Loan for Pensioners

Read on to learn how to get a personal loan for senior citizens and pensioners and what is the process and eligibility criteria for a pensioner loan.
Loan for Pensioners
5 min read
29 Mar 2023

A personal loan is a quick and easiest way to take care of different financial needs, especially ones that come up without any warning. In that case, you can avail of a personal loan and manage your unexpected needs including medical expenses, higher education for your children, or even home repairs.

And no matter how old we are, there will always be a situation where we have to manage our emergency financial issues. Sometimes, no amount of savings is enough to cover those expenses that arise out of an emergency.

In times like these, a personal loan for retired person who gets a steady income from the retirement fund can cover unplanned expenses or significant purchases.

With a wide age criterion of up to 80 years*, Bajaj Finance also offers loans for pensioners. Borrowers who are 80 years* or younger at the end of the loan tenure can avail of a Bajaj Finance Personal Loan to meet all their planned or unplanned expenses.

Personal loan for pensioners

Personal loans for pensioners offer financial assistance to retirees, ensuring a comfortable and secure post-employment life. Tailored to meet their specific needs, these loans provide a quick and easy way for pensioners to access funds for various purposes such as medical expenses, home renovations, or travel. Lenders often consider pension income as a stable source, simplifying the approval process. Interest rates may vary, and repayment terms are designed to accommodate the fixed income of pensioners. With minimal documentation and flexible eligibility criteria, these loans empower retirees to meet unforeseen expenses and enjoy a worry-free retirement, enhancing their overall financial well-being.

Eligibility criteria for personal loan

The eligibility criteria for a personal loan differs from lender to lender. You can qualify for a Bajaj Finance Personal Loan once you meet the five simple eligibility criteria mentioned below:

  • Nationality: India.
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

In addition to this, here is a list of eligibility criteria an individual has to meet to get a personal loan from Bajaj Finance Limited:

  • Nationality: Indian.
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Starting at Rs. 22,000, based on your city.

Documents required for a personal loan for pensioners

  • KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID.
  • Employee ID card.
  • Salary slips for the last 3 months.
  • Bank account statements for the previous 3 months.

Features of Bajaj Finance Personal Loans

  • You can now manage your expenses with loans ranging from Rs. 20,000 to Rs. 40 lakh.
  • Quick processing
  • Flexible repayment periods ranging from 6 months to 96 months.
  • Money in your account in 24 hours*

How to apply for a personal loan for pensioners?

You can apply for a Bajaj Finance Personal Loan by following these simple steps:

  • Visit the personal loan page and click on ‘APPLY’.
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details.
  • Now, click on ‘PROCEED’ to visit the loan selection page.
  • Enter the loan amount that you need. Choose from our three personal. loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  • Complete your KYC and submit your application.
  • After applying for a pensioner loan, you can expect the funds to be deposited into your bank account within 24 hours*, and sometimes even on the same day of approval. To check your Bajaj personal loan application status, you can make use of Bajaj Finserv personal loan app.

Here is a step-by-step process on how to apply for a Bajaj Finance Personal Loan:

  • Visit our personal loan page.
  • Now click on ‘APPLY’ at the top of the page to access our online application form.
  • Enter your 10-digit mobile number and check the OTP that was sent to your phone.
  • Fill out the application form with your full name, PAN card, date of birth, and PIN code.
  • Now, click "PROCEED" to go to the page where you can choose a loan.
  • Type in the amount you want to borrow. You can choose between our three types of personal loans: Term, Flexi Term, and Flexi Hybrid.
  • Choose your loan tenure. You can choose between 6 months and 96 months.
  • Then click "PROCEED."
  • Fill out your KYC information and send in your application.

Our executive will direct you through the next steps. After your documents have been successfully verified, the loan amount will be transferred to your bank account.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

Can I take a loan from my pension?

Taking a loan from your pension depends on your specific pension plan and local regulations. Some plans allow loans for certain purposes, while others don't. It's crucial to consult with your pension provider or a financial advisor to understand the terms, implications, and potential consequences before considering such a decision.

Is a personal loan available for senior citizens?

Yes, personal loans are generally available for senior citizens, but eligibility criteria may vary. Lenders often consider factors like income, credit history, and repayment capacity. Some financial institutions offer specific loan products tailored for seniors. It's advisable to check with banks or credit unions to explore available options.

Can a senior citizen get a loan?

Yes, senior citizens can often obtain loans, but eligibility depends on factors like income, credit history, and financial stability. Some lenders offer specific loan products designed for seniors. Consulting with financial institutions or seeking advice from a financial advisor can help determine available options and the best course of action.

What is the interest rate on Bajaj Finance personal loans for senior citizens?

Personal loan interest rates vary based on factors like your credit score, lender policies, and prevailing market conditions. Research lenders to find the best rates suited to your financial situation, ensuring competitive terms and manageable repayment. You can get a Bajaj Finance Personal Loan with a competitive starting interest rate of 11%.

How can I apply for a personal loan for pensioners in India?

To apply for a personal loan for pensioners in India, visit the websites of financial institutions offering personal loans. Complete the online application form with the required details. Provide necessary documents like pension slips, KYC documents, and others. Follow the lender's instructions for a smooth application process.

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