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5 Hidden Things Of SBI Pension Loan- Conditions, Interest Rates, Eligibility, Age Structure & More
Are you A pensioner or do you want an SBI Pension loan? If you are a pensioner or salary person you are eligible for this loan. Basically, SBI pension loan is a campaign for those who want pension loans from SBI.
So, in this article, we will talk about SBI Pension Loan. You will learn all about this SBI campaign, the conditions of the SBI Loan, the conditions, age structure, Interest rates & more. Even if you don’t know anything about SBI loans, this article will definitely help you so much.
Basically, This article is more helpful for those who want to get an SBI pension loan or you have already taken this loan. If you are under none of the above then this article is most helpful for you. Keep Reading…
(We especially recommend you don’t miss the article because we have specially customized all information in a 5-minute article.)
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Types Of SBI Pension Loan:
SBI pension loan is very diversified & there are two types of Pension loans. First, Direct Pension Loan & second, Family Pension Loan. These both types of SBI Pension Loan have their own different schemes & plans. The Amount Interest Rate, Loan Amount, Eligibilitilies are different in both of the loans. Let’s take a brief look at both loans.
Direct Pension Loan:
In this type, SBI directly gives the loan to pensioners who have applied for the loan. Here are two criteria of direct pension loan, 1st for Central and government pensioner and second is for defence retired pensioner. The minimum age for the loan is 60 years. It means you must be a senior citizen for this SBI Pension Loan.
Family Pension Loan:
In this type, SBI gives the loan to the family because of the direct pensioner’s death or more. Most of the time, this pension goes to the sons of direct pensioners but in some situations, it goes to the daughter.
Note:
- Your maximum age to repay the loan is 78 years. It means your payment loan must be over till 78 years. No matter whether you are state or Central government pensioners or defence retired pensioners, the repayment age is 78 years.
- The repayment period of the loan is a maximum of 5 years and a minimum of 2 years.
Age structure for SBI Pension Loan:
For Central Or State Government Pensioner:
- If a pensioner‘s age is between 60 years to 72 years, he can get up to 14 lakh rupees loan. The maximum repayment period of all the 14 lakh rupees is 60 months.
- If a pensioner‘s age is between 72 years to 74 years, he can get up to 12 lakh rupees loan. The maximum repayment period of 12 lakh rupees is 48 months.
- If the pensioner‘s age is between 74 years to 76 years, your maximum repayment period is 24 months (2 years) and the loan amount is a maximum of 7,50,000 rupees.
For Defence Retired Pensioner:
As you know a defence employee retires some years before other government fields. That’s why SBI has a different age structure for retired pensioners of defence.
For defence pensioners, The minimum age for a loan is 56 years & the maximum age for the loan is 76 years. If you are applying for an SBI pension loan and your age is below 56 years, you can get a 14 lakh rupees loan and the maximum repayment period is 84 months & the minimum is 60 months.
Conditions For SBI Pension Loan:
As you know that every company which gives you a loan, they also put their conditions. Similarly, SBI also has conditions for SBI Pension Loan. but here is a benefit that SBI I don’t have a lot of conditions they only have 2 or 3 conditions for approval.
1st Condition(For SBI Pension loan):
The first and rare condition is you must be a pensioner. It means if you are a salaried person or not retired then you can’t apply for an SBI pension loan. Only provides loans for those who are retired and want to loan because of financial conditions. If you are a pensioner then you are definitely eligible for this loan.
2nd Condition(For SBI Pension Loan):
If you are a pensioner, congratulations because you have passed the first stage or condition but here is a twist. SBI only provides pensions to those who already have the pension account of SBI. It means your pension account must be in SBI because SBI I don’t give this type of facility to others.
Suppose, if your pension account is in Bank of Baroda, Central Bank of India, Punjab National Bank etc. You can’t apply for SBI Pension Loan, you are not eligible for that.
SBI has only two conditions for a loan so if you pass the ‘conditions’ stage then go forward and see some more information like interest rates & more.