Can Senior Citizens Apply for Personal Loan in India?

 

Senior citizens have their plate of expenses and crisis. After retirement, seniors get some form of pension or they spend their livelihood in some savings or investment did previously. Life can throw a curveball at you regardless of your age and income. You may face a crisis that demands a lot of money and you may need to borrow. If you are having a question that being a pensioner, can you borrow, then the answer would be yes! A senior citizen that gets some sort of pension from the government is liable to apply for a personal loan. The eligibility here is you need to have a source of income so that you can repay the amount along with interest. However, you need to take into consideration a few things before you proceed with a loan application.

 

  • Have an income source: You will get a loan, regardless of your age if you have a fixed source of income. After you have retired you don’t have any other option other than your monthly pension. If you have a fixed monthly pension you can think of borrowing and opting for a personal loan. You can get it approved and meet your needs. With time, there will be needs and medical emergencies that you may need to fulfill. A personal loan will be a quick and easy method of getting funds without much hassle.

  • Unsecured finance: A Personal Loan will not demand any kind of collateral or security to keep away. At such an age, giving away your property will take away peace of mind and that is completely fine. A personal loan does not demand any collateral and security kept with the bank. You can apply for an unsecured loan and there will no need to secure it with any property.

  • Repayment tenure: It is safe to keep a long tenure so that your EMI monthly is low. You can get the accurate figure with the help of a personal loan EMI calculator.  It is quite evident that your pension amount will not be as much as your salary, so a small EMI amount will be easy for you to pay. Make sure you choose your tenure accordingly and there is absolutely no burden at such a crucial period of life.

Wrapping up

A personal loan will help you cover up sudden expenses during the late stages of life. It is easily available if you are having a source of income and capable to pay it back.

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