State Bank of India (SBI) Pension Loan
Purpose: To meet urgent cash requirements for purposes like the child’s wedding, paying medical bills, vacations, home renovation and much more.
Eligibility: Pensioners/Family Pensioners drawing pension through SBI.
Features:
- Interest Rate: 11.60% p.a. onwards
- Loan Types: SBI Pension Loan, Jai Jawan Pension Loan, Pension Loan to Treasury/ PSU Pensioners & Pre-Approved Pension Loans (PAPNL)
- Loan Amount: As per the applicant’s profile and creditworthiness
- Loan Tenure: 72 months (Loan to be repaid by 78 years of age)
- EMI/NMP ratio: May not exceed 50% in all other type of pensioners
- Prepayment Charges: 2% on prepaid amount
Bank of Baroda (BOB) Loan to Pensioners
Purpose: To meet urgent financial needs other than speculation
Eligibility: Age: 21 – 75 years & Pensioners/ family pensioners drawing pension through our Bank’s branches are eligible
Features:
- Interest Rate: 9.50% p.a. onwards
- Repayment Tenure: Up to 60 months
- Processing Charges: Pensioners / Family Pensioners of our Bank: Nil & For Others: Rs. 1000 plus GST
- Foreclosure Charges: Nil
Loan Amount:
| Pensioner Type |
Regular Pensioners |
Family pensioners |
| Up to 70 years |
Rs. 8 lakh |
Rs. 3 lakh |
| Above 70 years |
Rs. 5 lakh |
Rs. 1.50 lakh |
Punjab National Bank (PNB) Personal Loan Scheme for Pensioners
Purpose: To meet personal requirements, including medical expenses and to offer funding assistance to public drawing pension through Punjab National Bank
Eligibility: All the types of pensioners drawing pension through PNB branches
Features:
- Interest Rate: 11.35% p.a. onwards
- Loan Type: Demand Loan/ Term Loan/ Overdraft
- Loan Amount: Up to Rs. 10 lakh
- Repayment Tenure: Up to 5 years
- Processing Fee: Nil
- Security: Guarantee required of spouse/earning children/third party (Any one)
- Repayment: Maximum 60 EMIs & In case of pensioners above 75 years: Maximum 24 EMIs
- Margin: Nil
Central Bank of India: Cent Pensioners
Purpose: For personal requirements, excluding any speculative activity or investment in real estate.
Eligibility: Pensioners/Family Pensioners drawing pension through Central Bank of India, including ex-staff
Features:
- Interest Rate: 10.60% p.a. onwards
- Nature of Loan: Demand loan and Overdraft
- Loan Amount: Up to Rs. 10 lakh or 18 times the monthly pension
- Minimum Credit Score: 700
- Repayment Tenure: Up to 60 months
- Processing Fee: Nil
- Co-borrower: Pensioner’s spouse or legal heir(s) of the family pension beneficiary
Bank of India (BOI) Star Pensioner Loan Scheme
Purpose: For various personal uses like paying medical bills, home renovation, debt consolidation, etc. Not for any speculative purpose.
Eligibility: Regular pensioners or family pensioners drawing regular monthly pension via BOI & Retired employees (other than dismissed/compulsorily retired) are eligible
Features:
- Interest Rate: 11.60% p.a. onwards
- Nature of Loan: Term Loan, Demand Loan, Overdraft (reducible as per repayment schedule)
- Loan Amount: Up to Rs. 10 lakh
- Repayment Tenure: Up to 5 years
- Processing Fee: 2% of the loan amount
- Prepayment Charges: Nil
Shriram Finance Loan for Pensioners
Features:
- Interest Rate: 12% – 42% p.a.
- Loan Amount: Rs. 25,000 – Rs. 5 lakh
- Repayment Tenure: Up to 5 years
- Processing Fees: 0.50% – 5% of the loan amount + GST
- Collateral: Nil
