Benefits Of Personal Loan To Senior Citizens
Senior citizens have become an asset to our society. Senior citizens come from all walks of life with great experiences in all fields. However, there is no doubt that they have worked hard for the improvement of family, society, state, and nation. All senior citizens are definitely a better source of inspiration for all the young people who are great pillars for the development of our country. Yet it can be difficult for all seniors with inadequate sources of monthly income when it comes to reaching money to meet any other personal expenses.
Keeping this point in mind the Government of India has offered many kinds of loan advantages to all senior citizens through its schemes and projects. It provides ideas for all seniors to feel good.
During their lifetime, they may require a loan to meet various expenses. This may include home maintenance and repairs, medical costs and other expenses. Senior citizens may also have to pay their old age home fees or to visit a religious place or a pilgrimage.
Advantages Of Personal Loan To Senior Citizens
Nowadays, senior citizens can have any type of loan advantages like as:
Home Loan (A Mortgage Loan)
In these days, a home loan is available against their collateral (insurance policies or property) on the market. But the value may not be as large. The amount may be determined on a fixed amount based on the borrower’s income and financial condition.
For Example:-
Also, you can understand through an example which is as follows.
Mr. Ravi Bajia is 64 years old and wants a home loan to buy a new home. Therefore, it is the maximum duration will be 11 years as financial companies and banks disburse home loans for only 75 years. And the monthly EMI will be adjusted based on the value of the collateral (insurance policies or assets).
Travel Loan
If senior citizens want to go on a foreign trip or go on pilgrimage then they can take a travel loan and go for a good trip. They are often unable to do so due to lack of sufficient funds. They can pay for all expenses of travel-related by availing a travel loan.
Personal Loan
If you are a senior citizen and you want to fulfill their immediate requirement then you can easily take a personal loan. Nowadays, finance companies and banks offer a personal loan to all pensioners against their collateral (insurance policies or property).
Reverse Home Loan
It comes under an unconventional loan category which senior citizens can avail. Reverse home loan is also known as a mortgage or reverse home loan. In this loan, they can avail their monthly payment as a source of regular income. And the person who mortgaged his or her property continues to live in the property until the last time of his or her life.
Thus, senior citizens should avail of any other loan when there is an absolute requirement for it.