Loan for Pensioners

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 Types

Loan Types

FAQs

FAQs

Video

Video

Rs. 40000 - Rs. 55 lakh

You may be eligible for a pre-approved offer

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Enter mobile and OTP | Apply online | Get money in a day*

A pension loan is one of the quickest and most reliable ways to handle unexpected financial needs like urgent medical bills, essential home repairs, children's education expenses, or family emergencies. With a steady retirement income from pension or provident fund, you can opt for a personal loan for pensioners to cover unplanned expenses easily without depleting your savings. With competitive interest rates and convenient repayment terms tailored for retirees, a personal loan ensures that senior citizens can manage both planned expenses and unexpected financial needs with ease and confidence.


✅ Check your pre-approved loan offer with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.


Why pensioner loans matter: Retirement brings fixed incomes and unexpected expenses, making access to credit crucial for maintaining quality of life and handling emergencies without financial stress.
 

Lenders today offer quick and easy loans for pensioners with a flexible age limit of up to 80 years*, making funds accessible even well after retirement. This personal loan for senior citizens helps manage both planned expenses and emergency costs without depending solely on savings or burdening family members. 

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Benefits of personal loan for pensioner

A loan for senior citizens provides essential financial support during retirement without the need to pledge assets. From medical bills and home repairs to travel expenses, you can easily apply for a loan for pensioners online and access funds quickly with minimal paperwork and a simple process.
 

Below are the benefits of quick and easy loans for pensioners:

  • No collateral required: No need to pledge any assets or savings.
  • Simple online process: Easy digital application and fast approvals.
  • Fixed repayment terms: Predictable EMIs over a defined period.
  • Attractive interest rates: Based on credit profile and repayment history.
FeatureBenefit
Loan TypeUnsecured (no collateral required)
Age LimitUsually up to 80 years*
Tenure12 months to 96 months
Interest RatesInterest rate starting from 10% p.a.
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Eligibility criteria for personal loan

You can easily get the funds you need with the below criteria:

  • Eligibility criteria

    • Nationality: Indian
    • Age: 21 years to 80 years.
    • Employed with: Public, private, or MNC.
    • CIBIL Score: 685 or higher.
    • Customer profile: Self-employed or Salaried

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

  • Documents required for a personal loan for pensioners

    Below are the documents required for a personal loan when applying from Bajaj Finance:
     

    • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
    • PAN card
    • Employee ID card
    • Salary slips of the last 3 months
    • Bank account statements of the previous 3 months
    • Piped gas bill
    • Pension order
    • Letter of Allotment of Accommodation Issued by Employer
    • Property / Municipal tax receipt
    • Utility bill
    • Phone bill
    • Real-time image / photograph
    • Ration card


     

    Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

Features of Bajaj Finserv Personal Loans

  • You can now manage your expenses with loans ranging from Rs. 40000 to Rs. 55 lakh.
  • Quick processing
  • Flexible repayment periods ranging from 12 months to 96 months.
  • Money in your account in 24 hours*
     

Interest rate of personal loan for pensioners

An interest rate for personal loan for pensioners vary based on factors like lender, credit score, and loan amount. Borrowers should compare offers from different lenders, including NBFCs, banks and credit unions, and consider specialised loans designed for seniors. Some lenders may offer competitive rates and terms tailored to retirees, especially interest rate of personal loan for pensioners. It's important to review loan terms carefully and ensure that repayment plans fit their budget to avoid financial strain. Check out our interest calculator to see how much interest you end up paying on the loan amount you borrow.

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How to apply for a personal loan for pensioners?

  • Step-by-step guide to apply for a personal loan

    1. Click on ‘CHECK ELIGIBILITY’ on this page.
    2. Enter your 10-digit mobile number and the OTP sent to your phone.
    3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
    4. Now, click on ‘PROCEED’ to visit the loan selection page.
    5. Enter the offer or loan amount that you need. Choose from our personal loan variants.
    6. Choose the repayment tenure and click on ‘PROCEED’.
    7. Complete your KYC and submit your application.

    Our representative will contact you for further steps.

Additional reads:

Types of Personal LoansKYC InformationPersonal Loan App

Conclusion

In conclusion, a Bajaj Finserv pension loan is a reliable financial option for retirees to manage unexpected expenses such as medical bills, travel, or home repairs. This loan for retired person comes with simple eligibility, minimal documentation, and quick approval, making it easier to access funds when needed. Designed as a convenient senior citizen loan, it helps enhance financial stability and peace of mind during retirement. If you’ve already applied, you can easily check your Bajaj Finserv Personal Loan status online through the website or app. Competitive interest rates and flexible repayment options further ensure stress-free financial management.

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 24 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of Interest per annum

10% to 31% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi facility charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.
Principal Holiday Facility Fees
  • Up to Rs.1999/- for loan amount less than Rs.2,00,000
  • Up to Rs.3999/- for loan amount from Rs. 200000 to Rs.399999
  • Up to Rs.5999/- for loan amount from Rs. 400000 to Rs.599999
  • Up to Rs.7,999/- for loan amount from Rs. 600000 to Rs.999999
  • Up to Rs.8,999/- for loan amount from Rs.10,00,000 to Rs. 1499999
  • Up to Rs. 9999/- for loan amount from Rs. 15,00,000 to Rs.19,99999
  • Up to Rs.10,999/- for loan amount from RS. 20,00,000 to RS.2499999
  • Up to Rs.11,999/- for loan amount from RS.25,00,000 to RS. 29,99999
  • Up to Rs. 12,999/- for loan amount of Rs.30,00,000 and above

Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount

*(Loan amount includes approved loan amount, Insurance Premium & VAS Charges)

Bounce charges

Up to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Part-prepayment charges

Full Pre-payment:
Foreclosure can be processed post clearance of first EMIs.

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.

  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

Part-prepayment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Term Loan.

Penal charge

 Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges 

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline):

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges

Flexi Hybrid Term Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.295% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.