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

    We found 32 Personal Loan for Pensioners

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    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.1000 Amazon voucher free Ad INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 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
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% 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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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Personal Loan for Pensioners is Rated as "Great!" by 73652 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.

    Apply for Personal Loan
    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 service tax 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
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I got the best of services from Bankbazaar and the response was excellent from them. It was prompt and there were no issues in getting any details of the banks. The website was self explanatory and the comparison options was useful as well to choose the best bank.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Could be more clear in details"
      0.5 4.0/5 "Great!"
      I could not proceed for the personal loan with ICICI Bank and there was no clarity in the documentation and I was not informed the exact reason as to why my application was closed. The rate of interest and processing charges was normal when compared to other banks.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 23, 2017
    • IndusInd Bank Personal Loan
      "Prompt action is necessary"
      0.5 1.5/5 "Bad"
      I have requested to the Indusind bank for the personal loan, also I have told them to contact after a month of time. Rate of interest was around 16% to 17% and the customer service was not good and I would like to suggest that they need to call the the customer on stipulated time period.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Tata capital Personal Loan
      "Prompt and good service"
      0.5 5.0/5 "Blown Away!"
      TATA CAPITAL LIMITED is very good in providing response in concern to my personal loan application. The documentation process was done in a proper way and the disbursement of the loan was done on time. They had disbursed my Personal Loan within 3 days of time. The interest rate is also nominal here. Overall I am satisfied with the Tata capital .
      Was this review helpful? 0
      , pune
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I got good service from bankbazaar. I just visited their website and submitted my loan application with them. After that I received calls from bankbazaar end and they forwarded my loan application to the bank. Their website is so simple to navigate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      Bankbazaar gave a prompt response with the customer support. The bankbazaar.com gave many options to choose the products with different interest rates. The web portal with bankbazaaz.com is easy to use and customer friendly. I know bankbazaar for about for past 1 year. I know about it through promotional mails. Overall I am happy with the bankbazaar. Com service.
      Was this review helpful? 0
      , pune
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Prompt service however need to work on low interest rates"
      0.5 3.0/5 "Satisfactory"
      The reason I was disappointed with ICICI bank personal loan was the interest rate because there are banks which gives the personal loan with very low interest rates, when compared with ICICI bank. The response was very prompt with the ICICI bank. Overall I am satisfied with their service.
      Was this review helpful? 0
      , pune
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "High Rate of Interest"
      0.5 3.0/5 "Satisfactory"
      I thought to take a personal loan from Kotak Mahindra bank so I applied with them. But then, I am not feel comfortable with their rate of interest as it is very high than the other banks. So I just closed the application. But I got good response from the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      No misses absolutely with bankbazaar nor any drawback on using their services and I am happy that the team was proactive in providing me with the details. The follow up process was also good and they were supportive in giving me updates as well. The website is user friendly and very much fast to browse through for the details.
      Was this review helpful? 0
      , chennai
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "Need improvement in customer support"
      0.5 1.0/5 "Really Bad"
      I am trying to reach HDFC executive but they are not picking my call to give my personal loan status. I had for the applied personal loan a month ago, still I haven't got any status for my personal loan application. The rate of interest is nominal with HDFC bank. I would like to suggest that they need to improve their customer support service .
      Was this review helpful? 0
      , chennai
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      Through advertisement I came to know bankbazaar.com. Bank bazaar web portal is easy to use and customer friendly. The web designing is completed in a proper way. The customer support helped me to get in touch with bank partner. Overall I could say bankbazaar.com provides wonderful service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Need improvements"
      0.5 2.0/5 "Expected more"
      The ICICI executive collected my documents and told I was not eligible to take the personal loan. I would suggest ICICI bank to check for the customer eligibility before they collect the documents. The service with ICICI need to be improved with their process. The customer support is not up to the mark with ICICI bank. They haven't picked my call to reveal the loan status.
      Was this review helpful? 0
      , chennai
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had no issues with bankbazaar. They had provided a good service for my loan application. I received proper response from their executives and regular followup calls from them. Website is easy to access and it has a lot of information about the financial products.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Not so convenient"
      0.5 1.0/5 "Really Bad"
      During the early stage of personal loan process, ICICI bank did not communicate with me about the certain documents but later on they were asking too many documents, such things are not convenient for me so I just went ahead and cancelled the loan application. Really disappointed with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Excellent services & prompt response"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is in top especially when it comes to customer services. As soon as I registered they acknowledged my information and processed it to the banks. The website has been good and very much useful as I could see a lot of information of so many banks in one single page.
      Was this review helpful? 0
      , satna
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Since I did not receive a proper response from ICICI Bank, I cancelled my plans to take a personal loan from them. I was contacted initially and later there was no response for the document collection. The bank was average on the interest rate and charges.
      Was this review helpful? 0
      , satna
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I would give a top rating for Bankbazaar as the process was excellent and on time. They continuously kept in touch and tracked the status of my application. The website is good and easy to access and overall I had no issues with the services and response.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The services provided by Kotak Mahindra bank was very much aveage. I had applied for a personal loan and I received a call and the team checked about my requirement. I was promised that some one would come over and collect my documents, but no one did and I could not proceed ahead for the loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I got good service and proper response from bankbazaar for my loan application. They were supportive and they suggested the bank for the loan process. I found that the website is easy to access and it is very informative. There was no issues with bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "The Fastest Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan fro HDFC bank. They processed the loan within ten minutes when I applied for the loan. This is the fastest service I ever received. Interest rate is something low at that time but then when I compared with other banks, it can be reduced even more.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
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