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SBI Update: Even at the age of 70, the loan will be approved quickly, this scheme of SBI will come in handy..

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Most people think that if you have retired then you cannot get a loan now. But if you receive pension every month after retirement, then you will easily get a loan even at the age of 60 or 70 years. State Bank of India runs a special scheme for such elderly people. The name of the scheme is the SBI Pension Loan Scheme.

This loan given to pensioners is a kind of Personal Loan. The elderly can take this loan to meet the expenses of children's marriage, building or buying a house, for travel or treatment etc. How much amount will be received as a loan is decided on the basis of your pension. Also, it is necessary to fulfill some important conditions to take a loan.

It is important to fulfill these 7 conditions.

To take a pension loan, it is necessary that the pension payment order of the borrower is with the State Bank of India.

The age of the pensioner should be less than 76 years.

The loan repayment period is 72 months, which must be repaid by the age of 78 years.
The pensioner will have to give in writing that during the loan period, he will not amend his mandate given to the Treasury.
The Treasury will have to give in writing that unless a no objection certificate is issued from the bank,
the Treasury will not accept the request of the pensioner to transfer the pension payment to any other bank.
All other terms and conditions of the scheme, including the guarantee of the life partner (eligible for family pension) or a suitable third party, will apply.
The loan has many benefits.

There are many benefits to pension loans. The first advantage is that no processing fee will be charged in it till March 31, 2025. In this, the process of getting a loan is very fast and there is no need to submit too many documents for the loan. The interest rates charged on pension loans are also usually lower than the interest rates of personal loans. There is no hidden charge in this. Pensioners get an EMI option to repay the loan. You can apply for a pension loan in any branch of SBI.

Loan details will be available here.

If you want to get other information related to SBI loans, then you can visit SBI's official website https://sbi.co.in/. Apart from this, you can get information related to it by dialing the toll-free number 1800-11-2211. Also, you can apply for a pension loan from this number. To get a call back from SBI's contact center, give a missed call to 7208933142 or SMS 'PERSONAL' to 7208933145.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.