SBI Pension Loan: Interest Rates 2024, Pensioners Loan

State Bank of India offers pension loans to the Central or State Government or Defence pensioner, If you are pension through one of the SBI branches than you are eligible for Pension Loans.

Key Factors of SBI Pension Loan

Minimum Age Below 76 Years
Processing Fees 50% concession till 31.01.2024
Loan amount Rs.25000 to Rs 14 lakh
Prepayment Charges Upto 3.00% of the loan amount
Insurance NIL
Interest Rates 9.95%
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Pensioners of state govt, central govt or defense can take a loans from state bank of India for the end use of personal expenses, family obligation, medical needs etc.

Look at SBI personal loan interest rates if you are not eligible for pension loan.

SBI Pension Loan Interest Rates 2024

SBI pension loan offers to pensioners at 9.95% from State bank of India. Interest rates varies from pensioner to pensioner or profile.

Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset
SBI Pension Loan 7.40% 2.55% 9.95%
Jai Jawan Pension Loan 7.40% 2.55% 9.95%
Pension Loan Scheme For Treasury & PSU Pensioners 7.40% 2.55%-3.05% 9.95%-10.45%
Pension Loan to Coal Mines Provident Fund (CMPF) Pensioner 7.40% 2.55% 9.95%
Pre-Approved Pension Loans(PAPNL) 7.40% 2.55% 9.95%
Pre-approved Insta Pension Top-Up 7.40% 2.55% 9.95%

Eligibility Criteria for SBI Pension Loans

For Central & State Government Pensioners –

  1. Should not be more than 76 years of age In addition
  2. All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.
  3. Minimum : Rs. 25,000/- of loan amount
  4. Maximum: Rs.7.50 lakh of loan amount or 36 times of monthly pension.

For Defence Pensioners –

  1. Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles
  2. Maximum age at the time of availment of loan should be 76 years
  3. Minimum : Rs. 25,000/-
  4. 36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age

For Family Pensioners –

  1. Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.
  2. Minimum : Rs. 25,000/-
  3. Maximum : 18 months’ Pension with a ceiling of or Rs.2.50 Lakh