CorpShelter Personal Loan for Senior Citizens
Personal loans in India are quite helpful, when one is in urgent need of financial assistance for everyone. Anyone who have attained the age of 65 years will be considered as an eligible applicant (age wise) for the loan, but that is the last age of the limit.
When it comes to those applicants, who are retired or have attained the age of 60 years, availing a loan becomes a bit typical. Usually, applications of personal finance especially for senior citizens are denied as they don’t have any regular source of income.
However, recently, corporation bank personal loan is offered to the senior citizens or pensioners and older people. This personal finance scheme is known as corpshelter with the help of which even the senior citizens can avail the financial help for meeting the personal requirements. This loan can be availed against the collateral offered by applicants in the form of an immovable property such as a home or land. The concept of this financial solution is almost similar to the loan against property but only applicable for senior citizens.
This type of financial solution can be used to meet various personal expenses such as medical expenses, marriage of grand children or old age home fees payments. Following are the purposes for which this type of loan can be used:
· Supplementing pension or other income
· Up-gradation/ renovation/ extension of residential property
· Medical or emergency expenditure
· Any essential consumption purposes etc.
For availing this loan, an applicant should be a senior citizen of India and must be above 60 years of age. If applicant is married, then, joint loan application is the recommended option. In this case of married couple, one of the applicants should be of 60 years and above, and another should not be below 55 years of age. Property that is offered as a collateral or security to the loan should be owned by either of applicants, singly or jointly or jointly with blood relatives. This personal loan or finance is offered in the form of term loan only. Disbursement of loan will be made after 10 days of execution of documents.
