Want to get loan after 60? These 4 options facilitate senior citizens
Get a loan after 60: As people age, their sources of income often become less stable, leading banks to hesitate when offering loans to senior citizens. However, financial needs can arise at any stage of life, and those over 60 may still find themselves in need of funds. Fortunately, several loan options are available that cater specifically to the elderly. Here are four reliable options:
Pension Loan Scheme
This option allows pensioners to borrow money against their regular pension income. Many banks offer pension loans that are easy to access, with minimal documentation required. The repayment terms are usually structured around the pension amount, making it a convenient choice for retirees.
Gold Loan
Senior citizens can also use their gold assets to secure a loan. Banks and financial institutions offer loans against gold, providing quick approval and disbursement. The loan amount typically depends on the value of the gold, making it a flexible option for those in need of funds.
Loan Against Fixed Deposit (FD)
If you have an FD, you can borrow against it without breaking the deposit. This option allows you to continue earning interest on your FD while also securing a loan at a lower interest rate.
Loan from Non-Banking Financial Companies (NBFCs)
NBFCs often have more flexible lending criteria compared to traditional banks. They offer a variety of loan products tailored to the needs of senior citizens, making it easier for them to access funds quickly.