Before sanctioning you a Personal Loan, banks first check out your credit score, your income source, and your pending loans. If you’re a salaried person or a self-employed then you’re eligible to get a personal loan. If you’re a retired citizen then it may difficult to get a loan, right? Well, not exactly because many banks offer fascinating Personal Loan schemes for pensioners.
SBI Personal Loan for Pensioners
State Bank of India (SBI) gives Personal Loans to former employees of the Central or State Government of India. SBI Personal Loan for Pensioners is extended to defense pensioners. Family pensioners are also eligible to avail a personal loan.
SBI Personal Loan for Pensioners Features
Eligibility: According to the criteria, the pensioners should draw his/her pension from the SBI branches, and age shouldn’t be up to 76 years.
Purpose: Usually people avail of this loan to handle their financial needs or crisis.
Processing Fees: If you’re a defence pensioner then you no need to pay any processing fees whereas others need to pay nominal fees. There’s a wall of transparency between you and moneylender.
Loan Amount: The minimum loan sum is Rs. 25,000. The govt. pensioners and defence pensioners those who’re more than 72 years can get Rs. 14 lakh. Being a pensioner, if your age is between 71 years and 74 years, you can get more than Rs. 12 lakhs and those who reside between 74 and 76, they can get 7.5 lakh. If you’re a family pensioner, then the maximum amount that you can avail is Rs. 5 lakh.
Repayment: You can repay the loan via standing instructions set to debit the pension account including monthly payments i.e. EMIs.
Additional Reading: Personal Loans let you relish tax Benefits.
Margin: SBI Personal Loan grips no margin
Guarantor: If there’s a role any guarantor then a person who is going to be guarantor must be eligible for the family pension. If the spouse is not there to be a guarantor then any family member (who is eligible) can become a guarantor.