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State Bank of India offers pension loans to retired employees of central or state government and defence. It is a type personal loan that pensioners can use to meet their several personal financial needs, like for a wedding in family, medical emergency, home renovation, holidays, etc. An applicant needs to draw his/her pension from one of the bank’s branches to be eligible for SBI personal loan for pensioners. 

SBI Pension Loan Features:

The SBI pension loan scheme is for covering the sudden and unexpected funding needs of Govt, Defense, or family pensioners up to 76 years of age. It has a nominal processing fee (nil for Defense pensioners) Pensioners can avail an SBI Personal Loan in the range of Rs 25000 to  Rs 14 lakhs Family pensioners can avail up to a maximum of Rs 5 lakhs SBI pension loan offers zero hidden charges and quick processing/approval facilities Any prepayment (in full/part) and foreclosure will attract a fee of 3% on the prepaid amount.

SBI personal loan for pensioner interest rates

Scheme	2 year MCLR	Spread over 2 year MCLR	Effective rate of interest (p.a.)
Pension loan (including PAPNL-Pre-approved pension loans)	7.20%	2.55% - 3.05%	9.75% - 10.25%
Clean overdraft	7.20%	8.45%	15.65%

SBI Personal loan Eligibility for Pension Loan

The Central/State Government or Defense pensioners, who are drawing their pensions through any of the SBI branches and are not over the age of 76 years, are eligible for the SBI pension loan. In these cases, the Pension Payment Order or PPO remains with the Government Treasury and the pensioner needs to give his mandate to the treasury for paying his pension through an SBI branch. He also needs to furnish an irrevocable undertaking that this mandate will not be changed during the tenure of the SBI pension loan availed by him. A guarantee will be required from a third party or from his spouse (who will remain eligible for the family pension).

Pensioners from the below-mentioned agencies, whose PPO is with SBI are considered eligible for the SBI pension loan-

Eligibility Criteria	Key Features
Profession	For Central and State Government Pensioners	For Defence Pensioners	For Family Pensioners
Employer Type	Central and State Government	Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles	Central and State Governments including all Armed Forces
Applicant Age	Below 76 years of age
Account Type	Pension payment order maintained by SBI
Treasury Terms	Written consent from the treasurer not to accept any pension transfer requests	Not applicable	Not applicable
Guarantee Terms	By the spouse (eligible for family pension) or any other third party	Not applicable	Authorized members of the family under family pension scheme

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Check SBI Pension Loan Application Status  

Currently, you may only check the status of your SBI pension loan on the SBI website. Follow the steps below to check on the progress of your SBI pension loan application: 

• Visit the SBI personal loan application status website to check on the status of your application. 
• Enter your loan application reference number, as well as your phone number and ISD code. 
• To find out the progress of your loan application, go to ‘track.' 

SBI Pension Loan Statement  

• By logging into your online banking account, you can get your pension loan statement. 
• Alternatively, you can acquire a hard copy of your pension loan statement by visiting your nearest SBI bank. 

Why are people applying for a loan through Afinoz.com?  

A few significant benefits of applying for a pension through Afinoz.com are listed below: 

• Compare and select: Afinoz.com allows you to evaluate essential loan parameters such as interest rate, loan amount, fees and other costs, and more, to find the best solutions for your needs. 
• Online Process: You can apply for personal loans online at Afinoz.com, which eliminates the need to physically visit the prospective lender's office with heaps of paperwork. 
• 7 days a week Accessibility: Because this is a digital platform, it may be viewed at any time and from any location. 
• Recognize your EMI payments: Even before you apply for a loan, you may use Afinoz's Personal Loan EMI Calculator to estimate your monthly payments. This allows you to borrow based on your repayment capabilities and offers you an approximation of your future repayments. 

SBI your banker for life

When it comes to personal loans, the State Bank of India has remained one of the most preferred lenders for Indian customers. SBI can boast of a wide-spread reach, with over 24000 branches across the country. Because of this wide operational network that covers almost every nook and corner of the country, SBI Personal Loan application and processing are possible at almost every location in India. SBI Personal loan products come with facilities such as minimum processing fees, competitive SBI Personal Loan Interest Rate, quick and hassle-free processing and so on and it’s not a surprise why SBI is one of the biggest lenders in the country.

Maximum Eligible Loan Amount and repayments:

(i) For Central and State Government Pensioners:

Age	Max Loan Amount (18 months Pension or Less)	Repayment Period	Age at the time of full Repayment
Below 72 years	₹ 14.00 Lakh	60 months	Up to 77 years
72 - 74 years	₹ 12.00 Lakh	48 months	Up to 78 years
74 - 76 years	₹ 7.50 Lakh	24 months	Up to 78 years

(ii) For Defense Pensioners:

Age	Max Loan Amount (36 months Pension or Less)	Repayment Period	Age at the time of full Repayment
Below 56 years	₹ 14.00 Lakh	84 months	Up to 63 years
56 – 72 years	₹ 14.00 Lakh	60 months	Up to 77 years
72 - 74 years	₹ 12.00 Lakh	48 months	Up to 78 years
74 - 76 years	₹ 7.50 Lakh	24 months	Up to 78 years

(ii) For Family Pensioners (including Defense Pensioners) :

Age	Max Loan Amount (18 months Pension or Less)	Repayment Period	Age at the time of full Repayment
Below 72 years	₹ 5.00 Lakh	60 months	Up to 77 years
72 - 74 years	₹ 4.50 Lakh	48 months	Up to 78 years
74 - 76 years	₹ 2.50 Lakh	24 months	Up to 78 years

** EMI / NMP ratio shall not exceed 33% in all the cases for family pensioners

Apply SBI Pension Loan

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“Afinoz" is there to take care of your financial health and our dedicated experts will provide you with the best possible financial advice related to getting an SBI Pension Loan, with the cheapest SBI Personal Loan Interest Rate. Moreover, our services are offered to you absolutely free of cost.

SBI Personal Loan Other Products :

SBI Saral Personal Loan	SBI Festive Loan
SBI Agricultural Loan	SBI Personal Loan For Government Employee
SBI Xpress Credit Personal Loan	SBI Business Loan

FAQ SBI Pension Loan:-

1. Question: How much loan can I take on my pension?

Answer: Under SBI pension loan scheme, loan amount varies from the pensioner to pensioner depending on a pensioner’s age and the type of pension one is getting. The maximum eligible loan amount is as under:

For central and state government pensioners

Below 72	14 lakh
72 to 74 years	12 lakh
74 to 76 years	7.5 lakh

For defence pensioners

Below 56 years	14 lakhs
56 to 72	14 lakh
72 to 74 years	12 lakh

For family pensioners

Below 72	5 lakhs
72 to 74 years	4.5 lakh
74 to 76	2.5 lakh

Note: EMI/ NMI ratio should not be more than 33% for all family pensions.

2. Question: What type of loan is SBI Pension Loan?

Answer: Under the umbrella of a personal loan, State Bank of India offers a pension loan to central or state government, defence, and family pensioners, who are below 76 years old, to meet their various needs, such as child’s marriage, medical expenses, dream home, dream vacation, home renovation, etc.

3. Question: Is security compulsory for a personal loan for pensioners in SBI?

Answer: State Bank of India offers an unsecured and collateral free personal loan for central and state government and defence pensioners. Hence, you don’t need to offer an asset or security to get a pension loan from SBI.

4. Question: Is it compulsory to have an account with SBI to get the SBI personal loan?

Answer: The central / state government or defence pensioners who are getting their pension from State Bank of India can apply for a pension loan from the State Bank of India.

5. Question: Can a family pensioner get the SBI pension loan?

Answer: Yes, any family pensioner below 76 years having the pension account in SBI can get the SBI pension loan.