Pension Loan: Even after retirement, many people have to fulfill their needs, for which they need money. In such a situation, many people think of taking a loan from the bank.
Pension Loan: People fulfill all their needs during their job. People take money from banks for things like car and house and banks also easily give loans to those who are employed. However, sometimes money is needed even after retirement, then one has to go to banks to take a loan. Because pension is usually low, in such a situation banks are afraid of giving loans quickly, but there is a bank that gives loans to pensioners.
State Bank gives loan
Anyone can take a loan through SBI Pension Loan of State Bank of India. Under this, loans are given to those people who have retired and are living on pension. This loan is given to people below 76 years of age. For this, your pension account should be in State Bank.
For how many years can you get a loan?
Under this scheme of SBI, you are given a loan according to your age. If your age is less than 72 years, then you can be given a loan for up to 5 years. At the same time, people between the age of 72 to 74 years can get a loan for up to four years. Apart from this, people between 74 to 76 years will have to repay their entire loan within two years.
Now if you get pension and you want to take a loan, then you can go to your bank and inquire about the necessary things. For this, you will have to give documents like your Aadhar card, electricity bill, ration card etc. to the bank. The interest rate for the loan starts from around 11%.
