Banks first review your credit score, your source of revenue, and your pending loans before sanctioning a personal loan. You’re entitled to get a personal loan if you’re a salaried worker or a self-employed person. If you’re a retired resident, then having a loan can be difficult, right? Oh, not because many banks provide pensioners with interesting personal loan schemes.

SBI Personal Loan for Pensioners

State Bank of India (SBI) gives Personal Loans to former employees of the Central or State Government of India. SBI Personal Loan for Pensioners is extended to defense pensioners. Family pensioners are also eligible to avail a personal loan.

SBI Personal Loan for Pensioners Features

Eligibility: According to the personal loan eligibility criteria, the pensioners should draw his/her pension from the SBI branches, and age shouldn’t be up to 76 years.

Purpose: Usually people avail of this loan to handle their financial needs or crisis.

Processing Fees:  If you’re a defense pensioner then you no need to pay any processing fees whereas others need to pay nominal fees.  There’s a wall of transparency between you and moneylender.

Loan Amount: The minimum loan sum is Rs. 25,000. The govt. pensioners and defense pensioners those who’re more than 72 years can get Rs. 14 lakh. Being a pensioner, if your age is between 71 years and 74 years, you can get more than Rs. 12 lakhs, and those who reside between 74 and 76, can get 7.5 lakh. If you’re a family pensioner, then the maximum amount that you can avail is Rs. 5 lakh.

Repayment: You can repay the loan via standing instructions set to debit the pension account including monthly payments i.e. EMIs.

Additional Reading: Personal Loans let you relish tax Benefits.

Margin: SBI Personal Loan grips no margin

Guarantor: If there’s a role any guarantor then a person who is going to be guarantor must be eligible for the family pension. If the spouse is not there to be a guarantor then any family member (who is eligible) can become a guarantor.