Federal Bank offers the Federal Aashray Loan to senior citizens in India who have a self-acquired property in the country. The loan intends to provide an additional source of income to them.
The loan amount can be utilised for any personal needs that one might have, but can’t be utilised for any business or speculative trading purposes.
In order to apply for the Federal Aashray Loan, the following eligibility criteria have to be met by the concerned individual:
The financing modes allowed under the Senior Citizen Loan is a term loan.
The standard list of required documents for applying for this loan are mentioned as follows –
Individuals who wish to apply for the Federal Aashray Loan can directly walk into the nearest Federal Bank branch to begin the process. If one requires any assistance, the concerned individual can either call or email Federal Bank on the bank’s dedicated helpline channels.
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