After retirement personal loan

Pension loans for senior citizens who receive a pension from whether the central or state government. This personal loan can be used by a pensioner to fulfil various personal financial needs like those arising from their children’s marriage, home renovation, or vacation.

These loans come with a repayment tenure of up to 7 years and with an attractive low-interest rate. A pension loan is not hard to avail of through a hassle-free application process and requires minimal documentation. Features of Pension Loan

• Loan amount: You can avail of a pension loan ranging between Rs. 2.5 lakh to Rs. 14 lakh to deal with several personal financial needs.
• Flexible repayment tenure: You can repay your pension loan within a convenient tenure ranging between 24 to 84 months.
• Minimum documentation: Institute asks for minimum documentation to process your loan application further. This will saves a lot of time and allows quicker disbursement of the amount.
• Quick loan processing: Minimum documentation and hassle-free application process allow quick processing of your pension loan.

Pension Loan Interest Rates

Pension Loan interest rate starts at 9.75% p.a. Unlike other personal loan interest rates, the rate applicable to a particular applicant varies on the basis of applicant profile such as income, credit score, outstanding debts, etc. You can get a personal loan from Indiabulls by visiting the branch or online as they have Indiabulls Personal Loan, which gives the best service to the customer. Eligibility Criteria The following loan eligibility criteria must be taken into consideration when applying for a pension loan:

For Central & State Government Pensioners

• You should be below 76.
• Your payment order should be maintained with your institute.
• It is suitable for a third-party guarantee or a guarantee by the spouse.

For Defense Pensioners

• You should be a pensioner of armed forces, including the Navy, Army, and Air Force, Paramilitary Forces (CISF, CRPF, BSF, ITBP, etc.), Coast Guards, Assam Rifles, and Rashtriya Rifles.
• Your pension payment order should be maintained with your institute.
  
• Your maximum age at the time of loan processing is below 76 years of age.

For Family Pensioners

• Family pensioners include authorized members of the family to receive a pension after the death of the pensioner
• Family pensioners should below 76 years of age.

Documents Required for Loan Application

The documents required to avail of a pension loan could depend upon the applicant category that one belongs to. However, some basic documents are as follows:

• Identity proof: Pan Card, Passport, Voter Identity Card, Aadhaar, Driving License
• Address proof: Passport, Bank Account Statement, Ration Card, Driving License, Electricity Bill, Aadhaar, Sale Deed/Property purchase agreement (for owned properties), Telephone Bill
• Income proof: Pension payment order

Check Pension Loan Application Status

Currently, the status of your pension loan can only be checked on the lender’s website. One can check the status of their pension loan application by following the steps given below:

• Visit the personal loan application status tracking page
• Enter your application reference number and registered mobile number along with the ISD code
• Then click on the ‘track’ option to know the status of your loan application.

The following are some key aspects that one should consider when applying for a pension loan:

1. It is always a good idea to check your CIBIL score before applying for a pension loan. A low credit score may result in the rejection of your loan application or a higher rate of interest on your pension loan. Whereas, a good credit score may help you avail of a loan more easily and on better terms and conditions.
2. Before going for any loan and apply for a loan please compare different interest rates and charges online. It will help you avail the best deal and affordable EMIs.
3. Avoid applying for a pension loan with various lenders at the same time. It can result in an increase in the number of hard inquiries for your credit report which can harm your credit score.

Also for more update: Personal loans are for everyone.