Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Loading your search...
    Close

    Compare, check your eligibility and apply online instantly.

  • SBI Personal Loan for Pensioners is Rated as "Excellent!" by 560 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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.

    Perfect Personal Loan Deals for you

    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
    Apply for Personal Loan

    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
      "Good service"
      0.5 4.5/5 "Excellent!"
      It has been a good experience i had with this loan and they had provided me with a loan amount of 40,000 and the interest rate with them was around 14% with no additional charges other than the processing fee of 1000. Overall it had been a good experience with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 06, 2018
    • SBI Personal Loan
      "Processing should be simple"
      0.5 3.0/5 "Satisfactory"
      I want to know whether I am eligible for loan products based on my cibile score. Hence I took loan from SBI, they processed very well but they collected too many documents like pay slip, company id, kyc papers. They didn't ask for guarantor to avail loan, however the interest and charges are high.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Disappointed Expereince"
      0.5 1.0/5 "Really Bad"
      The process experience is dis satisfactory, they taken eight days to complete. They collects lots of paper and I keep visiting to the branch often for this loan purpose. I had disappointed experience hence though interest rate is better but still service needs to be improved.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with SBI, the loan amount was for Rs 3 lacs with nominal interest rate in the market. Customer service was good with this bank and they followed up on time. Tenure period for this loan is 5 years and there are no preclosure charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 03, 2018
    • SBI Personal Loan
      "Good personal loan experience"
      0.5 4.0/5 "Great!"
      I have bought the personal loan with SBI. I have got the loan amount of RS. 10 lakhs. I don't remember about the interest and some processing was there. I'm paying the premium amount of Rs. 21000 and I'm making the payment through ECS. I have received the loan on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2018
    • SBI Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Earlier I was taken personal loan with SBI, now I cleared that loan, the process was good they have disbursed the amount on time. Within 1.5 days I got the loan amount to my account, because I am holding salary account with the same bank. I am working as a recovery person so they have approved my loan.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the STATE BANK OF INDIA where the process is easy to get the loan. The process of getting the loan is simple. The rate of interest is nominal with this bank and the duration is for 2 years to repay the loan.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others in the market. Customer support was good and they responded on time. Tenure period for this loan is 5 years .
      Was this review helpful? 9
      , hyderabad
      Reviewed on Nov 29, 2018
    • SBI Personal Loan
      "Customer Response should be improved"
      0.5 4.0/5 "Great!"
      Two times I have taken personal loan from SBI, they gave me 12% of interest rate. The process was good but service wise they need lots of improvement. The documents process was easy within 2 days they disbursement the amount to my account its fine.
      Was this review helpful? 5
      , lucknow
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Looking for less interest rate"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with SBI and my experience was not up to the mark, the loan amount was for Rs 6 lacs with rate of interest of 15% which is very high. Customer support was not good and the tenure period for this loan is 5 years out of which 3 years already completed.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 4 lacs with 14% interest rate which is high in market. Customer support was good and they responded on time. Tenure period for this loan is 5 years but i prelcosed in 2 years with no additional charges.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 20, 2018
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am running a personal loan with State Bank of India. The rate of interest was 12% which was nominal. I am satisfied with the customer service and response. The loan duration is 5 years and completed one year till now. There is no option for pre closure and part payment.
      Was this review helpful? 8
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      My home loan was taken with STATE BANK OF INDIA , they had been having the best interest rate, the charges which they had been making has been very nominal . The loan duration is 15 years. The branch response is absolutely fine. Overall service is good have good experience with SBI .
      Was this review helpful? 3
      , coimbatore
      Reviewed on Nov 15, 2018
    • SBI Personal Loan
      "Very Good at interest and charges"
      0.5 5.0/5 "Blown Away!"
      I'm very much satisfied with SBI. Even though its a Government bank, i got a better services than private banks. I'm happy with the interest rate, processing fee. They are offering very best interest rate compared to other banks. The processing fee is nominal which 1%. I got a interest rate 9.5% for a personal loan. They are having various types of personal loan.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 15, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with state bank of India from past 1 year, the loan amount they have given me was up to 50,000 it is sufficient for me and the rate of interest they have charged me was nominal, and processing fee they have charged was also nominal , overall service was good.
      Was this review helpful? 2
      , dariba
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Good in Need"
      0.5 5.0/5 "Blown Away!"
      I had applied for a Personal loan with Sbi and it processed on time. The interest rate given to me was very reasonable. It was 10.5 % at that time.Now i have closed that particular loan and i am in a plan of going for one more personal loan. You get reasonable rate of interest here.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It has not been a great experience i had with this loan, the loan amount which they had provided has been okay. The interest rate with them has been around 14% which has been okay and there has not been any sort of charges which they had made. Their customer support has been helpful at times.
      Was this review helpful? 0
      , erode
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Loan process should be improvement"
      0.5 2.0/5 "Expected more"
      I have personal loan with SBI, they have taken three months to approve my loan and the documentation process was inconvenient. Though I have my salary with them, they taken long time to disburse the amount. I am not happy with interms of process but interest rate is good.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had in getting this loan and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal and was around 11% and there has not been any sort of extra charges whcih has been made by them so far.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 09, 2018
    • SBI Personal Loan
      "Happy Service Provider"
      0.5 5.0/5 "Blown Away!"
      SBI is good they processed my personal loan very faster, they gave me better interest rate than other banks in the market. I took personal loan for the total term of five years. But if in case I want to close my loan, they gave me part and pre closure option.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 01, 2018
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.