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  • SBI Personal Loan for Pensioners

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  • Retired individuals might face financial requirements which compel them to avail a loan. To meet this purpose, SBI provides loans to pensioners. Central or State Government or Defence pensioners who are below 76 years old can avail this loan. They need to draw their pension from one of the SBI branches. The loan needs to be availed from one of any SBI branch. The loan can be used to meet your personal financial needs.

    Features and Benefits of SBI Pensioner Loans

    • The processing fee is nominal. Defence pensioners need not pay any processing fee.
    • Fast loan processing.
    • The loan is devoid of interest costs.
    • If you add credit into your loan account which will reduce the loan burden and interest.
    • For central government employees the minimum loan amount is Rs.25,000. The maximum is pension of 18 months with a different upper cap for different ages.
    • For defence employees the minimum loan amount is Rs.25,000. The maximum is 36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners below 56 years. It is also pension of 18 months with a different upper cap for different ages.
    • The repayment period has been listed on the basis of age, in the table below –

    For Family Pensioners (including Defence Pensioners):

    Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
    Up to 72 years of Age 60 months 77 years
    More than 72 years and up to 74 years 48 months 78 years
    More than 74 years and up to 76 years 24 months 78 years

    For Central and State Government Pensioners:

    Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
    Up to 72 years of Age 60 months 77 years
    More than 72 years and up to 74 years 48 months 78 years
    More than 74 years and up to 76 years 24 months 78 years

    For Defence Pensioners:

    Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
    Up to 56 years 84 months 63 years
    More than 56 years and up to 72 years 60 months 77 years
    More than 72 years and up to 74 years 48 months 78 years
    More than 74 years and up to 76 years 24 months 78 years

    Eligibility Criteria for SBI Loan for Pensioners

    For Central and State Government Pensioners:

    • The maximum age should be 76 years

    For Defence Pensioners the individual should have been an employee of-

    • Armed forces, CRPF, CISF, BSF, ITBP, etc. , Rasht Riya Rifles, Assam Rifles, and Coast guards
    • He cannot be over 76 years of age

    Family pensioner

    • Spouse of the primary pensioner can receive the pension after his death.
    • His/her age cannot be over 76

    SBI Loan for Pensioners Interest rates

    • SBI Loan for Pensioners Interest rate is 3.80% above 2 year MCLR. This is currently 13.05% per annum.

    Other fees and charges

    • For Central and State Government Pensioners and Family Pensioners the processing fee is 0.50% of the loan amount. This is subject to addition of GST (subject to a minimum of 500 and additional applicable GST.
    • There is no processing fee for Defence Pensioners
    • If you prepay the loan before the end of the loan tenure, you have to pay 3% as prepayment fees.
        

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    SBI Personal Loan for Pensioners Reviews

    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have availed personal loan through State Bank Of India .This loan was offered by bank and it was as pre approval loan .I have got this loan on paperless approval ,The rate of interest and the processing fee was nominal .Still this loan s active and it will be closed within 5 years .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 18, 2019
    • SBI
      SBI Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I took a personal loan in State Bank of India, the process is very simple and have applied through SBI YONO app. They have done enquiry and within a week, they have disbursed the loan amount of 4.30L and it was sufficient. The processing fee is around 2,300rupees which is very low compared to others.
      Was this review helpful? 3
      , tirupati
      Reviewed on Oct 15, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through State Bank Of India .The rate of interest and the processing fee was nominal and it was good as well,I have got this loan amount on time and it was very sufficient as well. Each and every updates about the loan process was shared by the agent .
      Was this review helpful? 1
      , bathinda
      Reviewed on Oct 14, 2019
    • SBI Personal Loan
      "Fine Loan Service"
      0.5 5.0/5 "Blown Away!"
      I bought the personal loan from SBI. Its 2 years back since i got the loan. I have no idea about the interest rates but i had chosen the duration of 5 years. I am paying the EMI amount of Rs. 11200. The loan is going very smooth and I'm doing the payment on time through ECS.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Personal Loan
      "Super Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI people have extended my due date when i request them since my salary is getting credited after 3rd of every month. They have sanctioned the loan within 1 hour. I never visited their branch and i bought the loan through their app. Their mobile application is very easy to use.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 09, 2019
    • SBI Personal Loan
      "Rate of interest to be less"
      0.5 3.0/5 "Satisfactory"
      Already am running a personal loan in State Bank of India which is going to complete in next 3 to 4months. The process was okay but the rate of interest is higher, they are charging 12.5%. The processing fee is applicable. The process was good.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Oct 09, 2019
    • SBI Personal Loan
      "SBI process is lengthy"
      0.5 5.0/5 "Blown Away!"
      I never tried to contact the customer care service. I have not applied through online and i went to their branch to applied the loan. I bought my personal loan from State bank of India because one of my friend is working as a branch manager. They have sanctioned the loan within 2 days.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Oct 05, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through State Bank Of India directly .The rate of interest and the processing fee was little bit high since had requirement taken this loan .I have got all the information about the loan process,This was a paperless approval since have salary account had an offer of this paperless.
      Was this review helpful? 5
      , dehradun
      Reviewed on Oct 04, 2019
    • SBI Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      On 2 years before I had taken a personal loan with STATE BANK OF INDIA which was applied directly to bank. I received a loan on time. The amount which was given for a sufficient for the tenure period of 3 years. The rate of interest and processing fee are nominal.
      Was this review helpful? 7
      , coimbatore
      Reviewed on Oct 03, 2019
    • SBI Personal Loan
      "Very easy to get a loan"
      0.5 5.0/5 "Blown Away!"
      SBI bank is good and the service is very nice. I got the loan amount of Rs. 4.70 lakhs and they have sanctioned the loan in 2 days. They have provided me a interest rate of 11%. I have been paying the EMI amount of Rs. 9300 for the duration of 5 years. Through ECS, i make the payment every month.
      Was this review helpful? 4
      , bilaspur
      Reviewed on Sep 24, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with STATE BANK OF INDIA on 6 months before , I was holding a salary account with them so the process was smooth. They have sanctioned the loan within 2 days. For the loan amount of 1 lakh for the tenure period of 2 years. EMI is use to pay for 3800 rupees.
      Was this review helpful? 7
      , chennai
      Reviewed on Sep 22, 2019
    • SBI Personal Loan
      "Fast Approval Loan"
      0.5 5.0/5 "Blown Away!"
      When i approached for the personal loan in State bank of India, they have sanctioned the loan in a short span of time since i'm a customer for last 15 years. My salary account is in SBI hence i opted the loan amount. I bought the loan amount of Rs. 4.80 lakhs. Their interest rates are high which is 14.45%. I am paying the EMI of Rs. 9200 for the duration of 5 years.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 22, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Ihave availed personal loan from State Bank Of India through App it was a paperless approval ,it s very good just 30 seconds only my loan got sanctioned .The rate of interest was nominal pf was Rs.2000 only .The rate of interest was 13.05% it was nominal .I have got all the information about the loan through app itself.
      Was this review helpful? 5
      , mysore
      Reviewed on Sep 20, 2019
    • SBI Personal Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      SBI people are much clear in their rates and they showed me a clear figure in their app when i applied for the personal loan. They charged me a interest rate of 13%. My EMI amount is Rs. 10000 for the loan amount of Rs.4 lakhs. I have selected the tenure period of 54 months.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 19, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from SBI bank on 2 months before which was approached from bank directly. The amount which was given sufficient for the tenure period of 5 years. The rate of interest for 11.9% and there was no processing fee was applicable. Only one EMI was done.
      Was this review helpful? 3
      , jamnagar
      Reviewed on Sep 19, 2019
    • SBI Personal Loan
      "Best Service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan through State Bank Of India .The rate of interest and the processing fee was nominal,I have got the loan amount on time and it was sufficient as well .The agent gave all the information about the loan process.This loan is still active and the process was very smooth .
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 17, 2019
    • SBI Personal Loan
      "Recommendable Loan Product"
      0.5 5.0/5 "Blown Away!"
      I am very much overwhelmed with SBI, they sanctioned my personal loan within 30 minutes its really faster, their customer executive who came to my place was helpful and he responded well. My principal amount is Rs.5 lakhs for the duration of 54 months and there is insurance fee only processing fee they took around Rs.599 its minimal.
      Was this review helpful? 4
      , guna
      Reviewed on Sep 13, 2019
    • SBI Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      From SBI , i have taken the personal loan and i have closed the loan 1.5 years. Since its a salary account, when i approached the loan, they have given immediately. Interest rate is 12.5%. I have got my NOC letter also. The processing fee was nominal.
      Was this review helpful? 8
      , chennai
      Reviewed on Sep 01, 2019
    • SBI Personal Loan
      "Awesome Loan"
      0.5 5.0/5 "Blown Away!"
      Recently i have availed the personal loan and they have provided me a instant services. Because of their brand and transparency, i have selected the SBI loan. When i apply the loan, they have informed directly about the interest rate of 14%. Within a day, they have disbursed the loan and the documentation process was fine.
      Was this review helpful? 14
      , vijayawada
      Reviewed on Aug 23, 2019
    • SBI Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I received a promotional call from SBI people. They said i have a eligibility of Rs. 3 lakhs but i have got the loan amount of Rs. 1 lakhs. They have provided me a less interest rate of 9% and i have chosen the tenure period of 24 months. I paid the EMI of Rs. 5000 approximately. I closed the loan 3 months before.
      Was this review helpful? 14
      , chennai
      Reviewed on Aug 20, 2019
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