Sunday, November 28, 2021

SBI Pension Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

- Advertisment -

State Bank Of India (SBI) offers its customers an easy and convenient SBI Pension Loan. This loan is for all types of Pensioners such as Central/State government/Defence Pensioners as well as Family Pensioners.

- Advertisement -

Let us discuss all aspects of the Pension Loan scheme by SBI.

Main Highlights of SBI Pension Loan

  • Loan Amount from Rs. 2.5 Lakhs to Rs. 14 Lakhs.
  • Interest Rate Stats From 9.60% to 15.65% per annum or if any then, onwards.
  • Loan Tenure is from 24 Months to 84 Months (7 Years).
  • Low Processing fee starts from 0.50% to 1% on Loan Amount and + GST additional.
  • Prepayment Charges are 3% on prepaid amounts.
  • Minimal Documents required.
  • A Quick Loan Process.

What is SBI Pension Loan?

Obviously, this is a pension loan therefore the eligible customers are only the Pensioners of society.

How much Amount of Loan is Provided in SBI Pension Loan Scheme?

Min Loan Amount – 2.50 Lakhs Rs.

Max Loan Amount – 14 Lakhs Rs.

- Advertisement -

How much Loan amount will be sanctioned by the bank is vary on what Type of Pensioners is, and the age of Pensioners (Given Below).

Who is eligible for the SBI Pension loan?

All the State/Central Government Pensioners, Defence services pensioners, and even family pensioners can apply for an SBI Pension Loan.

Pension For Customers in State/Central Government Services

  1. The Pension Payment Order Should be maintained by the State bank Of India.
  2. The Age of the Pensioner should not be more than 76 years.
  3. Pensioner should furnish an irrevocable undertaking not to amend his mandate to the treasure during the tenure of the loan.
  4. The NOC issues are – The treasury to give consent in writing that it will not accept any request from the pensioner to transfer pensioner’s payment from SBI to any other bank till a NOC is issued.
  5. The suitable third-party guarantee and guarantee by Spouse (who is eligible for family pension) will be applicable in this SBI Pension Loan.
- Advertisement -

Pension For Customers in Defence Services

  1. The Age of the Pensioner at the time of Processing the Loan should not be more than 76 years.
  2. The Pension Payment Order Should be maintained by the State bank Of India.
  3. No Minimum Age criteria under this scheme.
  4. Pension customer of following Defence Services – Armed Forces, including Army, Navy, and Air Force, Paramilitary Forces (BSF, CRPF, ITBP, CISF), Assam Rifles, Rashtriya Rifles, Coast Guards.

In Case of Family Pensioners

  1. The Age of the family Pensioner should not be more than 76 years.
  2. In the Case of Family Pensioners, the family pensioners include authorized members of the family to receive a Pension after the death of the Pensioner.

SBI Pension Loan Document Requirements?

  1. For Identity Verification: You must have at least one of these, Adhar Card, Pan Card, Driving Licence, Passport, Voter Id Card, etc. Bank can demand to show you any of these mentions Id Proofs or many, such as Pan Card & Adhar Card, etc.
  2. Income Proof: Pension Payment Order.
  3. Address verification Proof: Similar to Id proof you must have at least one or two of these, Adhar Card, Passport, Driving Licence, Ration Card, Electricity Bill, Property purchase agreement (For Owned Property), Telephone bill, etc to verify your Address.

Interest Rate for SBI Pension Loan?

Min Interest Rate – 9.60% Per Annum

Max Interest Rate – 15.65% Per Annum

Interest Rate May Vary to what type of Pensioners is, such as State/Govt./Defence/Family pensioner, and age of Pensioner.

Interest Rate may also vary on the customer’s Profile such as Credit Score, Outstanding, debits, amount of Income, etc.

Loan Tenure/Time for SBI Pension Loan?

Min Loan Tenure – 24 Months (2 Years)

Max Loan Tenure – 84 Months (7 Years)

Similar to Interest Rate Loan Tenure also vary on what type of Pensioners is, and Age of Pensioners.

Examples of EMI Calculations for SBI Pension Loan

Let us introduced some EMI calculations on basis of different Interest Rates & Loan Tenure.

With An Interest rate of = 9.60% Per Annum.

SBI Pension Loan EMI = Per Month Amount to be paid by the customer to the bank.

Loan Amount EMI for 2 Years EMI for 3 Years EMI for 4 Years EMI for 5 Years EMI for 6 Years
2.5 Lakhs Rs. 11,490 Rs. 8,020 Rs. 6,293 Rs.  5,263 Rs. 4,581 Rs.
14 Lakhs Rs. 64,345 Rs. 44,912 Rs. 35,239 Rs. 29,471 Rs. 25,655 Rs.

With An Interest rate of = 15% Per Annum.

Loan Amount EMI for 2 Years EMI for 3 Years EMI for 4 Years EMI for 5 Years EMI for 6 Years
2.5 Lakhs Rs. 12,122 Rs. 8,666 Rs. 6,958 Rs.  5,947 Rs. 5,286 Rs.
14 Lakhs Rs. 67,881 Rs. 48,531 Rs. 38,963 Rs. 33,306 Rs. 29,603 Rs.

Charges & Fees in SBI Pension Loan Scheme?

  1. Processing Fee – 0.50% to 1 % of the loan amount + GST Charges additional.
  2. Pre-Payment Penalty – 3% On Prepaid Amount. 

Here, if the account is closed from the Proceeds of a new Loan obtained under the same scheme then, Nil Pre-Payment penalty and Foreclosure Charges. 

How Can you Apply For SBI Pension Loan?

  1. Visit Nearest SBI Branch.
  2. Apply Online on SBI Official Website Page.
  3. Pre-Approved on SBI Yono App.

Read Also SBI Kavach Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

FAQ – SBI Pension Loan

How to Check online SBI Pension Loan Application Form Status?

You can easily check/track your (SBI Pension Loan) Online application form Status by visiting the Official SBI Online application Status Track page.

To track application status you need to enter a reference number (Application Reference No.) and enter your mobile number.

How to Get an Online SBI Pension Loan Statement?

  1. Open Official State Bank Of India (SBI) Website, and choose Net Banking.
  2. Login with Username or Password, etc (Login Credentials).
  3. After login, you can view or download Your Pension Loan Statement.

How to Get an Offline SBI Pension Loan Statement?

Please visit the nearest SBI Branch for a hard copy of the SBI Pension Loan Statement.

SBI Pension Loan Customer Care/Contact information?

  1. Visit the nearest SBI Branch to solve your all doubts.
  2. Toll-free Numbers – 1800112211, 18004253800, 08026599990
  3. Email – customercare@sbi.co.in, contactcentre@sbi.co.in

If You have any Doubts Please comment, we are happy to help YOU

Share this post If YOU Like