Before issuing a loan to a borrower, any lending institution checks its financial viability. Citizens who have reached retirement age cannot be called such. In any case, for banks.
What if urgently needed money? Which bank is more profitable to take a loan to a pensioner? Consider several financial organizations that will give people of retirement age money on credit.
How to get a loan for the elderly?
A pensioner, when applying to the bank, 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 a lot of chances to get a favorable loan for pensioners. Citizens in this group do not have other financial injections than pension. And for a pledge they cannot provide any of the types of property (movable or immovable). 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.
In order to obtain a favorable loan for pensioners, participants in the second group must have any type of property (movable or immovable) to provide it as collateral. In this case, the amount that the bank can lend increases significantly. To confirm your pension, it will also be necessary to provide a certificate from the pension fund on the amount of monthly payments.
Participants in the third group can count on the best loan for retirees. We are talking about working pensioners-borrowers who are ready to document their earnings. Prerequisite: the loan must be repaid before reaching the age of 75.
Why do banks refuse a loan to older people?
The main reason why banks do not want to see pensioners as their borrowers, sadly, is life expectancy. In Russia, it ranges from 72-75 years for women, and 57-62 for men. In other words, the bank rightly fears that the loan will not be repaid on time, and instead of profit, a loss will be received. It is rare that one of the elderly can pledge expensive property, or bring guarantors who meet the conditions of the bank.
Which banks work with retirees?
Of course, it cannot be said that elderly people have absolutely no opportunity to get a loan from a bank. There are about 200 financial institutions that are ready to issue loans to pensioners. Also, a loan can be taken from a credit and consumer cooperative (KPC), or from a microfinance organization (MFI). True, in the last financial institution, the annual percentage can be simply huge and reach 700%.
Consider banks that give money to older people at affordable rates, and also find out whether it is possible to get a good loan for senior citizens at Sberbank.
Sberbank
This bank can offer its future retired borrowers the most profitable loan products, whose interest rates are diverse. The height of the annual loan payment depends on the period for which the funds were taken, as well as on the size of the collateral. Documents that are necessary to apply for a favorable loan for senior citizens are standard. This is an identity card and a pension certificate.
To apply for a mortgage at Sberbank, a pensioner must have a highly paid position and substantial collateral assets.
Russian Agricultural Bank
This bank provides loans to two categories of pensioners: working and non-working. If the borrower is able to provide collateral, 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 issued to the pensioner will be calculated individually for each case. In some situations, a loan can reach 100,000 rubles.
Of the documents, in addition to a pension certificate and an identity card, a personal insurance contract may be required. This is one of the banks where the most favorable loans for retirees.
Sovcombank
This bank is focused on working with borrowers with limited financial capabilities. These include medical and educational workers. Sovcombank also lends to working and non-working pensioners. The requirements put forward for the 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 senior borrower ranges from 30,000 to 200,000 rubles, and the annual percentage will be 26-30%. The final amount that a pensioner will receive is dependent on his ability to fulfill his financial obligations.
Borrowers who can apply to this bank should not be older than 84 years. And perhaps there will also be a need for an individual insurance contract. Sovcombank is one of the most acceptable banks, where it is more profitable to take a loan to a pensioner.
PDA
Consumer credit cooperatives, unlike banks, prefer to work with pensioners, considering them to be the most responsible borrowers. Pensioners are more thoughtful in choosing a loan.
Almost every KPC has a pension program for older people, 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. Guarantors can be pensioners or family members of the borrower. 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 to be provided, a demonstration of the pension certificate will be sufficient 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.
Each pensioner must join the CCP and pay the entry fee. In some cooperatives, the contribution is 50-100 rubles, and this amount is quite affordable for everyone. When re-applying, each pensioner can count on lighter conditions for cooperation.
Thanks to such programs, lending institutions show their retired borrowers that retirement does not mean that life is over. And even with a small pension, you can afford a major purchase.
Each of the older borrowers needs to decide for themselves what is the best loan for retirees. They must choose which institution is best to contact: a bank, KPC or other credit institution.