Loan for Senior Citizens: If necessary, you can take a loan even after the age of 60! Just have to do this work

Loan for Senior Citizens : Most of the people feel that there is no option for loans for senior citizens as they have no source of income in old age. In such a situation, banks do not consider them reliable in the matter of loans. But if a person gets pension after retirement then he can also get loan. State Bank of India runs a special scheme for such senior citizens.

This scheme is known as State Bank of India Pension Loan Scheme. But to avail this loan, the elderly have to fulfill some conditions. Learn about SBI's pension loan here so that you too can take advantage of this scheme to meet your needs in tough times.

What is a pension loan?

This loan given to pensioners is a personal loan in a way. These loans can be helpful for seniors when they need it for children's marriage, construction or purchase of house, travel or medical expenses etc. However, under this scheme, the amount that the bank will give as loan to the pensioner is determined according to his income.

These conditions must be met

• For availing pension loan it is necessary that the pension payment order of the borrower should be with State Bank of India.
• To apply for a pension loan from SBI, the age of the pensioner must be less than 75 to 76 years.
• The repayment period of the loan is 72 months which has to be repaid till the age of 78 years.
• The pensioner has to give an undertaking that he will not revise his mandate given to the treasury during the loan period.
• The Treasury shall provide in writing that unless a No Objection Certificate is issued by the Bank, the Treasury shall not accept the pensioner's request to transfer the pension payment to any other bank.

Know the loan related details

If you want to get other information related to SBI loan, you can visit SBI official website https://sbi.co.in/ . Also, you can get this related information by dialing toll free number 1800-11-2211. Apart from this, you can also apply for pension loan from this number. Missed call to 7208933142 or SMS to 7208933145 to get call back from SBI contact center.