SBI Pension Loan Eligibility?

My grandfather retired a few years back and was in need of some financial assistance. But his self-respect was always too high to take any financial help from his sons. So, I suggested to him a pension loan from SBI. He was unaware of it, so I explained to him

SBI pension loan eligibility and all other details about it to him. I told him that

pension loans are available from the State Bank of India (SBI) starting at 10.25% p.a. for up to 6 years of repayment. The bank provides pension loans to family pensioners, national and state governments, military, PSUs, and public sector employees.

SBI Pension Loan Eligibility Criteria

The pension loan eligibility criteria are similar for most banks. If you are looking for Canara bank pension loan eligibility criteria, then also you can follow the same guidelines.

For Central and State Government Pensioners:

• The pensioner must be younger than 76 years old.

• An order for pension payments should be kept with SBI.

• The pensioner must give an irrevocable promise to the Treasury not to change his mandate during the loan's term.

• The Treasury must agree in writing that until a NOC is obtained, it does not accept any requests from pensioners to transfer their pension payments to any other banks.

• All the other conditions and terms of the Scheme, such as the assurance by the spouse (who is qualified for a family pension) or by a relevant third party, will remain in effect.

For Defence pensioners:

• Armed Forces pensioners, including those from the Army, Navy, and Air Force as well as the Coast Guard, the Rashtriya Rifles, and the Assam Rifles.

• With SBI, a pension payment request is kept up to date.

• The programme has no minimum age restriction.

• The borrower's age at the point when the loan is processed should not exceed 76.

For family pensioners:

• Those in the family who are authorised to receive pension payments upon the demise of the pensioner are considered family pensioners.

• Pensioners from families shouldn't be older than 76.

SBI Pension Loan Documents Required

The paperwork, if any, must be simple as the bank will already have the majority of the supporting paperwork owing to the KYC of the pension fund kept with the bank, even if SBI has not explicitly indicated the paperwork required for getting pension loans.

This is what you need to keep in mind about

SBI pension loan eligibility.