Many times people think that expenses reduce after retirement, whereas generally this is not the case. On the contrary, sometimes the expenses increase and there is a need to take a loan. In such a situation, you should keep your credit score good, this helps you get loan on easy terms and concessional rates.
Let us know how a good credit score helps you after retirement.
Managing medical expenses
Health-related problems can happen to anyone, but these problems become more serious with increasing age. Especially after retirement, when one completes 60 years of life, serious diseases also start troubling. In such a situation, there is every possibility that in case of any medical emergency, you may need a large lump sum amount. If a medical emergency arises, you can get a loan on easy terms due to your good credit score.
Help in starting a business
Most of us dream of starting our own business after retirement. Many times people withdraw money from schemes like PF before retirement. In such a situation, they do not have enough money after retirement to start their own business. In this situation also there may be a need to take a loan. If your credit score is good, you will get a business loan at a concessional rate.
Also necessary for buy a house
After retirement, many people want to buy a new house or land. For this we collect every penny throughout our life. But, even after adding all the savings, many times there is not enough money to buy a house and land. In such a situation, you may have to take a home loan. If your credit score is good, you can easily take a home loan and buy a house at the place of your choice.
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