open the Official Website of the State Bank of India. 
  • Next, search for pension loan in the search bar. A page will open, press the “Apply Now” button to proceed further.
  • On the next page, there will be a form present. In this, one should fill in the credentials. 
  • There is a column where one has to declare the purpose of the loan. In this case, the purpose is Pension Loan. 
  • Before proceeding, you can read the details of the scheme by clicking on the icon below the “Purpose of loan” dialogue box. 
  • Thereafter, select the type of relationship. Here you will have to select either Pension Account or Pension Loan Account.
  • Further, provide the account number associated with the branch where you are applying for the loan. 
  • In the next step, provide your contact number with the ISD code to complete.
  • In the final step, click on the declaration below the contact box. Then submit the form. 
  • The next page consists of the loan offers. And on the last page, the complete application is present. Fill in the credentials here and submit them. 

Documents Required for SBI Pension Loan Application:

There are different categories according to which the document requisition may vary. However, some of the basic requisitions are as follows:

  • There is a necessity for 2 passport sized photographs. 
  • Besides, you need to furnish identity proof. It can be either of the following- Pan Card, Adhaar Card, Driving License, EC Identity card etc
  • As an address proof, you can produce your ration card, passport, driving licence, telephone bill, electricity bill, sale deed etc.
  • Also, you need to provide income proof such as a pension payment order. 

The Pension Loan plan by SBI is helping millions of senior citizens. It is giving them scope to fulfil their dreams at a later stage of life. Moreover, promoting healthy and adequate living among seniors, who would otherwise be at the mercy of others. 

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