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.

Comments

Post a Comment

Popular posts from this blog

3 Ways to Pay Off Your Personal Loan in 2021

Image
    Carrying a personal loan balance? You can now finish it off easily with some easy tips. Often you feel stressed by being in a long-term loan, where you need to pay off EMI monthly and get stressful bank statement. If you are looking out to finish it off at once, you need to work on it. If you figure out the entire outstanding balance on your personal debt, you can work out on some ways to pay off your debt without any hurdle. It is easy and will give you a peaceful life with no banks running behind you for EMI dates. However finding a good source of amount such as the best personal loan to pay the entire debt will not be easy. You need to focus on various finances and deal with them effectively. Find out a source of income: If your existing income is falling slow, you need to consider some another source of fund. Try out and figure out some other extra source of income so that you can save it and pay off your personal debt easily. Why don’t you pay...
Read more

Can Senior Citizens Apply for Personal Loan in India?

Image
  Life can throw a curveball at any point of the hour. Be it an adult, middle age, or a senior citizen, life and its problems are never-ending. Being a senior citizen with no salary can put you through troublesome situations that become daunting. However, the financial market and debt portfolio work equally for everyone. If you have a source of income, in the form of a fixed pension you can get a  personal loan   easily. The loan provider is only interested in the fact that whether you have a source of income to repay the loan. You can use a personal loan to meet any wish or requirement that comes up all of a sudden. However considering your financial crisis and age, you need to keep in mind a few things so that your decision to borrow is wiser.   A fixed source of income: If you have a fixed source of pension every month you can go for a loan. It will help you relax as there will be a source of money to pay back your loan. At such a sensitive p...
Read more

Instant Personal Loans - Everything You Need To Know

Image
  Wishes and demands are rising as the consumer industry is using online platforms as a catalyst to showcase products. Every now and then you visit a website and like something already. With attractive deals and modern amenities, you are already convinced to buy something. The moment you realize that after spending on fixed obligations and expenses, you are hardly left with any fund. Thanks to online  instant personal loan  facilities, you can borrow anytime anywhere. Within a few hours, you get your loan amount and you are good to go. However, when you are getting it so easily, you will need to pay it back with charges and that makes it difficult. Before you jump for an application, know everything to make an informed decision. What is an instant personal loan?  An instant  personal loan   is the quick availability of funds that you can use to meet any needs. The amount gets disbursed to your account within a few hours. During any emergency or need, ...
Read more