Enjoy your retirement journey with an SBI pension loan. Unlock your loan up to Rs. 14 lakhs at 11.30% interest rate. The applicant of central or state government, defense, or PSU can obtain for pension loan. Your golden years will be comfortable and reliable with a pre-approved SBI pension loan.
SBI Pension Loan Recap
| Loan Available | Rs. 50,00 to Rs. 14 Lakh |
| Competitive Rate | 11.30% p.a. |
| Repayment | Up to 72 months |
| Eligible Age | Below 76 years |
| Processing Fee | 0.50% + Taxes |
Features of SBI Pension Loan
- When compared to other lenders, the SBI processing charge is lower.
- The approval process is quick and without hassle.
- Obtain a pension loan at 11.30% p.a. which is competitively lower.
- No other hidden fee is included in the SBI pension loan.
- State Bank of India pension loan disbursement time is 48 hours which is impressive.
- You have the opportunity to apply for a loan at any SBI branch.
Also Read: 7 Best RBI Approved Loan Apps
SBI Pension Loan Eligibility Details
- The borrower’s residence should be Indian.
- Age must be lower than 76 years.
- The pension amount should be deposited to SBI bank only.
- Pension holders of Central & State government, defense, PSU (Public Sector Undertaking) & family pensioners are eligible.
Required Documents
- Bank Statement of pension account which is maintained on SBI.
- KYC Documents: Pan Card/ Aadhaar Card / Passport
- Residential Documents: Utility bills/ Property paper/ Tax
SBI Pension Loan Interest Rate
| Schemes | Interest Rate |
| SBI Pension Loan | 11.30% p.a. |
| Jai Jawan Pension Loan | 11.30% p.a. |
| Treasury & PSU Pensioners | 11.30% p.a. – 11.80% p.a. |
| Pre-Approved Pension Loan | 11.30% p.a. |
| Pre-Approved Pensioners Top-up Loan | 11.30% p.a. |
Pension Loan Fees & Charges
| Processing Charge | 0.50% + GST |
| Repayment Fee | 3% |
| Foreclose Charge | NIL |
Calculator for SBI Pension Loan EMI
Calculate monthly installment of pension loan through the Personal Loan EMI Calculator. Senior citizens will be aware of the EMI amount which will help additionally.
This calculator tool gives clear clarity about the principal amount and interest amount. Provide detailed variables like your loan amount, repayment term, and tenure for clarity. Explore various loan scenarios to get suitable EMI options.
How to Obtain an SBI Pension Loan
Secure your pension loan from the online platform. 24hr Loan helps senior citizens get speedy approval with some steps:
1. Provide information regarding pension details
2. Submit the pension account no and phone number.
3. Now the bank will check eligibility and give a loan offer.
4. At the end, complete the application with the following instructions.
FAQs on SBI Pension Loan
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What is the maximum age restriction for an SBI pension loan?
The maximum age limit of borrowers is below 76 years for the SBI pension loan scheme.
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What is the interest rate of the State Bank of India pension loan?
SBI Bank provides pension loan schemes at 11.30% to 11.80% ROI (Rate of Interest) yearly.
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Can I apply for an SBI pension loan online?
Yes, the State Bank of India offers pension loans from an online platform through the official SBI site. You will need to complete all information lists and submit the application form.
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What is the processing charge of the SBI pension loan?
The processing fee of 0.50% to 1% of the approval loan amount is taken by the State Bank of India.