New Delhi. Employees get a pension after retirement, which may be sufficient for their day-to-day expenses, but proves to be inadequate to meet the larger needs. In such a situation, the country’s largest lender State Bank of India (SBI) has introduced pension loans for regular pensioners and family pensioners from the central or state governments. With the help of SBI Pension Loan, senior citizens can meet the needs of children like marriage, buying a house, moving and health expenses without any hassle.

Less processing fees to be paid for SBI pension loan
SBI has tweeted that if you want to apply for a pension loan or want to get more information, you can dial the toll free number 1800-11-2211. Not only this, you can give a missed call on 7208933142 from the contact center of the bank or you can SMS by typing ‘PERSONAL’ on 7208933145. Senior citizens have to pay less processing fees for this loan. Not only this, the process of getting loan is also very fast. Easy EMI option is also provided to the customers. At the same time, at least Minimum Documents are submitted. For this, any branch of SBI can be applied.

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Get Pension loans at 9.75% and have a happy retirement. All you need to do is SMS on 7208933145.To know more: https://t.co/eMBj7RRoT7 pic.twitter.com/pSpxHdbopI

– State Bank of India (@TheOfficialSBI) February 23, 2021

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Who can apply for SBI pension loan

Pension holders of Central and State Governments can apply for SBI Pension Loans. For this, the pensioner’s age should be less than 76 years. Also, the pension payment order should be with SBI. The pensioner has to promise that he will not change his mandate given to the Treasury in the loan period. Under this, pensioners of Armed Forces including Army, Navy, Air Force, Paramilitary Force (CRPF, CISF, BSF ITBP), Coast Guard, Rashtriya Rifles and Assam Rifles can apply. In this too, the pension payment order should be with SBI only. There is no minimum age restriction. The maximum age for family pension holders is 76 years. Authorized members of the family can also apply for pension after the death of pension holders in the family pension.

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What will be the interest rate and the necessary documents on the pension loan
State Bank of India is providing SBI pension loans to customers at an interest rate of 9.75% per annum. At the time of applying, one of the passport, PAN card, Voter ID card, driving license and Aadhar card will have to be put as an identity card. Ration card, bank account statement, passport, driving license, electricity bill, telephone bill, property purchase agreement or Aadhaar card can be placed as address proof. At the same time, there should be a pension payment order as income proof.