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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 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 –

    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 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.
        

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    SBI Personal Loan for Pensioners Reviews

    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • SBI
      SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 13, 2020
    • SBI Personal Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , chennai
      Reviewed on Feb 10, 2020
    • SBI Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 2
      , noida
      Reviewed on Feb 06, 2020
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Feb 05, 2020
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , shillong
      Reviewed on Feb 03, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , kolkata
      Reviewed on Jan 25, 2020
    • SBI Personal Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 24, 2020
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 19, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 0
      , namakkal
      Reviewed on Jan 18, 2020
    • SBI Personal Loan
      "Need to decrease the rate of interest"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 18, 2020
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , vellore
      Reviewed on Jan 16, 2020
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI on 3 years back. Since I am holding salary account they offered a pre approved loan. Hence the process was done quickly and they have sanctioned the loan on time. I am eligible of 8L but preferred only for 3L with tenure period of 3 years. Rate of interest of 14%. EMI use to pay of 7K. They have provided the option of pre closure.
      Was this review helpful? 2
      , alleppey
      Reviewed on Jan 14, 2020
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal loan is running with State Bank of India at the time of emergency. The interest rate is 13.50% and there was a processing fee of around 2,300 rupees for 1lakh. The duration for repayment is 24months. The loan process was very easy and everything completed through online.
      Was this review helpful? 4
      , chennai
      Reviewed on Jan 10, 2020
    • SBI Personal Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through SBI Bank .The loan amount was sanctioned on time without any difficulties and delay .The agent gave the details about the loan process ,I have submitted the required documents on time ,This loan is still active and there was no difficulties faced so far. I am paying through EMI 5000 and the loan amount was Rs. 2.50L.
      Was this review helpful? 4
      , vizianagaram
      Reviewed on Jan 09, 2020
    • SBI Personal Loan
      "Average Loan Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI because I'm already an existing customer of this bank since I've been holding the savings account for more than 6 years. I got the loan amount within 10 minutes. I have taken the loan amount of Rs. 45,000 for 4.5 years. I had applied this loan through an online.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 09, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My salary is getting credited into State Bank of India and its a nationalized bank so that i have chosen the personal loan with them because their rate of interest is less when i compared to other. They took 3 days to sanctioned the loan. I'm paying the EMI amount of Rs. 6200 for the loan amount of Rs. 3 lakhs.
      Was this review helpful? 3
      , mysore
      Reviewed on Jan 06, 2020
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for SBI personal loan and availed the loan .The process was very quick and the rate of interest was 10.25% it was quite nominal .I have salary account with this bank,The loan amount got sanctioned on time without any delay .The process of this loan was pretty good .
      Was this review helpful? 5
      , kolkata
      Reviewed on Jan 03, 2020
    • SBI Personal Loan
      "Charging over rate of interest"
      0.5 4.0/5 "Great!"
      In State bank of India, they have provided me a interest rate of 13.5% for personal loan. SBI has given me a lots of things like zero balance account salary cums savings. They have taken 15 days to provide the loan. I chosen the tenure period of 60 months and the loan amount was Rs. 2lakhs and also there is a no preclosure charges.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 26, 2019
    • SBI Personal Loan
      "Quick sanctioned loan"
      0.5 5.0/5 "Blown Away!"
      Took my personal loan from State bank of India because my father referred this bank. They are very responsive and they have sanctioned my loan on time hence i don't need to visit the branch again and again. Interest rates are very nominal which is a market rates. They have charged me a processing fee of 1%. After 1 year, i can pre-close the loan by paying some additional charges.
      Was this review helpful? 7
      , bangalore
      Reviewed on Dec 23, 2019
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