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Home >Money >Personal Finance >SBI Pension Loan: Interest rate, eligibility, documents and other features

State Bank of India (SBI) offers pension loans to senior citizens and family pensioners receiving a regular pension from the central or state government through the bank. This personal loan can be used by pensioners to fulfil various personal financial needs such as funding your child’s marriage, buying your dream home, planning a trip or get medical aid with a simple and hassle-free loan and repayments.

In a tweet, the country's top lender said: "Get Pension loans at 9.75% and have a happy retirement. All you need to do is SMS <PERSONAL> on 7208933145."

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SBI Pension Loan Features

  • Low processing fees
  • No hidden costs
  • Quick loan processing
  • Easy EMIs through SI
  • Minimal documentation
  • You can apply at all SBI branches

SBI Pension Loan Eligibility

For Central & State Government Pensioners

  • The pensioner should be below 76 years of age.
  • The pension payment order is maintained with SBI.
  • The pensioner to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
  • The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued.
  • All other terms and conditions of the Scheme will be applicable, including a guarantee by the spouse (eligible for a family pension) or by a suitable third party.

For Defence Pensioners

  • Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles.
  • The pension payment order is maintained with SBI.
  • No minimum age bar under the scheme.
  • The maximum age at the time of processing the loan should be less than 76 years.

For Family Pensioners

  • Family pensioners include authorized members of the family to receive a pension after the death of the pensioner.
  • Family pensioner should not be more than 76 years of age.

SBI Pension Loan interest rates

SBI Pension Loan interest rate starts at 9.75% p.a

Documents

Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card

Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card

Income proof: Pension payment order

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