If there’s one thing about life, it is that anything can happen at any time. As such, it becomes next to impossible to predict when a financial emergency may come about. That’s why we set aside savings, to meet these unexpected emergencies. But exactly how much do we need to save? We don’t know the severity of the situation till it arises and when it does, many find that their savings fall well short of the requirements. It’s such times when personal loans come to the rescue. They offer the needed influx of cash and they can be used for a wide variety of expenses. But personal loans are easily given out to salaried employees or self-employed professionals who are still working. What happens when the borrower is a retired pensioner? Personal loans tend to become quite difficult when there isn’t a source of income or employment.
To address these needs, many banks now offer pensioner loans. Some popular personal loans for pensioners and their features are mentioned below.