Multiple banks. Different interest rates. Call it a "conflict of interest".
  • SBI Personal Loan for Pensioners is Rated as "Excellent!" by 696 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.
        

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    SBI Personal Loan for Pensioners Reviews

    • SBI Personal Loan
      "Simply super"
      0.5 5.0/5 "Blown Away!"
      Taken my personal loan from State bank of India. When i taken my personal loan, they have given me a insurance policy on my name without my concern. When i receive the documents only, i come to know about this. I just the got the loan amount of Rs. 1.5 lakhs and they have given me a NOC documents one time when i completed the last month EMI. Maximum i used to pre-closure the loan and there is no additional charges for that.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • SBI
      SBI Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in STATE BANK OF INDIA before 5 months back which was processed directly to bank. The amount which was given from bank not sufficient to use for the duration of 5 years. The rate of interest and processing fee are high. Within a few days loan got sanctioned.
      Was this review helpful? 1
      , raichur
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with State bank of India from long time, the loan amount which they have given to me was good, they have given to me as per my requirement, the rate of interest they have charged to me was up to 10.99% including gst which was nominal, i got loan within 4 hours that same date which i apply , no processing fee it is zero processing fee, their service is good.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the STATE BANK OF INDIA . The documents are submitted to the branch directly. The loan duration is fine and there was a processing fee which was normal. They have provided a good service and the loan process was very smooth.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with STATE BANK OF INDIA . The whole loan process was easy and super fast. It was a super fast loan experience . Overall it was a very good loan experience e with the STATE BANK OF INDIA . There is no hidden charges . Loan amount is good .
      Was this review helpful? 1
      , udaipur
      Reviewed on Jun 21, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected state bank of India personal loan amount 10 lakhh ,Rate od interest 13 % , one time process fee Rs 9000, EMI 23000.while submitted documents through executive he clear inforamtion about loan process. Based on salary account in SBI i receive loan amount disbursal on same day itself.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jun 21, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with state bank of India long time, the loan amount they have given me was 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
      , hyderabad
      Reviewed on Jun 17, 2019
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the loan since from last 2 years and the documentation process was simple and there was a processing fee of 1K, the loan amount given was 1L which is sufficient, the rate of interest was nominal of 14.75%. I have closed the loan and taken NOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2019
    • SBI Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan in STATE BANK OF INDIA one year before, at the time loan amount was sufficient as per my requirement of 75 thousands for the duration of one year. The rate of interest is nominal of 12%. On time the loan got sanctioned.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 13, 2019
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan in STATE BANK OF INDIA 3 years before, at the time loan amount was sufficient as per my requirement of 4 lakhs for the duration of 5 years. The rate of interest is high for myself and the processing fee was applicable and nominal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jun 13, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      " The process in getting the personal loan from STATE BANK OF INDIA has been good where it has been quite okay. Got the loan with in few days. It was a really fast personal loan experience. The whole application process was easy and hassle free. Rate of interest is high . "
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 12, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have a home loan with STATE BANK OF INDIA . I got option of preclosere and it is very nominal . The process to get the loan is fine. The rate of interest is fine even processing fee nominal . The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 10, 2019
    • SBI Personal Loan
      "Good bank to apply for a personal loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in SBI bank for the past 4 years ago, at the time loan amount was sufficient which was provided from bank for the duration of 7 years.The rate of interest is nominal and the customer service is excellent whenever contact them.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 09, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected state bank of india and loan amount 5.80 lakhs and Tenure 5 years ,Rate interest 12% EMI Rs 13000, one time processing fee Rs 1200, While documents submitted in home branch. Customer service is good there is no delay disbursal loan amount and foreclosure chargers not there.
      Was this review helpful? 3
      , indore
      Reviewed on Jun 09, 2019
    • SBI Personal Loan
      "Interest rate should be competative"
      0.5 4.0/5 "Great!"
      SBI is same as my Kotak bank, they processed my personal loan application on time. They gave me 14% of interest for the loan amount of 45,000 for 12 months of loan duration. I feel the interest rate is bit higher when compared to other competitor in the market.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 08, 2019
    • SBI Personal Loan
      "Good and fast"
      0.5 4.5/5 "Excellent!"
      I have applied the personal loan from SBI and i have got the loan on the same day. I never expected the such fast loan sanctioned from the public sector bank. They have offered me a interest rate of 12.5% and they charged me a processing fee of 1% from the total amount i have applied.
      Was this review helpful? 2
      , jorhat
      Reviewed on Jun 07, 2019
    • SBI Personal Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in SBI bank for more than a year. As per my requirement I got the loan amount for the duration of 10 years. The rate of interest is high when compare to other. The process were taken too long to complete from bank. Their service is no proper response.
      Was this review helpful? 7
      , chennai
      Reviewed on May 30, 2019
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got a pre approved loan from State Bank of India with the interest rate of 12% which have taken it. The loan duration is 12 months and have completed 7months. There was no processing fee. They have provided me a loan amount of 65K. It is a online process through mobile app and sanctioned the loan without any documents.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 29, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan with STATE BANK OF INDIA and my loan experience was good. My loan amount is satisfactory and interest rate is nominal.There is no hidden charges. I use to pay EMI per month .The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 27, 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 from long time, the loan amount they have given me as based on my eligibility , the rate of interest they have charged me was nominal, it was based on my requirement, they have not charged me any processing fee, i have successfully closed this account.
      Was this review helpful? 4
      , vadodara
      Reviewed on May 23, 2019
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