If anyone needs money in life, he takes a loan from the bank. Banks provide loans to people according to different needs. But to take a loan, many times the bank takes something from you as collateral as security. The bank also sets other criteria for taking a loan. If someone is taking a personal loan.
Then the bank gives a loan according to how much of his job is left. However senior citizens face a little difficulty in taking a loan because they are not working. In such a situation, the banks giving them loans are a little cautious about loan security. So let us tell you how much loan you can get after the age of 60.
The loan amount depends on these things
If any senior citizen above 60 years of age applies for a loan. Then the amount of loan given to him is decided according to his pension amount. Just like when someone takes a personal loan at the age of 30-40, he is given a personal loan according to his salary. Similarly, senior citizens are given loans based on their pensions. Along with this, the credit score is also checked. If the credit score is good, then there is a possibility of getting a higher amount. At the same time, banks also check the repayment capacity.
A secured loan is easily available
The biggest risk for the bank in giving loans to senior citizens is regarding security. Will the senior citizen be able to repay the loan on time or not? But if a senior citizen takes a loan against gold, property or FD, then there is a possibility of getting quick approval from the bank. Because then in case of not being able to repay the loan, the bank can repay the loan amount from that asset.
Take a loan only after checking the interest rate
While taking a loan, one should always check the interest rates of different banks. Some banks give loans at very high interest rates. So a bank can get you a loan at a very low interest rate. Along with this, senior citizens should also keep the tenure of the loan in mind while taking the loan. Because if the tenure is less then its EMI will be more.
(PC: Freepik)
