Loan for Pensioners
Loans are worthwhile when someone is in immediate need
of financial assistance. In earlier days senior citizens were usually
deprived of regular loans because of their inability to show proof of
a regular income. But the scenario has been changed now and banks
are taking care of economical independence of retired individuals by offering
a unique pension loan.
Pension loans are of two types. Pensioners loan and Mortgage
loan for senior citizen. Through Pensioners loan, a senior citizen can take
a loan against their Pension, fixed deposits, National Savings Certificates, Kisan Vikas
Patras, Life Insurance Polices and RBI Relief Bonds etc where mortgage loan
demands collateral in the form of an asset such as a home or land. The maximum age limit
of a pensioner to apply for a loan is 70.
The main advantage of this loan is its low interest rate. The maximum amount of loan
avail may varies from bank to bank and depends upon
individuals repayment capacity. This loan shall be disbursed through Savings Bank A/c other than
the account in which your pension is credited every month. Loan prepayment
charges and processing fees are free. These loans can be prepaid any time without any penalty.
Documents required for Pension Loans are:
-
Proof of Identity ie; Passport Copy or Voters ID
Card or Driving License etc.
-
Address Proof ie; Ration card, Telephone or
Electricity Bill or Passport Copy etc.
-
Last 6 months Bank Statement or Bank Passbook.
-
Proof of Retirement and the organization last worked for, including the
Pension Slip.
Banks Offering Pension Loans:
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