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SBI Pension Loan – Eligibility, Interest Rate, EMI Calculator 2017

SBI Pension Loan – Apply & Get Lowest Interest Rate on Personal Loan for Pensioners. Check Eligibility, EMI Calculator, Documents, Loan Amount, Processing, Repayment Options.

SBI PENSION LOAN
Interest Rates 12.45%
Processing fees NIL (Till 31st December 2017) Otherwise 0.50% of the loan amount with a minimum of ₹ 250/-
Minimum Loan Amount ₹ 25,000/-
Maximum Loan Amount ₹ 14 lacs
Loan Tenure 5 years
Margin 0.00%

SBI Pension Loan – Get Instant Loan Quotes Online

Professional Details
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Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

State Bank of India offers loan to pensioners by the name SBI Pension Loan which can be availed for a multiple front personal needs & requirements. This particular SBI Personal Loan Product is especially designed to meet funds requirements for your medical exigency, Children marriage and other urgent purpose.

Refer to the information given below and know about your Eligibility, Features & Other important information.

Check your Personal Loan Eligibility & Get Quick Loan Approval in Less Time Period. Fill in your Personal and Professional Details Today and Get Instant Quote.

Eligibility Criteria

ELIGIBILITY CRITERIA
FOR PENSIONERS FOR FAMILY PENSIONERS
For Central & State Government Pensioners For Defence Pensioners (Including Defence Family Pensioners)
Pensioner should not be more than 76 of age
Pension should be disbursed by government treasuries by means of cheques drawn in favour of PNB Branches Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with SBI Bank are eligible. Spouse authorised to receive pension after the death of the pensioner is eligible to avail loan
Pensioner should give a mandate to the Treasury for payment of pension through a particular branch of a bank.
Treasury concerned consents are required to be submit stating that it will not accept any request from the pensioner to transfer pension payment to any other bank or branch till ab NOC is issued by the Bank

Features & Benefits

  • Nominal Processing Fees
  • No Hidden Costs
  • Quick Loan Processing
  • Attractive Interest Rates

Loan Amount

  • Minimum Loan amount is ₹ 25,000/- for all categories.
  • Maximum Loan amount is ₹ 14 lacs which may vary depending on the age of the borrower.
  • For central & state government pensioners – Maximum amount that can be availed is up to 18 months’ pension with a cap of ₹ 14 lacs/-.
  • For defence Pensioners – up to 36 months’ Pension with a ceiling of ₹ 14 lacs for Pensioners who are up to 56 years of Age otherwise 18 months pension with a ceiling of ₹ 14 lacs.
  • For family pensioners (Including defence pensioners) – Maximum loan amount is ₹ 5 lacs.

SBI Pension Loan EMI Calculator 2017

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Age and Repayment Period

AGE AND REPAYMENT PERIOD
For Central & State Government Pensioners
Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 Months 77 Years
More than 72 years and up to 74 years 48 Months 78 Years
More than 74 years and up to 76 years 24 Months 78 Years
For Defence Pensioners
Up to 56 years 84 Months 63 Years
More than 56 years and up to 72 years 60 Months 77 Years
More than 72 years and up to 74 years 48 Months 78 Years
More than 74 years and up to 76 years 24 Months 78 Years
For Family Pensioners (Including Defence Pensioners)
Up to 72 years of Age 60 Months 77 Years
More than 72 years and up to 74 years 48 Months 78 Years
More than 74 years and up to 76 years 24 Months 78 Years

Repayment Mode

  • Standing Instruction to debit the pension account for recovery of the EMIs

Prepayment Charges

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.

Guarantee

  • TPG of Spouse eligible for family Pension.
  • In the absence of spouse, TPG of any other family member or a third party worth the loan amount.

Basic Documents Required

  • Duly Filled Application form with latest passport sized photograph.
  • ID Proof – Adhaar Card, PAN Card, Driving License, Passport.
  • Residence Proof – Electricity bill, Telephone bill or any other Utility Bill.
  • Income Proof
  • 3 Months Bank Statements