4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

SBI Pension Loan

SBI Pension Loan

Last Updated 04th Dec 2021

SBI Loan for pensioners can be availed by central and state government pensioners, family pensioners and defence pensioners who are drawing pension from SBI account.

Interest Rate 9.75% Check Best Offers
Loan Amount ₹ 2.50 Lakh to ₹ 14 Lakh
Loan Tenure 60 months
Processing Fees Nil
Prepayment Charges 3% of prepaid amount
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

What is SBI Pension Loan Scheme?

State Bank of India, which is one of the leading public sector banks in India, offers a range of personal loan products to meet any financial emergency. Retired personnel, including Central and State government pensioners, defence and family pensioners who have a pension account in SBI can avail SBI personal loan for pensioners to fulfil various personal needs such as children’s marriage, vacation, medical expenses, home renovation etc. SBI pension loan scheme is available for a maximum tenure of 7 years if you are below 58 years in age.

SBI Pension Loan Features and Benefits

Here are some of the features and benefits of SBI pension loan:

  • Borrowers can apply for SBI pension loan at all SBI branches.
  • You can avail SBI personal loan for pensioners with a flexible tenure upto 72 months.
  • SBI provides a personal loan for pensioners for amounts ranging from ₹ 2,50,000 to ₹ 14 Lakh.
  • Minimum documentation and quicker processing of the loan makes it one of the popular options to avail finance in case of an emergency.
  • SBI personal loan for pensioners levies the prepayment and foreclosure charges of 3% of prepaid amount.

SBI Pension Loan Interest Rates

SBI Pension Loan interest rate starts at 9.75% p.a. and varies based on various factors such as income, credit score, outstanding debts, etc.

SBI Pension Loan Documents Required

To get an SBI pension loan, you need to submit the following documents:

  • Identity Proof: Passport, Voter Identity Card, Pan Card, Driving License, Aadhaar Card.
  • Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Utility bills, Property purchase agreement, Aadhaar Card.
  • Income Proof: Bank Account Statement, Salary Slips.

Eligibility Criteria

Below-mentioned is the eligibility criteria to avail SBI loan for pensioners:

  • Borrowers should be below 76 years of age.
  • Borrower should draw pension from SBI account.

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

Fees and Charges of Pension Loan of SBI

Charges Central and State Pensioners Family Pensioners Defence Pensioners
Processing Fees Upto 0.5% of the loan amount + GST Upto 0.5% of the loan amount + GST Upto 0.5% of the loan amount + GST
Prepayment Charges 3% of the loan amount 3% of the loan amount 3% of the loan amount

How to Apply for SBl Pension Loan Scheme?

  • To apply for an SBI Personal Loan, you need to submit an Personal Loan application form.
  • To apply for Xpress Credit Personal Loan online, you need to visit https://onlineapply.sbi.co.in/personal-banking/personal-loan
  • You can also visit the nearest SBI branch to apply for SBI pension loan scheme.
  • The application for SBI pension loan scheme requires personal and professional details such as Name, Age, Gender, Address, Income, Job Stability, Work Profile, etc.

Check SBl Pension Loan Application Status

To track the application status of your SBI Personal loan, follow the steps as mentioned below:

  • Visit https://onlineapply.sbi.co.in/personal-banking/personal-loan and click on Application Tracker on the top right-hand side of the page.
  • Now, select the retail loan option.
  • Next enter your reference number, mobile number and click on the track button.

SBI Pension Loan EMI Calculation

To calculate EMI of SBI Pension Loan use the formula as mentioned below:

EMI= [PXRX(1+R)^N]/[(1+R)^N-1], where,

R =Rate of Interest

P =Principal Amount

N = Tenure in months

EMI - Equated Monthly Installment

You can also calculate EMI for different loan tenures online by using Personal Loan EMI Calculator without any hassle to save your time and efforts.

SBI Personal Loan Customer care

For any concerns or queries regarding SBI pension loan, you can reach out to SBI customer care through any of the modes mentioned below.

Helpline Number 1800-110-009 or on 1800-425-3800/ 1800-112-211 (toll-free)
SMS SMS UNHAPPY to 8008-2020-20
Email contactcentre@sbi.co.in
Write to Bank at Customer Service Department
State Bank of India
State Bank Bhavan, 16th Floor
Madam Cama Road,
Mumbai 400 021
Branch Visit Nearby SBI branch
Other Online Customer Complaint Form

FAQs

What is the interest rate of the pension loan in SBI?

As per the current rates, SBI offers loans to pensioners starting at 9.75%.

Is it necessary to have an SBI account to avail the SBI pension loan?

Yes, to avail SBI pension loan you must have an SBI account draw a pension from the same.

Can a pensioner get a home loan from SBI?

SBI home loan for pensioners can be availed for borrowers if they have a pension account in SBI.

I am 70 years old. Can I get the State Bank of India pension loan?

Yes, if you are drawing a pension from your SBI account and are below 78 years of age, you can get an SBI loan for pensioners.

Which bank is best for pensioners?

SBI is the best bank for a loan for pensioners as it provides pension loan at minimum documentation at no hidden costs.

How can I repay my SBI Pension Loan?

You can repay SBI pension loan in Equal Monthly Installments over a repayment period upto seven years.

MyLoanCare Assurance

Bank Neutral Advice
No Unsolicited Call
Free Service and
Quality Response
Digital Doorstep Services
Delivery in 1100+ Cities
Attractive Cashback

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...