When you are above 60, getting an instant personal loan in India could be difficult. The reason is this product is not built for people who have been retired. However, there are still few lenders who offer a personal loan for pensioner.  

In this post, we will look at those creditors. They are SBI Pension loan, Union and PNB Pension loan. Afterword’s reading, you could decide which lender to choose.  

SBI Pension loan 

The SBI Pension loan comes with an attractive low-interest rate and flexible loan tenure. In addition, the application processing is hassle-free to complete.  

• The loan amount is offered up to Rs 14 lakhs. 
• The interest rate is from 9.75% P.A onwards.  
• The loan tenure is up to 7 years. 
• The processing fee is from 0.50% to 1% of the loan amount. 

• The pre-payment charge is 3% of the prepaid amount.  

What is the eligibility criteria for an SBI Pension loan?  

• Your age should be below 76 years.  
• The SBI should maintain the monthly payment. 
• You will have to do not amend the mandate to the treasury during the loan tenure.  

• The treasury has to give consent not to accept any pension transfer application from you.  
• There might be a requirement for collateral or a third-party guarantee.  

What loan amount is granted according to the pensioner’s age? 

SBI pension loan offers the loan amount based on the borrower age. Here is the breakdown. 

Age during loan sanction	Loan amount offered	Loan tenure
Below 72 years	Up to Rs 14 lakh	Up to 5 years
From 72 to 74 years	Up to 12 lakh	Up to 4 years
From 74 to 76 years	Up to 7.50 lakh	Up to 2 years

Required documents for SBI Pension loan 

• Proof of identity – Aadhar card, PAN Card, Driving license, Voter ID card 
• Income proof 
• Proof of address – ration card, Electricity bill, rent agreement  

How to apply?  

To apply for an SBI Pension loan, you can visit Afinoz.com. It is an online website where the application process would be easily done. So start by signing up on it. Now, let’s move on to the nest lender.  

Punjab National Bank pension loan 

PNB Pension loan for pensioner is aimed at offering senior citizens financial assistance as soon as possible. It is available for every kind of pensioner.  

• The minimum loan amount is offered up to Rs 25,000. The maximum amount depends upon your eligibility.  
• The rate of interest is RLLR + 2.50%, which turn into 9.55% P.A onwards.  
• The processing fee is NIL. 
• The documentation charge is Rs 500.  
• The loan repayment tenure is from 2 years to 5 years, depending upon your age.  

What is the eligibility criteria for a PNB Pension loan?  

• Every type of pensioner who is using Punjab National Bank for its services is eligible for a pension loan.  

Types of PNB Pension loan 

• Term loan 
• Overdraft 

• Demand loan 

Documents required for PNB pension loan 

• The documents showing the PPO contribution 
• An Affidavit showing the borrower will not change its present branch without the bank consent.  
• Additional documents for seeking a demand, term or overdraft loan  

How to apply?  

The applying process of PNB pension loan is the same as the SBI Pension loan mentioned above. You can head to Afinoz.com. Here begin by signing up. A representative will contact you for completing the process.  

Conclusion 

The PNB and SBI Pension loan are considered among the best loan in India for pensioners. You will not have any issues while applying. However, do make sure you have read the loan documents carefully before finally signing.