Pension Loans Overview

A financial emergency can come knocking on anyone’s door regardless of age. It may also be the case that you are facing a temporary financial crunch, and your pension is due next month. You can use your pension as leverage and opt for personal loans for senior citizens to meet current financial obligations or unforeseen expenses. You may also be staring at opportunities that needed to be capitalized on at that very time and will slide away if not seized with the aid of financial resources. We, at Fullerton India, want to debunk the myth that lenders are reluctant to offer loans to senior citizens, retired or older folk. We, at Fullerton, are excited to partner with you to achieve your goals and objectives, and our enthusiasm to serve you will lessen in no degree irrespective of your age. The monthly pension acts as collateral and guarantee for a personal loan for pension holders. Many times, a guarantor is also required to pay off the remaining credit in case an unfortunate event like sickness or accident besets the pension holder, where the pensioner is unable to repay the loan. 


Personal Loan Eligibility

We, at Fullerton, make personal loans, accessible to pensioners by listing down the bare minimum, transparent criteria to procure loans, which make a lot of pensioners with stable pensions eligible for our wide variety of loans: 

  • You must be a resident of India
  • Your age can be up to 65 years at the time of maturity of the loan.
  • Your monthly income/pension should not be less than Rs 20000 per month. However, if you reside in Delhi or Mumbai, your monthly income/pension should not be less than Rs 25000.

If you opt for a personal loan for pensioners at the age of 60, you are provided 60 months to repay the loan in full. Similarly, if you take a loan at the age of 63, you are proffered 24 months to repay the loan. The amount a pensioner is eligible can be 12 to 18 times the monthly pension that the pensioner is receiving or a predetermined amount decided by Fullerton at the time of application of the loan, whichever is lower. So, if a borrower is getting Rs.50,000 as a monthly pension, the amount that can be borrowed is 6 lakhs to 9 lakhs. However, if the fixed amount is Rs 7 lakhs, the maximum he or she can borrow is 7 lakhs only.

Required Documents

You can upload the soft copies of the documents online without waiting in long serpentine queues at the convenience of your home. This makes the procedure of providing documents quick and completely paperless. We can also arrange to pick the documents at your doorstep. The documentation can be broadly classified into identity proof, proof of income, proof of age, proof of residency, proof of pension, bank account history, credit history, etc. The required pieces of evidence can be provided from varied documents; hence it is not restrained or restricted to few documents which may not be available with the borrower

  • Filled personal loan application form with recent photograph
  • Identity proof such as voter ID card, driving license, PAN card, or passport copy.
  • Proof of residence such as a ration card, telephone bill, passport copy, driving license, bank passbook or electricity bill
  • Proof of Age such as PAN card, passport, or a certificate from a recognized, judicial authority.
  • Bank passbook with records of the previous six months.
  • Form 16
  • Salary slips / Audited financials and income statements (depending on salaried or self employed)
  • Processing fee cheque

At Fullerton, we ensure that we obtain the required information and proof in as few documents as possible. We have designed a system where uploading documents online is simple, effective, and foolproof.

How to Apply

You can apply for a personal loan online on the Fullerton India website. This will take you to a page where we’ll ask you details about you to provide loans customized and personalized specifically for your needs. You are then required to upload documents from the multiple options to validate the information provided by you. If you prefer to talk and discuss your requirements, our doors are always open, and our executives will always welcome you with outstretched hands.

12 Months
36 Months
60 Months

Your Calculated EMI*



For what reasons can I avail a personal loan?

A personal loan can be availed for a variety of reasons like travel, wedding, education, home renovation, etc. We have clear, unique specific offerings at different personal loan interest rates with flexible tenors based on your age, requirement, and your payment capacity.

What would be the repercussions if something happens to me after I avail the loan?

In case you are a pensioner and you get sick and critically ill, and if you are in a position where you’re unable to pay off the loan, then your guarantor can pay the remaining loan amount to Fullerton India. Personal Loan for Pensioners, depending on the organisation’s policy at the time of loan application as well as your individual profile could be a secured loan, and in some cases, a guarantor is mandatory before you avail the loan.

What is the repayment tenure offered for a personal loan for pensioners?

The repayment tenure is between 12 - 60 months. But the choices offered to you will depend on your age and the loan amount availed by you. The maximum age limit at the maturity of the loan at Fullerton India is 65. Hence if you are 55 years old and you have taken a considerable amount of credit, you can opt for a repayment tenure of 60 months or 5 years. However, if you are 63 and your loan amount is sanctioned, you can have only up to 2 years to repay the loan.

* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.

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