Multiple banks. Different interest rates. Call it a "conflict of interest".
  • SBI Personal Loan for Pensioners is Rated as "Excellent!" by 601 Users

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    SBI Personal Loan for Pensioners

    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.

    SBI Personal Loan for Pensioners Reviews

    • SBI Personal Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      In SBI interest rate is high for the personal loan the documentation process was absolutely fine they sanctioned it on time, I have taken the loan amount for 5 years and I done balance transfer to other bank there is no charges and any other fee.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had with this loan was quite good and the process did not took much time. The loan amount which they had provided was sufficient and the interest rate with them has been quite nominal when compared with the market rate, there has not been any extra charges they had made as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 12, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal account was taken with STATE BANK OF INDIA .They provide nominal rate of interest and there is no processing fee and i am happy with that . I am very happy with their services and they provide sufficient loan amount . Overall it has been good experience .
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 07, 2019
    • SBI Personal Loan
      "Very bad loan process"
      0.5 1.0/5 "Really Bad"
      I have bought my personal loan from State bank of India. They have given me a loan amount of Rs. 1 lakhs with the tenure period of 1 years which is a less tenure . I need to pay the EMJ of Rs. 14000 every month which is quite touch hence i have done the pre-closure after 3 months for that they have charged me 4% pre-closure charges.
      Was this review helpful? 1
      , nasik
      Reviewed on Feb 04, 2019
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in State Bank of India before one year. The interest rate was minimum which was around 11% and am satisfied. The customer service was better. The loan duration is 5 years. They have charged me a processing fee and it was reasonable.
      Was this review helpful? 4
      , mumbai
      Reviewed on Feb 04, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been using the personal loan with the STATE BANK OF INDIA where i have taken it before two years and i had a good service with this bank. The documentation process is quick to get the loan also added on that the rate of interest is nominal. The duration to repay the loan is for 3 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 02, 2019
    • SBI Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I hold my personal loan with State bank of India from past two and half years, i got this loan as i am an existing account holder i hold salary account with this bank, so they gave me loan stating that i am eligible for loan, but i am not happy with their service,their customer care have not resolve properly, the loan amount they have charged me up to 5,00,000 but i felt the rate of interest they have charged me was high they have charged me up to 14% it was high compare to the market price, and emi it was to get deducted direct through my salary account.Still this loan is running, the tenure period is up to 5 years.
      Was this review helpful? 1
      , jaora
      Reviewed on Feb 02, 2019
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA where i have taken it without the documentation process also i am using it from last one month. The loan amount is very good with this bank. The rate of interest is 11% with this bank where the duration to repay is for 48 months.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 01, 2019
    • SBI Personal Loan
      "Need to improve the service"
      0.5 1.0/5 "Really Bad"
      I had a personal loan with SBI and it was completed year back. My experience is not good and there was no reminder call or msg for the loan due's and faced so many problems. I have done a partial payment with some penalty. They need to improve the service.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jan 31, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a Jumbo Loan on credit card. The process was immediate and it was happened within one hour. I have completed almost and took the loan long back 4 to 5 years recently have taken again which is on going. There was a processing fee of 2% where all the banks are charging the same.
      Was this review helpful? 5
      , pune
      Reviewed on Jan 31, 2019
    • SBI Personal Loan
      "Good personal loan experience"
      0.5 5.0/5 "Blown Away!"
      They are asking too many documents from the customer and they are delaying the customer to sanction the loan. The service is really good. They were asking the surety from the customer with some terms and conditions. They have been giving the documents providing the sanctioned because the customer need to know about the interest rate and tenure period.
      Was this review helpful? 4
      , salem
      Reviewed on Jan 28, 2019
    • SBI Personal Loan
      "Good Loan Process"
      0.5 3.5/5 "Pretty good"
      Purchased my State bank of India personal loan long back and i have closed the loan 5 years back. I got the loan amount of Rs. 3 lakhs. Total tenure period of the policy 5 years. Comparatively its little difficult to get the personal loan from SBI. I'm satisfied with the service given by SBI.
      Was this review helpful? 6
      , thiruvananthapuram
      Reviewed on Jan 27, 2019
    • SBI Personal Loan
      "Avergae"
      0.5 2.0/5 "Expected more"
      I have taken personal loan through SBI , the customer service sis good and i did not face any issue with them . There is no hidden charges with this bank and tenure period is 5 year . Loan amount is up to the mark . Processing fee is nominal . Only the thing is there is so much of documentation of work .
      Was this review helpful? 4
      , kolkata
      Reviewed on Jan 27, 2019
    • SBI Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a long time back and i had closed it three to four months back. The loan amount which they had provided has been sufficient but the interest rate with them was a little higher but it was okay. The charges which they had made has been nominal and their customer support was helpful.
      Was this review helpful? 6
      , hosur
      Reviewed on Jan 26, 2019
    • SBI Personal Loan
      "Fast approval"
      0.5 5.0/5 "Blown Away!"
      I applied for Rs. 70,000 person loan in SBI, within a minutes it got credit. Again within a week I closed the loan. I applied the loan through mobile application and I checked the eligibility it showed Rs. 70,000 within a minutes it got approved and sanctioned. The verification process was good.
      Was this review helpful? 5
      , kochi
      Reviewed on Jan 25, 2019
    • SBI Personal Loan
      "Documentation should be simple"
      0.5 4.0/5 "Great!"
      SBI sanctioned Rs. 2.5 lakhs personal loan for the period of four years, I paid the whole emi and closed the loan. I got the noc letter from the bank, by taking the loan I felt the documentation was inconvenient, but for the settlement the process was smooth.
      Was this review helpful? 4
      , chandigarh
      Reviewed on Jan 25, 2019
    • SBI Personal Loan
      "Best Loan Process"
      0.5 5.0/5 "Blown Away!"
      Before three years I took SBI personal loan, monthly I used pay Rs. 25,000 it for five years then I done foreclosure without any extra charges. The rate of interest is less around 12% in SBI then its keep deducting the principal like equity. Automatically emi amount came down. The best part the customer behavior is good.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 24, 2019
    • SBI Personal Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have take personal loan from the sbi which they approved in few days and the amount is reflected in next day ,its instant approval process. As am satisfied with the rate of interest which is nominal one .They provided good tenure period .and i make the payment monthly though ECS.. There is no processing fees also,
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 23, 2019
    • SBI Personal Loan
      "Need to reduce ROI"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with SBI and my experience was good, the loan amount was sufficient and the rate of interest was high when compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 3 years.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 21, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my personal loan with State bank of India, there service is Excellent, they have given me sufficient loan amount, and the rate of interest they have charged me was nominal they have charged me up to 15%, and i am happy and even processing fee they have charged is nominal, there are no hidden charges,i will appreciated them that they do not call me much,they give me my own space. The overall service provided by them is good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 21, 2019
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