I have been looking into personal loans for my grandmother as she required more money for her health checkup. But there comes a problem that my grandfather died and my grandmother is a pensioner. I started wondering about can a pensioner get personal loan, and I have been to banks again again to gather the information and to get an answer for my question. Here is what I found:
Can Pensioner Get Personal Loan?
I came to know that yes, a pensioner can indeed get a personal loan.
Personal loan to pensioners sometimes referred to as a pension loan. I discovered that these loans work similarly to standard personal loans, and they can be used for various purposes, like funding a family wedding or covering medical expenses.
When I was researching, I found that the eligibility criteria are quite straightforward. For instance, you need to be a citizen of India and typically have a decent credit score, around 685 or more.
You should also be under 80 years old. It’s good to know that family pensioners can also apply, which includes spouses authorised to receive pensions after a pensioner's passing.
The application process is pretty easy too. I came across a convenient method using the NoBroker Home Loan platform. Just click on it, fill in your personal and employment details, complete the KYC, and voila, you could receive your loan instantly.
One thing I learned is that interest rates can vary from bank to bank. For example, NoBroker offers fares starting at about 12.99% per annum, which is relatively competitive. Plus, many banks don’t require collateral for these loans, making them more accessible for seniors.
In short, if you’re a pensioner in need of financial assistance, explore the options available and I suggest to go with NoBroker Personal Loan Service.
Read More:
How to Apply Pension Loan in SBI?
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Authors Of The Question
Can a Pensioner Get Personal Loan?
Kaarti
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1 days
2024-09-30T20:03:20+00:00 2024-10-01T12:03:42+00:00Comment
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