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Personal loan for Pensioners

Personal Loan Scheme for Pensioners

Last Updated 13th Jun 2021

  • Pension plans help individuals to secure their financial future and protect themselves from uncertainties.
  • The loan can be availed by Govt, Defense, or family pensioners up to 76 years of age.
Interest Rate 9.75%
Loan Amount ₹ 25,000 to ₹ 14 Lakh
Prepayment Charges 3% of prepaid amount
Processing Fee 1.00%
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Features And Benefits of Loans for Pensioners

Planning the retirement can be a tedious task as a pension is the only source of income. After retirement, you may need funds to finance a marriage, travel or any medical emergency. These expenses can easily be financed with SBI’s pension loan.

Here are the Features & Benefits of SBI Pension Loan:
  • SBI loan for pensioners is available for the Govt, Defense, or family pensioners up to 76 years of age.
  • The personal loan for pensioners can be availed for the amount ₹ 25,000 to ₹ 14 Lakh. The maximum limit for family pensioners is ₹ 5 Lakh.
  • The personal loan for pensioners levies the prepayment and foreclosure charges of 3% on the prepaid amount.
  • The loan for pensioners can be availed with minimal documents at zero hidden costs.
  • The processing fee of 0.50% on the loan amount is levied for pensioner loans. Defence Pensioners, however, do not need to pay any processing fees.

Eligibility for SBI Pensioner Loan

The SBI loan for pensioners is available for the Central and State Govt pensioners, Defense pensioners and family pensioners of up to 76 years of age. However, to avail the loan for pensioners, the government 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:

For Central and State Government Pensioners:
Age Max Loan Amount Repayment Period
Below 72 years ₹ 14 Lakh 5 Years
72 – 74 years ₹ 12 Lakh 4 Years
74 – 76 years ₹ 7.50 Lakh 2 Years
For Defense Pensioners:
Age Max Loan Amount Repayment Period
Below 56 years ₹ 14 Lakh 7 Years
56 – 72 years ₹ 14 Lakh 5 Years
72 – 74 years ₹ 12 Lakh 4 Years
74 – 76 years ₹ 7.50 Lakh 2 Years
For Family Pensioners
Age Max Loan Amount Repayment Period
Below 72 years ₹ 5 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 rates are 3.40% to 3.90% higher than the 2 years’ MCLR. Presently, SBI pension loan interest rate is in the range of 9.75% to 10.25% 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 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

Where can I get a Pension Loan?

You can get a pension loan at attractive interest rates and without any hidden costs.

Can you get a Loan on a Pension?

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 ₹ 25,000 to ₹ 14 Lakh.

What is the pension loan scheme?

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

What is the interest rate on a pension loan?

The interest on pension loan starts at 9.75%.

Which bank is best for pension accounts?

The top banks for pension accounts are ICICI Bank, SBI, HDFC Bank and Bank of Baroda.

What is the HDFC Pension Plan?

HDFC Life Guaranteed Pension Plan is a non-participating deferred pension plan. It is suitable for users who seek to plan for their retirement to get guaranteed returns on their invested amount for post-retirement income.


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