if you retired and the pension is Rs 20 thousand per month, then you can avail the benefits of many car finance schemes. There are many financial institutions and banks which make different schemes for the convenience of pensioners.
Pensioners will get car loan
According to the article of bankbazaar.com, we will tell you about the United Car Loan Scheme by giving an example. United Car Loan Scheme for Pensioners aims to provide financial assistance to retired individuals who do not want to buy an old car.
Important points for United Car Loan Scheme
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Mandatory payment of pension under state or central government
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Net monthly pension income of at least Rs 20,000
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If the wife is working then her income will also be calculated.
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A pensioner can avail the United Car Loan Scheme for Pensioners along with his working daughter or son or spouse.
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Will not be entitled to receive family pension under this scheme
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The loan amount will have to be repaid before completing 75 years of age.
Loan, Processing Fee
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Maximum loan Rs 10 lakh
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Processing Fee – 0.59% of the amount borrowed, subject to a minimum of Rs 600. And maximum Rs 11,800.
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Interest Rate- 9.15% per annum for repayment tenure up to 72 months, and 9.90% per annum. To extend the repayment period up to 48 months
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Loan tenure – up to 72 months for new cars and up to 48 months for used cars
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Prepayment Charges – Nil Penalty Interest – 1% per annum on installment amount
Why pensioners do not get loans?
It is often seen that pensioners either face a lot of trouble in getting a loan or they do not get the loan. In most of the cases it has been seen that people above 60 years of age do not get loans. The main reason for this is that banks are very cautious about loans. The bank does not give loans to its customers after a certain age, the bank feels that if the person receiving pension dies, then the bank will have no option to recover the entire loan. Now some banks are offering such schemes through which pensioners are getting loans easily.