Senior Citizen Loan: You will get loan easily even after 60 years of age, just keep these things in mind

Most people think that there is no loan option for the elderly. But SBI runs a special scheme for the elderly with some special conditions. Know the special things related to that scheme here.

Senior Citizen Loan: Most people think that there is no loan option for the elderly because they have no source of income in old age. In such a situation, banks do not consider them reliable in terms of loans. But if a person receives pension after retirement, he can also get a loan. State Bank of India runs a special scheme for such elderly people.

This scheme is known as State Bank of India Pension Loan Scheme. But to complete this loan, the elderly have to fulfill some conditions. Know about SBI’s pension loan here so that in difficult times you can also take advantage of this scheme and fulfill your needs.

First understand what is pension loan

This loan given to pensioners is a kind of personal loan. This loan can be helpful for the elderly in times of need for expenses like marriage of children, building or buying a house, travelling or treatment etc. However, the amount that the bank will give as loan to the pensioner under this scheme is determined according to their income.

These 6 conditions must be fulfilled

  • To avail pension loan, it is necessary that the pension payment order of the borrower is with the State Bank of India.
  • To apply for pension loan from SBI, the pensioner should be less than 76 years of age.
  • The loan repayment period is 72 months, which must be repaid by the age of 78 years.
  • The pensioner will have to give in writing that during the loan period, he will not amend his mandate given to the Treasury.
  • The Treasury will have to give in writing that unless a no objection certificate is issued from the bank, the Treasury will not accept the request of the pensioner to transfer the pension payment to any other bank.
  • All other terms and conditions of the scheme including the guarantee of the life partner (eligible for family pension) or suitable third party will apply.

There are many benefits of a loan

There are many benefits of pension loan. The first advantage is that the processing fee is very low and the process of getting the loan is very fast. There is no need to submit too many documents to get it. The interest rates charged on pension loan are also usually lower than the interest rates of personal loan. There is no hidden charge in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.

Loan related details will be available here

If you want to get other information related to SBI loan, then you can visit SBI’s official website https://sbi.co.in/. Apart from this, you can get information related to it by dialing toll free number 1800-11-2211. Also, you can apply for pension loan from this number. To get a call back from SBI Contact Centre, give a missed call to 7208933142 or send an SMS ‘PERSONAL’ to 7208933145.

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