Features & Benefits of Pensioners Loan
A loan for pensioners at Piramal Finance comes with many features and benefits. Here are a few of them:
Loan Amount and Tenure
No Security Required
Attractive Interest Rates and Easy Repayment
Our quick, hassle-free and instant disbursal of personal loans for pensioners is all you need to meet any financial urgency. Simply provide your personal and pension details, wait for approval, and receive same-day disbursal.
Quick, Hassle-Free Disbursal
We offer the best interest rates after assessing your net monthly pension amount, repayment tenure and to some extent your credit score.
Eligibility Criteria for Loan for Pensioners
The eligibility criteria for a pensioner loan depends on where you worked earlier. We set the eligibility criteria based on whether you’re a family pensioner, Defence pensioner or government pensioner. Here is a table for a better understanding:
For Government Pensioners
Your age must be 76 or below & must have a well-maintained pension payment order. Any third-party or your spouse (family pensioner) must be a guarantor.
For Family Pensioners
You must be authorised to receive a pension after the death of the original pensioner. The age of the family pensioner must be 76 or below & must have access to pension account details
For Defence Practitioners
You must be Pensioners of Indian Armed Forces, such as the Navy, Army or Air Force. The age of the pensioner must be 76 years or below while applying for the loan & must have a well-maintained pension payment order.
Types of Personal Loans:
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Frequently asked questions
A loan for pensioners is nothing but a personal loan for pension holders. Like a typical personal loan, the applicant is a pensioner who can avail of a personal loan if they have maintained or kept a pension payment order with them.
Pension loan eligibility is determined by the amount of money withdrawn from their pension account each month. One can use a loan for pensioners to meet several financial needs, such as holiday trips, a child’s marriage, medical expenses, etc.
Applying for a personal loan for pensioners at Piramal Finance is simple, seamless, and convenient. You can apply for an instant loan for pensioners from us in two ways: online and offline. To apply offline, you’ll have to visit our nearest branch, where our representatives will explain the entire process and assist throughout the application procedure.
You can get a loan for pensioners online at Piramal Finance with a few simple steps.:
After completing the final process within 24 hours, the personal loan for pensioners will get credited to your verified bank account.
The process of EMI calculation for an online loan for pensioners is the same as what it’s for calculating the EMI of any personal loan. At Piramal Finance, you can find out your EMI on a personal loan for pensioners within seconds using our personal loan EMI calculator.
All you have to do is enter your loan amount (the one you’re eligible for), the interest rate, and the repayment tenure. To calculate the EMI manually, use this formula: P x R x (1+R)^N / [(1+R)^N-1].
Yes, people can obtain loans for pensioners even with a low credit score. However, the interest rate charged may be higher than usual. Borrowers should also expect to pay a slightly higher processing fee for personal loans taken on a low credit score. Piramal Finance, on the other hand also provides financing to individuals with low credit.
If you receive a pension under the pension loan scheme of any state or central government, you come at a lower risk of defaulting on the loan. That’s because government employees receive their monthly pensions without any failure.
This puts them at lesser risk than other pensioners who work in the private sector. Thus, pension holders who worked in the Government sector receive lower interest rates than pensioners who worked in the private sector.
Piramal Finance offers a minimum of Rs. 50,000 and a maximum of Rs. 10 lakhs, depending on your eligibility criteria for a personal loan for pensioners.
Yes, you can always foreclose or prepay pensioners’ loans without hassle. However, you’ll be liable to pay the prepayment charges while foreclosing the pension loan. Typically, we charge no more than 4% of the outstanding loan amount for foreclosure.
With a seamless online application procedure, Piramal Finance has become the go-to financing institution for pensioners. If you’re looking for quick and easy loans for pensioners, look no further, as Piramal Finance ensures the most convenient loan processing experience.
Here are a few reasons why choosing Piramal Finance for a loan for pensioners will be a worthwhile decision:
