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SBI Pension Loan

SBI Pension Loan starts from 11.30% p.a., for repayment tenures of up to 6 years. The bank offers pension loans to central & state government, defence, Public Sector Undertakings (PSU) and family pensioners.
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Max Loan Amt.Upto ₹25L
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Tenure upto1-5 Years
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Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
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SBI Pension Loan Highlights

Interest rates 11.35% p.a. onwards
Loan amount Based on the monthly pension drawn by the applicant
Repayment tenure SBI Pension Loan: 6 years
Insta Pension Loan scheme through YONO: 3 years
Processing fee 0.50% of the loan amount + applicable taxes (Minimum Rs. 250)

Disclaimer: State Bank of India is not a Paisabazaar partner for personal loan and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to State Bank of India for personal loans. No offers/services from State Bank of India are being provided by Paisabazaar for personal loans. For further information about State Bank of India for personal loans, users are required to reach out directly to State Bank of India .

SBI Pension Loan Interest Rate

Pension Loan Schemes Rate of Interest (p.a.)
SBI Pension Loan 11.30%
Jai Jawan Pension Loan 11.30%
Pension Loan Scheme For Treasury & PSU Pensioners 11.30% – 11.80%
Pre-Approved Pension Loans(PAPNL) 11.30%
Pre-approved Insta Pension Top-Up 11.30%

Loan amount for SBI Pension Loan

The loan amount would depend on the Net Monthly Pension (NMP) of the loan applicant provided that the EMI/NMP ratio does not exceed 33% for the family pensioners and 50% in case of other pensioners.

SBI Pension Loan Eligibility Criteria

For Central and State Government Pensioners:

  • The pensioner should be below 76 years of age.
  • Pension payment order should be maintained with SBI.
  • The pensioner should furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
  • The Treasury has to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till an NOC is issued
  • All other terms and conditions of the Scheme will be applicable, including guarantee by the spouse (eligible for family pension) or by a suitable third party.

For Defence pensioners:

  • Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles.
  • Pension payment order is maintained with SBI.
  • No minimum age bar under the scheme.
  • Maximum age at the time of processing the loan should be less than 76 years.

For family pensioners:

  • Family pensioners include authorised members of the family to receive pension after the death of the pensioner.
  • Family pensioners should not be more than 76 years of age.

SBI Pension Loan Documents Required

While SBI has not clearly stated the documents required for availing pension loan, the documentation, if any, should be minimal as the bank would already have most of the required documents due to the KYC of the pension account maintained with the bank.

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SBI Pension Loan Fees and Charges

Processing fee

State Bank of India charges a processing fee  of 0.50% of the Loan amount + applicable taxes (Minimum Rs. 250) for SBI Pension Loan.

Prepayment/Foreclosure Charges

Prepayment charges 3% on prepaid amount
Foreclosure charges (if the account is closed from the proceeds of a new loan account under SBI Pension Loan) NIL

Other fees and charges

EMI/NMP Ratio (Family Pensioners) Up to 33%
EMI/NMP Ratio (other pensioners) Up to 50%
Collected for payment to empaneled Advocate for Legal opinion/Search Report etc As per actuals
Any other fee, if any As per actuals

How Can I Apply for a Personal Loan Online?

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Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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