Age is Just a Number: How Seniors Can Secure Financing in Retirement

With life expectancy on the rise, financial management in retirement has become all the more important. Indian senior citizens can now avail themselves of several loan facilities designed according to their requirements. Personal loans are in vogue because they are easily accessible and do not demand collateral. Personal loans are mostly pension or investment-based and are utilized for urgent needs or house improvements.

Pension loans, that is, pension loans for retired government servants, have low interest rates with direct deduction of repayment from pension accounts. Reverse mortgage loans enable the elderly to access property value without relinquishing ownership. Gold loans give instant funds by mortgaging gold items at relatively low interest rates.

Sources: Financial Express, Bank of India, Shriram Finance.