After retirement, the biggest concern of most elderly people is money. After the job ends, there is no major source of income left; this is the reason why senior citizens do not get loans easily after retirement. But it is not that you cannot get a loan after 60. There are many options available for senior citizens, through which you can easily arrange money even at this stage of age. Banks will quickly accept your loan request. Know about this here.

Pension Loan Scheme
If you are getting a pension after retirement, then you can take advantage of the pension loan scheme. Big banks like PNB and SBI offer special loan schemes to pensioners. It can be used as a personal loan. People up to 75 years of age are eligible for this. However, some conditions of the bank are definitely included in it.

Gold Loan

Gold is not only a jewel but also a useful property in an emergency. If you suddenly need money, you can take a gold loan. In this, one does not have to worry about the credit score, and the loan amount is decided on the value of gold. A gold loan is usually cheaper than a personal loan, and people between the ages of 18 and 75 years can easily avail themselves of it.

Loan on FD

Senior citizens often invest in fixed deposits (FD). If needed, a loan can be taken against the same FD. Banks usually give loans of up to 90-95% by keeping FD as security. The interest rate in this is 1-2% higher than the interest rate of an FD. This loan is economical than a personal loan.

Loan from NBFC

If the bank refuses to give a loan or the conditions are not met, then a loan can be taken from an NBFC. NBFCs are not as strict as banks regarding credit score and age. However, their interest rate is higher. If needed, this can also prove to be a good option.

What is the benefit of taking a loan against an FD?

Loans against FDs are cheaper than personal loans, and the interest rate is usually 1–2% higher than that of FDs.

Can senior citizens also avail themselves of home loans?

Yes, some banks offer home loans to senior citizens, but a pension, other income sources, and co-applicants (such as children) are necessary for this.

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