Loan After Retirement: Be it a government job or a private job, retirement is a truth that every person has to face. Even people who run their own business also take retirement. In such a situation, the government returns your PF money to you after your retirement, but many times people need a loan even after retirement. Most people have this question that can one take a loan even after retirement and if yes, then how much can one take. Let us tell you.
Who gives the loan and how much do you get?
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 the age of 76 years. For this, your pension account should be in State Bank. Along with this, your loan history should also be clear. After retirement, you can take a loan of up to Rs 14 lakh.
For how long do 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 have to return their entire loan to the bank within two years. If you want to take a loan, then you have to go to the bank and apply for it, apart from this, SBI’s Yono application also provides you the facility of online loan. For this you need necessary documents. You have to go to the bank and submit documents like Aadhar card, electricity bill, ration card.
This much interest has to be paid
Government banks give loans to retired people but they also charge interest in return. SBI’s interest rate starts from 11 percent and can go up to 15.30 percent. However, now many banks have started giving loans to retired employees. Kotak Mahindra Bank’s interest rate is 10.99 percent, ICICI’s is 10.80 percent, while PNB’s interest rate ranges from 10.44 to 17.30 percent.