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Education Loan from SBI Bank

If you are a Central or State Government or Defence pensioner drawing your pension through one of our branches and are not more than 76 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us.

Nominal processing fees (Nil Processing Fees for Defence Pensioners), no hidden costs and quick loan processing. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

(A) For Pensioners:

(i) For Central & State Government Pensioners:

The pensioner should not be more than 76 years of age In addition, pensioners whose pensions are disbursed by Government Treasuries by means of cheques drawn in favour of our branches, as per mandate of the pensioner, are also proposed to be included. In such cases, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a particular branch of a bank.

Such pensioners will be included under the purview of the Scheme subject to the following conditions:

  • The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the branch, during the currency of a loan availed by him from SBI.

  • The Treasury concerned consents in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the Bank.

All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.

(ii) For Defence Pensioners:

Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with us.There is no minimum age bar under the scheme. The Maximum age at the time of availment of loan should be 76 years.

(B) For Family Pensioners (including Defence Family Pensioners) :

Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.

(i) For Central & State Government Pensioners

Minimum : Rs. 25, 000/-
Maximum : 18 months' Pension with a ceiling of:


Max Loan Amount

= 72 years

Rs 14.00 lac

> 72 but = 74 years

Rs 12.00 lac

> 74 but = 76 years

Rs 7.50 lac

(ii) For Defence Pensioners

Minimum : Rs. 25, 000/-
Maximum :

36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age

18 months’ Pension with a ceiling of :

> 56 but = 72 years

(EMI / NMP not to exceed 50% in all the cases for all type Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

(B) For Family Pensioners (including Defence Pensioners):
Minimum : Rs. 25, 000/-
Maximum : 18 months’ Pension with a ceiling of:

Rs 5.00 lac

Rs 4.50 lac

Rs 2.50 lac

(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)

(i) For Central and State Government Pensioners :

Age at the time of Loan sanction

Repayment Period

Age at the time of full Repayment

Up to 72 years of Age

60 months

77 years

More than 72 years and up to 74 years

48 months

78 years

More than 74 years and up to 76 years

24 months

(ii) For Defence Pensioners :

Up to 56 years

84 months

63 years

More than 56 years and up to 72 years

(B) For Family Pensioners (including Defence Pensioners) :

(4) Repayment Mode

Standing Instruction to debit the pension account for recovery of the EMIs

(5) Processing Fees:

(A) For Central and State Government Pensioners (including Family Pensioners):