Pension loans for retirees with a bank-credited pension
A pension loan is a personal loan assessed on your monthly pension instead of a salary. Banks set an age limit at the end of the tenure and usually ask that the pension be credited to an account with them.
Who qualifies
Retired central or state government employees, defence pensioners and family pensioners whose pension is paid into a bank account. The pension amount, your age and any existing EMIs decide the amount and tenure.
What to expect
Smaller amounts and shorter tenures than a salaried personal loan, with the EMI deducted from the pension account. Some banks ask for a guarantor or the spouse as co-borrower.
Documents the bank usually asks for
Nothing is needed to compare or enquire. The bank asks for these once it picks up your enquiry.
- Pension payment order (PPO)
- Pension account statements
- PAN and Aadhaar
- Address proof
- Photograph
Pension loan plans from our partners
Our banking partners share plans with us as they open them up. Here is where pension loan plans appear.
Questions about pension loans
Is there a pension loan plan in the app?
Is Loan Bazzars free to use?
What happens after I send an enquiry?
Other loan types
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Personal loanWedding, medical bill, travel or debt consolidation. Unsecured, for salaried borrowers.
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Home loanBuy, build or renovate. Secured against the property, with longer tenures.
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Business loanWorking capital or expansion for proprietors and companies with an operating history.
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Railway loanPersonal loans where Indian Railways staff are assessed as their own employer category.
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