Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Personal Loan for Pensioners

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Perks
    Fees & Charges
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Good to Know
    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Personal Loan for Pensioners is Rated as "Great!" by 77002 Users

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    Top 5 Personal Loans for Pensioners in India

    The need for finance can hit us at any time whether we are prepared or not. In case of financial emergencies, personal loans are of great help since there is no specific purpose tied to the loan. Though personal loans are available in abundance in the market, pensioners may find it harder to get an approval. Banks consider older folk a greater risk and are more reluctant to lend to them. But retired folk who draw a pension are still in a more favourable realm. Here are a few top banks that offer personal loans to pensioners with good benefits.

    1. SBI Pension Loan

      State Bank of India offers personal loans to retired employees of the Central or State Government. The loan is also extended to Defence pensioners. Family pensioners can also apply for this loan.

      Features of SBI Pension Loan:

      Purpose: You may avail of the loan to meet any financial need or family obligation.

      Processing Fees: There are no processing fees charged for defence pensioners. Nominal fees are charged otherwise. The processing fees amount to 0.50% of the loan amount plus tax, subject to a minimum of Rs.500 plus tax. The loan is processed without any other hidden charges.

      Loan Limit: The minimum loan amount sanctioned is Rs.25,000. The upper limit depends on the pension drawn and the age of the applicant. The loan amounts also differ between regular pensioners, defence pensioners and family pensioners. The maximum loan amount sanctioned is Rs.14 lakhs.

      Repayment: The loan has to be repaid through standing instructions set to debit the pension account with the EMI amount on the set date.

      Margin: There is no margin set for the SBI pension loan.

      Guarantor: The spouse who is eligible for the family pension must stand as guarantor. In case the spouse is absent, then any other family member or third party of worth can stand as guarantor.

      Interest Rate: The interest rate offered on the SBI Pension Loan is 3.80% above 2-year MCLR. Currently the rate of interest is 13.05% per annum.

      Eligibility for SBI Pension Loan:

      • For retired Central and State Government employees
        • Pensioners should not be over the age of 76 years
        • Pensioners should be drawing their pension through any SBI branch
        • Pensions should be disbursed by Government Treasuries
      • For defence pensioners
        • Pensioners of the armed forces, Army, Navy, Air Force, Paramilitary, Rashtriya Rifles and Assam Rifles and Coast Guards are eligible
        • The pension payment order should be with SBI
        • There is no minimum age limit, but the maximum age is 76 years
      • Family Pensioners
        • Spouse who is authorized to receive the pension after the death of the pensioner
        • The family pensioner should not be more than 76 years of age
    2. Central Bank of India Personal Loan to Pensioners

      Central Bank of India offers personal loans for pensioners to meet any genuine financial need. Emergencies and family obligations can pop up at any time, and a loan can come to the rescue in these times of need. Central Bank of India offers attractive interest rates, concessions to spouses drawing family pension and do not charge processing fees.

      Features of Central Bank of India Personal Loan for Pensioners:

      Purpose: Central Bank of India sanctions personal loans for pensioners for any genuine financial requirement. The loan is available as a term loan or an overdraft facility.

      Processing Fees: There are no processing fees charged.

      Loan Limit: Pensioners who are 75 years and below can get a maximum of 18 months’ pension. The highest loan amount available is Rs.5 lakhs. For pensioners above the age of 75 years, a maximum of 12 months’ pension is granted subject to a maximum of Rs.2 lakhs.

      Interest Rate: The interest rate is currently at 11.70% per annum. This is calculated as the base rate + 2%. A concession of 50 basis points in the interest rate may be offered to spouses of pensioners who are drawing a family pension.

      Eligibility of Central Bank of India Personal Loan for Pensioners:

      • Pensioners or family pensioners who draw their pension through any Central Bank of India branch
      • Pensioners who receive their pension from Treasury or the Defence Pension Disbursing Office as a direct credit to their savings account held at any branch of Central Bank of India
      • Pensioners or family pensioners receiving pension from Central Bank of India
    3. PNB Personal Loan Scheme for Pensioners

      Punjab National Bank recognises the need for extra finance for pensioners in times of emergencies, medical expenses and personal needs. The bank offers a personal loan at low rates of interest to help pensioners meet these obligations. All pensioners who draw their pension through PNB are eligible to get a personal loan.

      Features of PNB Personal Loan for Pensioners:

      Purpose: To help pensioners meet financial needs including personal and medical expenses.

      Processing Fees: There are no processing fees charged. There is a fee of Rs.500 plus GST applicable as documentation charges.

      Loan Limit: The minimum loan amount sanctioned is Rs.25,000. The upper limit depends on the pension drawn and the age of the applicant.

      Age of Applicant Maximum Ceiling Limit Maximum Individual Limit
      Up to 70 years Rs.10 lakhs 18 times net monthly pension 20 times net monthly pension for defence personnel
      Above 70 years Rs.7.5 lakhs 18 times net monthly pension 20 times net monthly pension for defence personnel
      Above 75 years Rs.5 lakhs 12 times net monthly pension

      Repayment: The loan must be repaid in maximum 60 EMIs. For pensioners above the age of 75 years, the maximum tenure granted is 24 EMIs. The repayment will be calculated on the basis of the net monthly pension so that all deductions including the loan EMI does not exceed 50%.

      Margin: There is no margin set for the Punjab National Bank personal loan for pensioners.

      Guarantor: The spouse who is eligible for the family pension must stand as guarantor. If the pensioner has a child who is earning (preferably employed by the Government), the child can stand as guarantor. Third party of net means enough to cover the loan amount can also stand as guarantor.

      Interest Rate: The interest rate offered on the PNB Personal Loan for Pensioners is 2.60% above the MCLR.

      Eligibility criteria for PNB Personal Loan for Pensioners:

      All pensioners who are drawing their pension through any Punjab National Bank branch are eligible to apply for a personal loan.

    4. Bank of Baroda Loan to Pensioners

      Pensioners can avail of a personal loan from Bank of Baroda at easy terms and conditions. The bank offers low interest rates and no processing fees. All pensioners are eligible but the eligible loan amount will depend on the age and type of applicant.

      Features of Bank of Baroda (BOB) Loan to Pensioners

      Purpose: Bank of Baroda offers personal loans to pensioners to meet any financial requirements other than speculation.

      Processing Fees: For pensioners and family pensioners of Bank of Baroda, there are no processing charges. For others, Rs.1,000 is applicable.

      Loan Limit: Bank of Baroda offers loans up to 18 times the monthly pension. The maximum loan amount available depends on the type of pensioner and the age of the pensioner.

      Type of Pensioner Age of Applicant Maximum Loan Amount
      Regular Pensioner Up to 70 years Rs.8 lakhs
      Above 70 years Rs.5 lakhs
      Family Pensioner Up to 70 years Rs.3 lakhs
      Above 70 years Rs.1.5 lakhs

      Interest Rate: The interest rate charged on this loan is the base rate + 2.00% per annum. For retired employees of Bank of Baroda and their family pensioners, the loan is granted at base rate.

      Repayment: For regular and family pensioners, the repayment period depends on the age. For applicants up to 70 years of age, the maximum tenure granted is 60 months. For those above the age of 70 years, the maximum tenure granted is 36 months.

      Eligibility criteria for BOB Loan to Pensioners:

      • Pensioners or family pensioners who draw their pension through any Bank of Baroda branch
      • Pensioners who receive their pension from Treasury or the Defence Pension Disbursing Office as a direct credit to their savings account held at any branch of Bank of Baroda
      • Pensioners or family pensioners of Bank of Baroda
      • Pensioners should not be more than 75 years of age
      • Pensioner should be drawing the pension from a Bank of Baroda branch for at least 3 months with satisfactory conduct. There should be no returned cheques due to insufficient funds.
    5. BOI Star Pensioner Loan Scheme

      Features of BOI Star Pensioner Loan

      Purpose: Personal loans in the form of Demand Loan, Term Loan, or Overdraft is granted to pensioners drawing pension through the bank and retired employees of Bank of India.

      Processing Fees: There are no processing charges for pensioners who are 60 years and above. For all others, a one-time processing fee of 2% of the loan amount is applicable. The processing charges are subject to a minimum of Rs.500 and a maximum of Rs.2,000. Stamp paper and loan agreement charges are also applicable.

      Loan Limit: Bank of India offers loans up to 18 times the monthly pension. The maximum loan amount available depends on the type of pensioner and the age of the pensioner.

      Age of Applicant Details Maximum Loan Amount
      Up to 75 years Pension Payment Order held with Bank of India 15 times net monthly pension subject to a maximum of Rs.5 lakhs
        Pension from DPDO/Treasury received directly at branch Depends on net monthly pension subject to a maximum of Rs.3 lakhs for pensioners, and Rs.1.5 lakhs for family pensioners
      Above 75 years Secured Loan Three times net monthly pension subject to a maximum of Rs.50,000.
      Unsecured Loan Three times net monthly pension subject to a maximum of Rs.50,000.

      Interest Rate: The interest rate charged on this loan is 2.00% + BSS (0.30%) over 1 Year MCLR. If the applicant offers liquid security exceeding 25% of the loan amount, an additional interest concession of 1 basis point will be granted.

      Repayment: The net take home pension should be at least 40% of the pension amount. All deductibles should not exceed 60%. For unsecured loans, the maximum EMIs granted is 36. In exceptional cases, 60 months may be granted. For secured advances, the maximum EMIs is 60.

      Eligibility criteria for BOI Star Pensioner Loan

      • Regular pensioners drawing their monthly pension through a Bank of India branch.
      • Family pensioners drawing their monthly pension through a Bank of India branch.
      • Retired employees of Bank of India not including dismissed or compulsorily retired employees.

    Top 5 Personal Loans for Pensioners Interest rates

    Bank Interest Rate
    State Bank of India (SBI) 13.05% per annum
    Central Bank of India 11.70% per annum
    Punjab National Bank (PNB) 2.60% + MCLR
    Bank of Baroda (BOB) Base Rate + 2% per annum
    Bank of India (BOI) 2.00% + BSS (0.30%) over 1 Year MCLR

    Pensioners have a choice from different loans to finance personal needs. The bank through which the individual draws the pension will offer a loan provided the circumstances are favourable. These loans can be used to finance just about anything you need. 

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  • Personal Loan for Pensioners Reviews

    • Bank Bazaar Customer Support
      "Personal Loan"
      0.5 4.0/5 "Great!"
      I am very much happy with bankbazaar, it was a great experience too. I had received a call from your side with your nice warm welcoming words,,, it's great experience in my life. I am very happy for the same... I hope you would give the same sort of service for a long time,, very great work , Keep it up!!!
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Nice App.Thanks For Support My Credit Card application."
      0.5 5.0/5 "Blown Away!"
      Thank You Bank Bazaar Team. I would suggest Bankbazaar to provide assistance in Marathi language too, as your executives always say "Sir please speak in English or Hindi''. I am not sure what is the problem conversing in marathi, please make sure all regional language operators are available to provide customers support .
      Was this review helpful? 0
      , pune
      Reviewed on Jul 21, 2017
    • HDFC Bank Personal Loan
      "Useless bank"
      0.5 0.5/5 "Unacceptable"
      Dont apply personal loan with HDFC. 1st they will call you telling, Sir you have a HDFC salary account so you are eligible PL for 3 lakhs, when i applied they said sir your personal loan is rejected as it did not met internal policies. My Cibil was 765 No other loans PAN CARD AADHAR is upto the mark Salary is 36K take home Address proof also is Authentic. Then why, they only say did not met internal criteria, if did not met that, why the hell you call at all asking us to take a loan with you(HDFC). Opt for ICICI or Axis guys don't use HDFC. Regards
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Personal loan"
      0.5 4.5/5 "Excellent!"
      Hi this is jo , I have applied for the loan at bankbazaar loan as it is a very easy process for the personal loan , So, please you people also apply for the loan online through bankbazaar site. Also I am sharing this my friends , also I would like to thank bankbazaar for the same.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
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