Personal Loans for pensioners are available nowadays. So many banking and non-banking financial organizations offer you a personal loan. You can make use of this personal loan to overcome your financial needs or to fulfill your personal needs as well.
Sometimes it is not that easy for the pensioners to get a personal loan. The reason after this is not every financial organization provides a personal loan to pensioners. But there are some that provide personal loans for pensioners too.
State Bank of India provides personal loans for pensioners. This loan is provided to the retired employed of central or state government. The rate of interest starts at 11.6% per year.
Purpose – Amount of loan can be used to meet any of the personal loan requirements. Whether it is related to the wedding or education or any other kind of personal needs.
Processing Fees – There are no processing fees for defense applicants. The amount of 14 Lakhs can be given to the applicants of age up to 72 years. It is 7.5 Lakhs for the applicants of age 74 to 76. You have to pay the EMI’s of the loan per month. Besides that, there is no margin for SBI personal loan.
Guarantor – Guarantor is required in this case. Your spouse can be your guarantor. In case the spouse is absent another family member can be the guarantor.
Central Bank of India also provides personal loans for pensioners. But the condition is that the applicant should be withdrawing their salary from a branch of Central Bank of India.
Interest Rate and Processing Fees
The interest rate is 11.3% per annum.
There is an Rs. 500 plus tax processing fees. The maximum age of the applicant can be 75 years. The loan can repay in 48 EMI’s. There is no margin for the Central Bank of India personal loan for pensioners.
Guarantor – There is no need for a guarantor in Central Bank of India personal loan for a pensioner.
BOI Personal Loan
Bank of India also provides personal loans for pensioners at very low rates of interest.
Interest Rates and Processing Fees
Rates of interest start from 10.8% per annum. The processing fee starts from Rs. 500 and it can be up to Rs. 2000 depending on the amount of loan. There might be no need for a guarantor.
PNB also provides personal loans for pensioners. The interest rates offered by the PNB are usually low and rational.
Amount of Loan
Bank provides you with a loan amount of 25000 minimum and it can be 18 times your monthly income maximum.
There is a need of a guarantor in case of a personal loan. Your spouse can be your guarantor. Apply for your personal loan online with Dialabank and avail the best offers and deals.