Eligibility, documentation, and features of a Personal Loan for Pension Holders
Financial adversities can hit you at any age. Even if you have a monthly pension to pay for your day-to-day needs, you could still fall prey to unforeseen circumstances, derailing your financial plans. Senior citizens usually live on fixed income sources but may sometimes need funds urgently. Today, many lenders recognise the need for financial assistance for pensioners and offer Personal Loans for Pensioners. Let us understand it in detail.
Whether it is paying medical bills, helping your grandchildren with their college fees, or just planning a vacation, pensioners and retired senior citizens can now avail of a Personal Loan. Such a loan helps you pay for unexpected expenses like medical treatment, sudden emergencies, and more.
Retired employees of central and state government organisations can avail of Personal Loans for Pensioners. Some banks even offer loans to former employees of private firms who receive a regular monthly pension. Spouses receiving a family pension on behalf of their deceased partner can also apply for this loan. Let us break down the eligibility criteria.
The interest rate for Personal Loan for pension holders depends on several factors:
Note: Most banks offer Lower interest rates on Pensioner Loans than regular Personal Loans
Whether you are applying for a Personal Loan for family pensioners or retired individuals, you must provide the following documents:
Thanks to Personal Loans for Pensioners, retired senior citizens can easily manage their financial emergencies. Ensure you check the terms and conditions set by the lender and use Personal Loan Eligibility and EMI calculators to check the total value of your Loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, you can open bank account online with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.