2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Before issuing a loan to a borrower, any credit institution checks its financial solvency. Citizens who have reached retirement age cannot be called such. At least for banks.
What if you urgently need money? In which bank is it more profitable to take a loan for a pensioner? Consider several financial institutions that will lend money to people of retirement age.
How to get a loan for the elderly?
When applying to the bank, a pensioner must understand which group of borrowers he belongs to. There are only three of them.
The first is the most unattractive group of borrowers from the point of view of banks, which does not have very many chances to get a profitable loan for pensioners. Citizens in this group do not have any other financial injections, except for pensions. And they cannot provide any type of property (movable or immovable) for collateral. Also, they do not have guarantors who could help them in obtaining a loan. If the bank approves the issuance of money to such pensioners, then the amount, as a rule, does not exceed 30-50 thousand rubles.
To get a profitable loan for pensioners, the participants of the secondgroups must have any type of property (movable or immovable) in order to provide it as collateral. In this case, the amount that the bank can lend increases significantly. To confirm your pension, you will also need to provide a certificate from the pension fund on the amount of monthly payments.
Participants of the third group can count on the most favorable loan for pensioners. We are talking about working pensioners-borrowers who are ready to document their earnings. Prerequisite: the loan received must be repaid before the age of 75.
Why do banks refuse loans to older people?
The main reason why banks do not want to see pensioners as their borrowers, sadly, is life expectancy. In Russia, for women, it ranges from 72-75 years, and for men - 57-62. In other words, the bank rightly fears that the loan will not be repaid on time, and instead of a profit, a loss will be received. It is rare for older people to pledge expensive property or bring guarantors who meet the conditions of the bank.
Which banks cooperate with pensioners?
Of course, it cannot be said that older people do not have the opportunity to take a bank loan at all. There are about 200 financial institutions that are ready to issue loans to pensioners. Also, a loan can be taken from a consumer credit cooperative (CPC), or from a microfinanceorganizations (IFIs). True, in the last financial institution, the annual percentage can be simply huge and reach 700%.
Let's consider banks that lend money to the elderly at reasonable rates, and also find out if it is possible to get a profitable loan for pensioners at Sberbank.
Sberbank
This bank can offer its future pensioners-borrowers the most profitable loan products, whose interest rates are varied. The annual fee for a loan depends on the term for which the funds are taken, as well as on the amount of collateral. The documents required to apply for a profitable loan for pensioners are standard. This is an identity card and a pension card.
To apply for a mortgage at Sberbank, a pensioner must have a highly paid position and substantial collateral assets.
Rosselkhozbank
This bank issues loans to two categories of pensioners: working and non-working. If the borrower is able to provide collateral, then the interest rate will be 15% per annum. In the absence of property suitable for collateral, the rate may be increased by 10-12 points. The amount given to the pensioner will be calculated for each case individually. In some situations, the loan can reach 100,000 rubles.
From documents other than a pension certificate and an identity passport, a borrower's personal insurance contract may be required. it's onefrom banks where the most favorable loans for pensioners.
Sovcombank
This bank is focused on working with borrowers with limited financial resources. These include medical and educational workers. Sovcombank also lends to working and non-working pensioners. The requirements for documents are minimal: a passport of a citizen of the Russian Federation and a pension certificate. No type of guarantee is required. The amount of cash that a bank can provide to a retired borrower ranges from 30,000 to 200,000 rubles, and the annual percentage will be 26-30%. The final amount that the pensioner will receive in his hands depends on his ability to fulfill his financial obligations.
Borrowers who can apply to this bank must not be over 84 years of age. And it may also be necessary to draw up an individual insurance contract. Sovcombank is one of the most acceptable banks, where it is more profitable to take a loan for a pensioner.
PDA
Credit-consumer cooperatives, unlike banks, prefer to work with pensioners, considering them the most responsible borrowers. Retirees are more thoughtful in choosing a loan.
Almost every CPC has a pension program for the elderly, the conditions of which are sometimes more favorable than for ordinary clients. The interest rate is preferential and often lower than for working borrowers. It is possible to take up to 10,000 rubles without resorting to a guarantee. But if the borrower wants to increase the amount, bail will be required. Pensioners or family members of the borrower can act as guarantors. He himself, having a loan in the CCP, can act as a guarantor.
A certificate from the pension fund on the amount of payments is not required, it will be enough to demonstrate a pension certificate if the amount does not exceed the threshold of 35,000-40,000 rubles.
The loan is issued for a maximum of 2 years, but the borrower can repay it ahead of schedule. In this case, you will not need to pay a fine.
Every retiree must join the CCP and pay the entrance fee. In some cooperatives, the contribution is 50-100 rubles, and this amount is quite affordable for everyone. When applying again, each pensioner can count on facilitated terms of cooperation.
Through such programs, lending institutions show their retired borrowers that retirement does not mean that life is over. And that even with a small pension, you can afford a big purchase.
Each of the older borrowers need to decide for themselves what is the best loan for pensioners. They must choose which institution is better to apply to: a bank, a CCP or another credit institution.
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