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Pension Loan Scheme

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In old age, people sometimes get such a situation when they are in desperate need of some money but they don’t have, in such situation they can go to the bank and apply for the loan. Nowadays almost all banks offer a quick and easy loan for pensioners, so they can easily avail a loan against pension. Banks provides two types of loans to pensioners, Home Loan and Personal Loan.

Banks which provide loan for pensioner:-

  • State Bank Of India
  • Bank Of Baroda
  • Punjab National Bank
  • Bank Of India
  • Central Bank
  • UCO Bank

Interest rates for pensioner loan:-

Bank Maximum Loan Amount Interest Rate Per Annum
State Bank Of India 14 lakh 13.05%
Bank Of Baroda 8 lakh 2%+Base Rate
Punjab National Bank 10 lakh 12.6%
Bank Of India 5 lakh 2.00% + BSS (0.30%) over 1 Year MCLR
Central Bank 5 lakh 11.50%
UCO Bank 5 lakh 4. 15%+MCLR of 1 year

Eligibility criteria to getting a loan for pensioner:-

Every bank has set up its own criteria, here are some common criteria that every bank checks before approving for the loan.

  • The person who is applying for this loan should receive the pension.
  • The spouse who is authorized to receive the pension after the death of the pensioner
  • Applicant should have the pension account in the same bank in which he is going to apply for the loan.

How to apply for a loan for pensioner online:-

  • Go to the https://www.bankagent.in/
  • Find a personal loan for pensioner option
  • Select the bank and click on the apply now button
  • Fill the form and submit it with the documents

Benefits of loan for pensioner:-

  • Most of the banks don’t charge a processing fee
  • Low-Interest rate
  • High loan amount
  • There is no need for the guarantor