Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Can Senior Citizens Apply for Personal Loan in India?

Personal Use Loan

Can Senior Citizens Apply for Personal Loan in India?

Can Senior Citizens Apply for Personal Loan in India?

Can we take personal loan for pensioners? A question that haunts many, given that life can throw a curveball at you regardless of your age. Handling a crisis is partly psychological but mostly financial. Unfulfilled bucket lists, increasing costs of lifestyle & medical expenses, or unforeseen circumstances, usually knock on the door of a senior’s bank account. That is when they look at alternative sources of funds to cope with challenging situations.

A senior citizen loan as a concept is slowly growing in India. Financial institutions and lenders realise the importance of immediate cash for golden-agers. Still, most of them view lending to elders as a risk because of unstable incomes.

Additional Read: – How to Check if You Are Eligible for a Personal Loan?

However, pensioners, with a source of stable revenue or assets, can avail financial assistance. This power is often unrecognised due to lack of knowledge of such amenities, or terms that follow.

Important points to be kept in mind if you are considering taking personal finance

Income source

If an individual receives a pension from the Central, State, or any government recognised body, he/she may apply for the loan. Income in the form of payments by a previously employed private company or withdrawal of amount from a deceased spouse or family member also counts.

Remember that personal loan interest rates are lesser compared to other sources of finance, such as credit cards. So, if you have a stable pension, it is better to avail of this loan rather than accumulating credit card debt.

Unsecured finance

Personal loan don’t require you to pledge collaterals, meaning you don’t need to guarantee your house or a piece of land at the time of application. This is a huge benefit as nobody in their golden years wants to keep their property as collateral.

Repayment tenure

The time taken to repay the principal and interest amount of such a loan resembles that of a regular loan, which could be 12 to 60 months. However, the actual repayment period varies from a lender’s guidelines and schemes.

Adequate equity and credit history of the applicant also plays a significant role in determining the period of repayment. You can accurately calculate your EMI along with your tenure using an online personal loan EMI calculator.

Rates of interest

Interest rates for personal loans for senior citizens are not fixed. They are determined by the applicant’s age, scores, policies applicable by the lending institution.

Additional Read: – How to Choose the Best Personal Loan for Needs?

The bottom line

Easier application processes, minimum documentation, and relaxed personal loan eligibility criteria are some of the benefits of obtaining personal loan for pensioners in India. Choices of tenure, principal, and security are often at the disposal of the applicant.

So, don’t pull the plug on your expensive wishes just because of a cash crunch! Tune in, dream bigger, and live them with Tata Capital. Our loans adapt to your offline and online needs with basic documentation process at irresistible rates.

To know more, get in touch with us today!

Apply for Personal Loan

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
More About Loans
personal loan personal loan eligibility personal loan interest rate pre approved personal loan overdraft loan small loans flexible personal loans personal loan documents personal loan procedure personal loan emi calculator prepayment of personal loan
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools

502 Bad Gateway

Microsoft-Azure-Application-Gateway/v2