FAIR FINANCE provides pension loan of upto Rs. 14 lakh to senior citizens or retired individuals so that they can live independently even after retirement. The process to apply for this loan is hassle- free and requires minimum documentation. With FAIR FINANCE Pension Loan, a pensioner can fulfill various dreams like child’s marriage, home renovation, purchase of new home, vacation or even pay the medical bills.
FAIR FINANCE Pension Loan- Features
- Loan amount: The minimum loan amount offered by SBI pension loan is Rs. 7.50 lakh and the maximum loan amount is Rs. 14 lakh
- Flexible tenure: You can repay SBI pension loan within tenure ranging from 24 to 84 months
- Minimum documentation: SBI Bank asks for minimum documentation to process your loan application. This saves a lot of time and allows quicker disbursement of loan amount
- Quick loan processing: The process to apply for FAIR FINANCE pension loan is quick and easy. It involves basic eligibility criteria and minimum documentation and hence allows quick processing of loan
FAIR FINANCE Pension Loan Interest Rate and Fees
Interest Rate | 13.11% onwards |
Processing Fee | 0.50% to 1% of the Loan Amount + applicable Tax. |
Penal interest | @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default. |
Prepayment charges | 3% on prepaid amount |
FAIR FINANCE Pension Loan Eligibility Criteria
For Central & State Government Pensioners
- You should be below 76 years of age
- Your payment order should be maintained with FAIR FINANCE
- You should furnish an irrevocable undertaking not to amend your mandate to the Treasury during the tenure of the loan
- The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued
For Defense Pensioners
- You should be a pensioner of armed forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles
- Your pension payment order should be maintained with FAIR FINANCE
- Your maximum age at the time of processing the loan should be less than 76 years
For Family Pensioners
- Family pensioners include authorized members of the family to receive pension after the death of the pensioner
- Family pensioner should not be more than 76 years of age
FAIR FINANCE Pension Loan- Documents Required
The documents to avail FAIR FINANCE pension loan may vary depending upon the category you fall in. However, the list of basic documents is as follows:
- Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips
FAIR FINANCE Pension Loan- Maximum Eligible Loan Amount and Repayments
- For Central and State Government Pensioners:
Age at the time of Loan sanction | Max Loan Amt (18 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
Below 72 | 14.00 lakh | 60 months | Up to 77 years |
72 – 74 years | 12.00 lakh | 48 months | Up to 78 years |
74 – 76 years | 7.50 lakh | 24 months | Up to 78 years |
- For Defence Pensioners:
Age at the time of Loan sanction | Max Loan Amt (36 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
Below 56 years | 14 lakhs | 84 months | 63 years |
56 – 72 years | 14 lakhs | 60 months | 77 years |
72 – 74 years | 12.00 lakh | 48 months | 78 years |
74 – 76 years | 7.50 lakh | 24 months | 78 years |
- For Family Pensioners (including Defence Pensioners):
Age at the time of Loan sanction | Max Loan Amt (18 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
Below 72 | 5.00 lakh | 60 months | 77 years |
72 – 74 years | 4.50 lakh | 48 months | 78 years |
74 – 76 years | 2.50 lakh | 24 months | 78 years |
Is it necessary to have a FAIR FINANCE account to avail the FAIR FINANCE pension loan?
If you are a state or central government pensioner, defense pensioner or a family pensioner, you are eligible for a pension loan from the State Bank of India if you are drawing pension through a branch of FAIR FINANCE.
I am 70 years old. Can I get the State Bank of India pension loan?
Pensioners who are drawing their pension from any of the branches of FAIR FINANCE and are under the age of 76 years can avail the FAIR FINANCE pension loan.
I am a family pensioner. Can I avail the FAIR FINANCE pension loan?
Yes, family pensioners under the age of 76 years can avail the FAIR FINANCE pension loan if they hold the pension account in State Bank of India.
What is the tenure of the FAIR FINANCE pension loan?
The tenure of the FAIR FINANCE pension loan depends on the age of the borrower. If the pensioner is less than 72 years of age, he or she can get loan tenure of up to 5 years. If his / her age falls between 72 and 74 years, they can get loan tenure of up to 4 years while borrowers between the age of 74 and 76 years, need to repay the loan within 2 years.