It is extremely difficult to get a personal loan after retirement. Moreover, it is not impossible to get a personal loan for pensioners. Some banks offer a personal loan to pensioners too. Generally, banks only need your credit score to be good, a good income source, information about your previous banking behavior, and they also need to know whether you are having any other loan or not. Here are some Personal Loans for pensioners.
SBI Pension Loan
State Bank of India offers personal Loans to the pensioners too. Any other member of the pensioner’s family can also apply to the personal loan. This loan can be extended to the defense pensioner.
Features of SBI Personal Loan for Pensioners
- The age of the applicant should not be more than 76 years.
- He should have been withdrawing his pension from any of the SBI branches.
- The loan is only given only in case of any personal financial need.
- Generally, there is a nominal processing fee for the personal loan.
- In the case of defense pensioners, there are no processing fees.
- The minimum amount of loan is 25000 to the pensioners.
- The maximum amount of loan can be 14 Lakhs to the pensioners who are less than 72 years.
The loan will be repaid in EMI’s. Check your EMI using EMI Calculator.
There is no margin.
There is a requirement of a co-applicant in the case of SBI Personal Loan for a pensioner. In case a life partner is not there any other family member can be a co-applicant.
Rates of Interest
The personal loan interest rate for pensioners starts at 11.6% presently.
BOI Personal Loan
Bank of India also gives personal loans to the pensioners.
Eligibility for Personal Loan for Pensioners
The applicant should be getting his/her salary from Bank of Baroda. Applicants who are getting their pension from the defense pension disbursing office are also eligible. Click here to know more about personal loan eligibility criteria.
Personal Loans can be used for wedding purposes, for educational purposes, or any of personal needs.
Processing Fees- There are no processing fees for senior citizens. Other applicants will have to give 2% of processing fees.
Interest Rates- interest rates start at 10.8% per annum.
Besides that customer’s credit score also. Your CIBIL score should be above 700.
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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.