Pension loan
A loan against your monthly pension, at concessional rates, with the paperwork handled through your pension branch.
- Rates from
- 10.40%
- Amount
- Up to 18× monthly pension
- Tenure
- Up to 6 years
- Our charges
- Told upfront
Good for
- Medical expenses
- A family wedding
- Home repairs
- Pilgrimage or travel
- Helping children or grandchildren
How we help
A pension loan is lent against the pension credited to your account every month, so you don’t need a salary or property to qualify. Public-sector banks where your pension is credited usually offer the best rates.
We know which schemes suit central, state, defence and family pensioners, and we deal with your branch on the Pension Payment Order and the paperwork, so you don’t have to make repeated visits.
Who can apply
- A regular pensioner drawing pension through a partner bank
- Up to 75 years of age when the loan ends (varies by lender)
- Pension Payment Order (PPO) on record with the bank
- Family pensioners are eligible under select schemes
Documents to keep ready
- Copy of your Pension Payment Order (PPO)
- PAN card and Aadhaar card
- Pension account statement for the last 6 months
- Recent pension slip
- Passport-size photographs, and a guarantor if the bank asks for one
Criteria are indicative. The lender makes the final decision on eligibility, rate and amount under its own credit policy.
Estimate your EMI
Your pension loan
Indicative. Your final rate depends on the lender and your credit profile.
Common questions
Can family pensioners apply?
Yes, under select schemes. The loan amount is usually lower and the age limit can differ from bank to bank.
How is the EMI paid?
The EMI is deducted from your pension account each month, so there are no cheques or reminders to manage.
From a borrower
As a retired teacher I thought no bank would lend to me. They knew exactly which pension scheme suited me and handled the PPO paperwork with my branch. Truly respectful service.
