Personal Loan for Pension Holders
Documents Required
- Pension Proof
- Any Additional income (Rent/Freelancing)
- Age to be less than 70 years
In case of financial emergencies, personal loans are of great help since there is no specific purpose tied to the loan. Though personal loans are available in abundance in the market, pensioners may find it harder to get an approval. Banks consider older folk a greater risk and are more reluctant to lend to them. But retired folk who draw a pension are still in a more favourable realm.
Personal Loan Eligibility
Personal loans, accessible to pensioners by listing down the bare minimum, transparent criteria to procure loans, which make a lot of pensioners with stable pensions eligible for our wide variety of loans:
- You must be a resident of India
- Your age can be up to 65 years at the time of maturity of the loan.
- Your monthly income/pension should not be less than Rs 20000 per month. However, if you reside in Delhi or Mumbai, your monthly income/pension should not be less than Rs 25000.