Can Senior Citizens Apply for Personal Loan in India?


 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 point in life, any kind of harassment will be life-threatening. If you are having a good source of pension that is fixed, you can go ahead and fulfill any wish by borrowing. A personal loan is easy to get and you can now apply from the comfort of your home.
  • Unsecured loan: For a senior citizen to give away any property will not be an easy task. The loan provider will not ask any senior person to offer any kind of collateral or security to give away. You can go for a secured loan and keep your property as security and support. Make sure you are not giving away any property at the time of taking a loan.
  • Rate of interest: There have been a lot of regulations regarding the low rate of interest for senior citizens. The income is low and they should be given some sort of remuneration while borrowing. It will not be possible for many to go for a high rate of interest from the minimal amount of pension they receive.  

 

Wrapping up

For better decisions, a senior citizen must always keep a personal loan EMI calculator handy. It will help you deal with all the EMI and other calculations. Take a wise decision so that your wish is fulfilled and you don’t have any burden.

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