Personal loan for Pensioners

Personal-loan-for-pensioners

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With the broad reach and operational network of State Bank of India, availing a personal loan from anywhere in the country is very convenient. You can get an SBI personal loan for pensioners at attractive interests and minimum processing fees to fund your needs after retirement. 

Features and Benefits of loans for pensioners

Planning the retirement needs such as financing the marriage, or your travel or any medical emergency is easy with an SBI pension loan. 

Here are the features and benefits of SBI pension loan:

  1. SBI loan for pensioners is available for the Govt, Defense, or family pensioners up to 76 years of age.
  2. The personal loan for pensioners can be availed for the amount Rs 25,000 to Rs 14 lakhs. The maximum limit for family pensioners is Rs 5 Lakhs.
  3. The personal loan for pensioners levies the prepayment and foreclosure charges of 3% on the prepaid amount.
  4. The loan for pensioners can be availed with minimal documents at zero hidden costs.
  5. The processing fee of 0.50% on the loan amount is levied for pensioner loan. Defence Pensioners, however, do not need to pay any processing fees.

SBI Pension Loan

Eligibility for SBI Pensioner Loan

The SBI loan for pensioners is available for the Central and State Govt pensioners, Defense pensioners and family pensioners up to 76 years of age. However, to avail the loan for pensioners the govt and defence pensioners need to maintain the pension prepayment order with the State Bank of India.

The following table summarizes the eligibility criteria for SBI pensioner loan:

(i) For Central and State Government Pensioners:

Age Max Loan Amount Repayment Period
Below 72 years ₹ 14.00 Lakh 5 Years
72 – 74 years ₹ 12.00 Lakh 4 Years
74 – 76 years ₹ 7.50 Lakh 2 Years

(ii) For Defense Pensioners:

Age Max Loan Amount Repayment Period
Below 56 years ₹ 14.00 Lakh 7 Years
56 – 72 years ₹ 14.00 Lakh 5 Years
72 – 74 years ₹ 12.00 Lakh 4 Years
74 – 76 years ₹ 7.50 Lakh 2 Years

(iii) For Family Pensioners 

Age Max Loan Amount Repayment Period
Below 72 years ₹ 5.00 Lakh 5 Years
72 – 74 years ₹ 4.50 Lakh 4 Years
74 – 76 years ₹ 2.50 Lakh 2 Years

Interest rate on SBI personal loan for pensioners.

SBI pension loan interest rate is 3.40% to 3.90% more than the 2 years’ MCLR. Presently, SBI pension loan interest rate ranges between 11.00% to 11.50% per annum.

Document Required for Loans for Pensioners

SBI is one of the best pension loan providers, and you need to submit the following documents for getting a personal loan for pensioners.

  • Identity proof: Any of these – Passport, Voter Identity Card, Pan Card, Driving License, Aadhaar Card.
  • Address proof: Any of these – Ration Card, Bank Account Statement, Passport, Driving License, Utility bills, Property purchase agreement, Aadhaar Card.
  • Income proof: Bank Account Statement, Salary Slips.
FAQs on Pension Loan

Where can I get a pension loan?
You can get a pension loan at attractive interest rates and no hidden costs from banks like SBI, PNB, Bank of India etc. 

Can you get a loan on a pension?
The SBI loan for pensioners is available for the Central and State Govt pensioners, Defense pensioners and family pensioners up to 76 years of age.

How much loan can a pensioner get?
The loan amount of personal loan for pensioners varies for the different pension loan providers. The SBI pension loan can be availed for the amount Rs 25,000 to Rs 14 lakhs. 

What is the pension loan scheme?
The pension loan scheme covers the funding needs of Govt, Defense and family pensioners after their retirement.

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