Loan for Pensioners

Pension Loans Overview

A financial emergency can come knocking on anyone’s door regardless of age. It may also be the case that you are facing a temporary financial crunch, and your pension is due next month. You can use your pension as leverage and opt for personal loans for senior citizens to meet current financial obligations or unforeseen expenses. You may also be staring at opportunities that need to be capitalized on at that very time and will slide away if not seized with the aid of financial resources.

We, at SMFG India Credit, want to debunk the myth that lenders are reluctant to offer loans to senior citizens, retired or older folk. We, at SMFG India Credit, are excited to partner with you to achieve your goals and objectives, and our enthusiasm to serve you will lessen in no degree irrespective of your age.

The monthly pension acts as collateral and guarantee for a personal loan for pension holders. Many times, a guarantor is also required to pay off the remaining credit in case an unfortunate event like sickness or accident besets the pension holder, where the pensioner is unable to repay the loan.

Features & Benefits of Personal Loans for Pensioners in India

Cash crunch can be difficult for pensioners, with the fixed pension amount coming in next month every time. In such cases, it is better to avail a personal loan. Here is a list of reasons to why you should apply for a personal loan:

• Generous Loan Amounts and Flexible Terms: Personal loans for pensioners are as flexible as they can be, with loan amounts ranging from Rs. 50,000 to Rs. 30 Lakhs*. Benefit from repayment terms ranging from 12 to 60 months, accommodating varied financial needs.
• Swift Decision-Making Process: Say goodbye to tedious offline procedures. Pensioners can now apply for personal loans effortlessly from the comfort of their homes, experiencing a hassle-free online application process.
• Hassle-Free Transactions: Personal loans for pensioners come with no hidden charges or collateral requirements. The application process is designed for ease, ensuring a smooth and transparent transaction without unexpected surprises.
• Effortless Eligibility Check: Pensioners need not engage in lengthy phone calls for loan information. A specially designed eligibility calculator allows quick access to eligibility criteria, streamlining the application process.
• Rapid Fund Transfer: Experience the convenience of fast loan transfers. Once approved, funds are swiftly transferred to your account within 30 minutes*, addressing the immediate financial needs of pensioners in India.

Eligibility Criteria for Loans for Pensioners

We, at SMFG India Credit, make 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.

If you opt for a personal loan for pensioners at the age of 60, you are provided 60 months to repay the loan in full. Similarly, if you take a loan at the age of 63, you are offered 24 months to repay the loan. The amount a pensioner is eligible for can be 12 to 18 times the monthly pension that the pensioner is receiving or a predetermined amount decided by SMFG India Credit at the time of application of the loan, whichever is lower. So, if a borrower is getting Rs.50,000 as a monthly pension, the amount that can be borrowed is 6 Lakhs to 9 Lakhs.

Personal Loans for Pensioners Interest Rates

1. Competitive Rates: Pensioners can access personal loans with starting interest rates as low as 13%* per annum, offering a cost-effective borrowing option for their financial needs.
2. Flexible Loan Limits: With personal loan amounts ranging from Rs. 50,000 to Rs. 30 Lakhs*, pensioners can choose a loan size that aligns with their specific financial requirements.
3. Tailored Repayment Periods: Customize your loan journey with repayment tenures ranging from 12 to 60 months. This flexibility allows pensioners to select a comfortable repayment schedule that suits their individual circumstances.
4. Transparent Terms: Gain clarity with transparent terms. Understand the loan amount, interest rates, and repayment duration easily, ensuring informed decisions throughout the borrowing process.