You need money urgently for some reason or the other thus, it offers to fulfill such requirements and you can surely take up a personal loan.
Top 5 Personal Loans for Pensioners in India
You can take up a personal loan for pensioners through banks or other such lenders. They lend money on a non-secured basis, so you need not keep any property as collateral. So, you need not pledge your property against the loan amount for your loan.
| Bank | Interest Rate |
| State Bank of India (SBI) | 11.45% per annum |
| Central Bank of India | 11.70% per annum |
| Punjab National Bank (PNB) | 11.75% per annum onwards |
| United Bank of India | MCLR (One Year) + 4.65% which is 12.65% |
| Bank of India (BOI) | 10.50% onwards |
SBI Personal Loans for retired employees:
You can take up an SBI pension loan for retired employees. There is a lot of competition in the market for providing financial assistance to retired employees through personal loans. So, various financial institutions have come up with many different loan packages for retired employees through personal loans. In most cases, these loans are provided at a low rate of interest with a long repayment duration.
Central Bank Personal Loan for pensioners:
You can take up a Central Bank Loan if you have to meet expenses like house maintenance, medical expenses, and so on. The repayment period of this loan can be anywhere from two years to five years. The repayment amount of this loan depends upon the discretion of the lender.
Essential points to consider a personal loan for pensioners
- NRI Deposits:
Now there are many banks and financial institutions that offer personal loans for pensioners without any NRI deposit. NRI deposits are the returns you get from your pension account. With the increase in demand for the new deposit products, many banks have come up with various plans for offering personal loans. Some allow you to make the payment in NRI form while others require you to make the payment in some other kind of currency. No deposit offers personal needs at competitive rates and thus, you should go for such a loan.
- Individual retirement accounts (IRAs):
Many of the pensioners prefer to make use of individual retirement accounts (IRAs). Individual retirement accounts offer flexibility and security of a pension plan at much lower rates of interest. This has made it popular among retired employees all over the world. To take advantage of the best returns, you can open an IRA and opt for personal loans for pensioners.
- Branch locations:
Today, there are many banks and financial institutions that offer personal loans for pensioners through branches. However, branch locations may not offer lucrative deals. Hence, it is important to do a little research on the different branches and check out their terms and conditions. For instance, some branches may have a higher interest rate than the other branches. Hence, it is better to search for the best deal before moving in for a branch location.
The best thing about searching through the internet is that you can do the entire research by sitting at your home. Hence, you can save precious time that would otherwise be spent on visiting different locations for different types of personal loans for pensioners.
Conclusion:
Many lenders provide personal loans to pensioners for meeting varied needs. You can take up personal loans to meet medical expenses, educational expenses, house maintenance or even to buy electronic gadgets. If you are having a bad credit history, then personal loans may not help you. However, with careful management and an annual income report, you stand a good chance of qualifying for a personal loan for pensioners.