How to Apply for SBI Personal Loan for Pensioners?

India’s largest lender State Bank of India (SBI) offers personal loans to pensioners to fulfill various financial needs such as funding your child’s marriage, buying your dream home, planning for a trip, or get medical aid with a simple and hassle-free loan and repayments. SBI Pension Loan offers pension loans to senior citizens and family pensioners receiving a regular pension from the central or state government through the bank.  

SBI Pension Loan Highlights  

Interest Rate   9.75% p.a. onwards 
Loan Amount   Maximum of Rs. 14 lakh 
Loan Tenure  Maximum of 84 months 
Processing Fee   0.50% to 1% of the Loan Amount including GST 
Prepayment Charges  3% on prepaid amount 


Features and benefits of SBI Personal Loan for pensioners 

  • Low processing fees  
  • Quick loan processing  
  • Easy EMI’s through SBI  
  • Minimal documentation  
  • You can apply from all SBI Branches  

Eligibility criteria of SBI Personal Loan for Pensioners  

  • For Central and State Government Pensioners  
  • There is no requirement for collateral. 
  • The majority of short-term loans are unsecured. This means that in exchange for the loan amount, you will not be required to offer any assets as security.  
  • Customers who do not have any collateral to pledge as security would benefit greatly from this.  
  • The pensioner must be under the age of 76 years. 
  • With SBI, the pension payment order is kept. 


  • For Defence Pensioners  
  • Armed Forces pensioners, include Army, Navy, and Air Force retirees, as well as paramilitary forces (CRPF, CISF, BSF, ITBP, and others), Coast Guards, Rashtriya Rifles, and Assam Rifles retirees. 
  • With SBI, the pension payment order is kept. 
  • There is no minimum age requirement for participation in the scheme. 
  • At the time of loan processing, the maximum age should be less than 76 years. 


  • For Family Pensioners  
  • Authorized members of the family who are entitled to a pension following the pensioner’s death are known as family pensioners. 
  • A family pensioner should be under the age of 76 years. 


  • SBI Pension Loan Interest Rate starts at 9.75% p.a.  

Documents required for SBI Personal Loan for pensioners  

  • Identity Proof: Submit PAN Card, Passport, Voter Identity Card, Driving License, Aadhaar card 
  • Address Proof: Ration card, Bank account statement, Passport, Driving License, Electricity bill, Telephone bill, Sale deed/property purchase agreement, Aadhaar Card.  
  • Income Proof: Pension payment order.  

How to apply for SBI Pension Loan?  

  • You must fill out a Personal Loan application form to apply for an SBI Personal Loan. 
  • Visit to application for an Xpress Credit Personal Loan online. 
  • You can also apply for an SBI pension loan at your nearest SBI branch.  
  • Personal and professional information like name, age, gender, address, income, job stability, work profile, and so on are required for the SBI pension loan application. 

Check SBI Pension Loan Application Status 

Follow the steps below to track the status of your SBI Personal loan application: 

SBI Pension Loan EMI Calculation  

Use the calculation below to calculate the EMI for an SBI Pension Loan: 

  • EMI= [PXRX(1+R)N]/[(1+R)N-1], where [PXRX(1+R)N]/[(1+R)N-1] 
  • R = Rate of interest. 
  • P = Principal Amount  
  • N = the number of months in which a person has been employed. 
  • Equated Monthly Installment (EMI) 

You may also use the Personal Loan EMI Calculator to calculate EMI for various loan tenures online, saving you time and effort. 

Comparison of SBI pension Loan with other banks  

Comparison Criteria  SBI Pension Loan  Bank of India Star Pension Loan  Indian Bank Pension Loan  PNB Pension Loan 
Interest Rate  9.75% onwards p.a.  9.35% onwards p.a.  11.15% onwards p.a.   9.30% onwards p.a. 
Loan Amount  Up to Rs. 14 lakhs  Up to Rs. 5 lakh  Up to Rs. 6 lakh  Up to Rs. 10 lakh 
Loan Tenure  Maximum of 84 months  Up to 60 months  Up to 10 years  Up to 60 months 
Processing Fees  0.50% to 1% of the loan amount  2% of loan amount where (Min. Rs. 500, Max. Rs. 2,000)  Nil for loans up to Rs. 25,000 or Rs. 255 for loans of Rs. 25,000  Nil processing charge, Rs. 500 including GST 

SBI Customer Care 

  • SBI’s dedicated 24-hour toll-free number for retirees is 1800110009, or you can contact 18004253800/ 1800112211. (toll-free). 
  • UNHAPPY can also be texted to 8008-2020-20. 
  • Email: You can send an email to explaining your complaint or request. 
  • Fill out the online form to file a complaint: You can use the Online Customer Complaint Form to fill out and submit your complaint. 


SBI Instant Personal Loan in India is offered to pensioners at a low interest rate at a suitable loan amount. It helps to fulfill all your financial needs and you can also check the SBI Personal loan eligibility criteria, essential documents required and can compare SBI Pension loans with other banks. For more details, you can contact the customer care of SBI Bank.