Know About the Personal Loans For pensioners
After you Retire Getting a personal loan is not easy. However, there are some banks that offer Personal loans to pensioners. Here Below are some Details.
When we avail loan, banks check our Credit score, your income details, and other loans before approving the personal loan in Delhi NCR. If a person who is working will get the Personal loan in Delhi Soon as compared to a person who is retired. But there are some banks who provide Personal loan Schemes for Pensioners. Instant loans Delhi will share some valuable information that how a retired person can avail the loan.
SBI Pension Loan
State Bank of India (SBI) offers Personal Loan for pensioners of the central or state Government of India. SBI is Extended this Personal loan for Defence Pensioners and Family Pensioners. They can apply for the personal loan in Delhi.
Features of SBI Pension Loan
Eligibility: The criteria for the pensioner should be drawing a pension from one of the SBI branches and the age of the pensioner is not more than 76-year-old.
Purpose: – Pensioner can take the loan only for his financial need or family obligations.
Processing Fees: – There are no processing charges for defense pensioners. SBI takes Nominal fees for others who Apply for the personal loan. Pension Loan is processed without any other hidden charges.
Loan Limit: – The minimum loan for the pensioner is 25,000. The maximum loan amount for the govt. employee and defense employee who is up to 72 years can avail Rs 14 Lakhs. And those who are between 71 to 74-year-old they can get up to Ra. 12 Lakhs and who are between 74 to 76 will take Rs. 7.5 Lakhs. For family pensioner is Rs. 5 Lakh. The higher permissible loan value will be 18 months pension amount.
Repayment: The Loan has to be repaid through the instruction set by the bank to the debt the pension account with EMI amount on the set date.
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Margin: – SBI pension Loan has no margin.
Guarantor: – Guarantor is important in this loan the third-party guarantee has to be given by the spouse or any family member Who is eligible for the family pension? If the spouse or family member is absent then the third party of worth can be a guarantor.
Interest rate: –In the SBI pension Loan interest rate offered is 3.35% above 2-year Marginal Cost of Lending Rate (MCLR). Right Now, the interest rate per annum is 11.6% (as of 5th July 2018).
Central Bank of India Pensioner Personal Loan.
Central Bank of India provides personal loan for any financial need. All those who draw pension or family pension can apply for this loan.
Features of Central Bank of India for the personal loan
Eligibility: – The eligibility for the pensioner should be withdrawing the pension from one of the Central Banks of The India branches. If someone is getting the direct credit of pension from defense disbursing office can also apply.
Purpose: – The purpose of the pension loan will be any financial need or family obligations only.
Processing fees: – The processing fee will be Rs. 500 Plus the taxes.
Loan Limits: – The maximum pension loan can be avail that pensioners up to 75 years old can withdraw is Rs. 5 Lakhs or 1 month’s pension Amount. Those who are more than 75 years can take up to Rs. 2 Lakhs or 12 months pension Amount.
Repayment: – The loan can be repaid usually in 48 EMI’s.
Margin: The Central Bank of India there is no margin for pensioners.
Guarantor: – A guarantor might not be required.
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Interest Rate for Central Bank Pensioner: – The Central Bank of India is offered Interest rate 3% above 12 months MCLR. Right Now, the rate of interest rate is 11.3% per annum (as of 5th July 2018).
BOI Star Pensioner Loan Scheme
Eligibility: – The eligibility criterion is that the pensioner should be drawing a pension from one of the BOI Branches only. If someone is getting a direct credit of pension amount from the defense pension disbursing office can also apply for the personal loan.
Purpose: – The pensioner can take the loan for marriage, medical and education expenses of self, spouse or relative or self. The pensioner can take the loan for their home renovation or repair. If it’s a secure loan the loan can be taken for repayment of an existing home loan or purchase of professional Equipment.
Processing fees: – BOI will not charge any processing fees for the senior citizen. Other applicants might have to pay 2% of the Laon amount as processing fees. The minimum processing fee will be Rs. 500 to the maximum will be Rs. 2000. They are some fees for stamp duty and loan agreement copy charges.
Loan Limits: – the maximum limit for the pensioner up to age 75 years old is 5 lakhs or 15 months of the pension amount. Those who are up to 75 years old can take up to Rs. 1 lakh.
Repayment: – The Loan amount gets repaid within 36 EMIs if it’s an unsecured loan otherwise 60 EMIs can be repaid in the case of the secured loan.
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Margin: – In the BOI star Pension Loan there is no Margin.
Guarantor: – A guarantor might not be required.
Interest rate: – The interest rate offered in BOI star Pension Loan is 2.5% above 1-year MCLR. Right now, the rate of interest is 10.8% per annum (as of 5th July 2018).
In the Pensioner Loan bank will not keenly check your Credit score. It is best to check your credit score to ensure that it’s not very low. Also, make sure your pension account might be debited once you will apply for the pensioner loan so you might have to keep adequate balance in your account.