After retirement, the salary stops, but the household budget remains the same. Let's learn how to arrange money through loans even after retirement... 

Loan Options After Retirement: While salary initially stops after retirement, the household budget remains the same. If a person continues to incur daily expenses even after retirement, they often face difficulties. Additionally, due to advanced age, medical emergencies often arise. In such situations, when financial needs arise, people often consider taking out a personal loan from a bank.

However, banks reject most cases due to the loss of regular income. If you're going through this time and need additional funds, there are other options besides personal loans. Financial stress can be reduced with proper information and planning. Let's explore how to manage finances even after retirement... 

A loan can be availed against an FD

If you have a fixed deposit with a bank, you can take a loan without breaking it if needed. Banks offer this facility by treating the fixed deposit as collateral. The interest rate is slightly higher than the return on an FD, but the process is quite simple.

This option is also considered suitable for retired individuals due to the ease of paperwork. Banks typically approve loans up to 80 percent of your FD amount.

You can arrange money by pledging gold.

A gold loan can also be a good option for retired individuals. You can secure a loan in a short period of time by mortgaging your gold jewelry or ornaments. Interest rates are generally lower than those for unsecured personal loans, making them more cost-effective. Timely repayments protect your gold. 

You can also take a loan against your property.

If you own a house or other property and need a larger amount, you can pledge it to obtain a loan. Banks consider this a safe bet, so the interest rate is usually lower than that of a personal loan.