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 Loan
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 –
SBI Loan for Pensioners Interest rate is 3.80% above 2 year MCLR. This is currently 11.45% 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.
I am 77 years old. Can I apply for this loan scheme?
No, you cannot apply for this loan scheme. In order to be eligible for this loan scheme you need to be 76 years or younger.
How can I apply for this loan scheme?
You can visit the official website of State Bank of India to apply for this loan. You will have to fill the form and submit the necessary documents. The bank will then verify the documents and the application form submitted by you and if they are found to be correct, the loan amount will be disbursed to your bank account.
You can also visit the nearest branch of State Bank of India and apply for the loan. You will have to make sure you carry all the relevant documents along with you. A representative from the bank will help you with the process of applying for this loan.
Will I have to pledge any form of security?
No, you will not be required to pledge any form of security since this is a personal loan scheme.
Can I avail this personal loan if I have a guarantor?
Yes, you can avail this loan scheme if you have a guarantor who will ensure that the loan amount will be repaid on time to the bank.
Can I furnish a standing instruction where the EMI will be debited automatically from my account on the due date of each month?
Yes, you can furnish a standing instruction where you can authorise the bank to debit the payable amount from your bank account automatically on the due date of each month. This way you will not require any reminders to pay your EMI on time and you will be able to pay your EMIs in a timely manner as well.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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STATE BANK OF INDIA has offered me a personal loan and the loan amount was Rs.5L, the rate of interest was normal 11.5%. Fore closure charge is there and i opted for the tenure of five years and i am paying EMI of Rs.10,000. This loan got disbursed within a day and that was a smooth process.
From YONO app i have applied the personal loan with State Bank of India. They have sanctioned the loan in 24 hours and They have not collected any documents from my end. They just got the agreement from email and they have not charged me any processing fee and the interest rate is only 9%. I have selected the tenure period of 3 years. There is a pre-closure facility without having any additional charges.
I am holding an account with SBI for long years hence I got pre approved loan offer from their end and taken a personal loan on one year back. Within 2-3 days they have sanctioned the loan, so far I had paid EMIs on time and I am going to close the loan by next month. Mobile app is user friendly to access but only interest rate is high. EMI need to pay of around 6.5K - 7K.
I have a savings account with SBI so when i had an requirement they have offered me a personal loan quickly. On the spot, they have sanctioned my loan without any documents. I have selected the duration of 1 year to close this loan. Taken the loan amount of Rs. 60000 and i pay the EMI of Rs. 5000 every month. Its a interest free loan.
I have taken a personal loan from SBI, the loan amount was Rs. 10L. The rate of interest was high 14% and i am paying EMI 23,000 for the tenure period of 5years. I applied this loan directly through bank that was very easy process and i received this loan within 2 days, pre closure charges are not known.
I have applied personal loan directly from SBI. Process was very good and i received this loan with in 2 -3 days. Even my credit score was good, i have submitted all my documents and i signed so it got approved. The rate of interest was very less with the tenure of 2 years and EMI 6000 , their service was good.
I have taken a personal loan from SBI on last 6 months back. The rate of interest around 12.75% and processing fee was detected of 0.5% is less. The loan amount of 6.50L which is sufficient. Since I am holding a salary account with this bank so I got pre approved loan offer, they have provided the amount within 4-5 days and tenure period is 6 years. There is a pre closure option with charges of high around 2-3% but the locking period is 6 months. Am EMI around 12,800 rupees. I use to get remainder message on time for the payment.
I am not satisfied with SBI service. I have taken a personal loan on 3 months back, I got this loan offer from bank. The loan amount was sanctioned of 3.5L with tenure period of 5 years. The rate of interest is nominal and fee was applicable of 3,500 rupees. Through mobile app processed was done for the loan. EMI need to pay of 6,500 rupees.
I have taken SBI personal loan for my business purpose.The rate of interest and the processing fee was very less and loan got sanctioned on time,still this loan is active.I have availed loan amount of 15lakhs for the tenure of 3 years and still this loan is active on my account .
I have taken personal loan directly through SBI .This loan is still going on .The rate of interest and the processing fee was quite nominal.The processing fee was RS..1000 since have salary account the loan got sanctioned it was a paperless approval .I am happy with the service.
I have taken a personal loan from SBI and the loan amount was Rs. 2L. The rate of interest was normal and i opted for the tenure period of 3 years. I am paying EMI 10K, pre closure charge is not applicable. My salary account is with this bank, so less documentation process and i received this loan within a day.
I have taken a personal loan from SBI 3 years ago. The loan amount was Rs. 1,50,000 and the rate of interest was 12% which was nominal with the tenure of 3 years and i am paying EMI 4K. I have completed this loan right now and i got instantly with the minimum documents.
On 3 years before, I got a personal loan offer from SBI. The process was done on time and even disbursal amount of 5L was sufficient. Interest rate was nominal. EMI use to pay of 8,800 rupees. I was not aware about pre closure option. Their service was good. I had closed the loan 4months before only.
I have taken a personal loan of 6L from SBI on 2 years before. It is pre approved loan. So the amount was sufficient when compared to my requirement. The tenure period of 5 years. Rate of interest was 12% which is nominal for this loan. EMI need to pay of 14K on monthly basis and I use to get remainder message on time.
I have taken a personal loan from SBI on 5 years ago and I have already completed the same. I have been holding an account with this bank so I have chose to take the personal loan with them. They offered me a interest rate of 15% and there was no processing fee. I have no knowledge about the part payment and pre- closure. I have selected the duration of 5 years.
I got the reasonable interest rate for my personal loan from State Bank of India. In other bank interest rates are high so that i bought the personal loan from this bank. They have provided me a loan amount of Rs. 2 lakhs with the interest rate of 7% and the processing fee was just Rs. 500. I am paying the EMI amount of Rs. 9000 every month.
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Reviewed on Jan 24, 2020
I had taken a personal loan with SBI on 4 years back. The loan amount of 8L was sanctioned which is sufficient as per my needs. Since for my personal need taken this loan. The tenure period of 4 years. Interest is 10.8% is fine and fee applicable of 10K. I use to get remainder message on time for EMI to pay of 17K. There is no option of pre closure. I have closed the loan and received NOC letter as well.
I have taken the personal loan from SBI because based on my savings account. They have provided me a pre- approved loan hence i got it. Even though its a nationalized bank, they are giving good co-operation to the customer. They offered me a interest rate of 12.5%. I took the loan on 7 months ago with the tenure period of 5 years.
I have applied a personal loan from SBI and the loan amount was Rs. 1.25L and the interest rate was 14% it is high actually. I applied this loan directly from bank and I am paying Rs. 4000 with the tenure of 4 years. I am not getting any alert message, call or even mail also.
I have taken personal loan through SBI .The rate of interest and the processing fee was very high it was 13% due to my requirement i have taken but it would be better if its reduced. It took one week time to get the loan and there was a delay in Verification process .I am satisfied with the service so far.