Many people in their 50s in need of a personal loan must have at some point asked themselves if they were eligible to avail one. The answer is not very easy. While no financial institution would outright deny such a request, it is also true that as you get older, it becomes difficult to avail of a loan. However, it is not impossible. Most banks put certain terms and conditions while lending money to older people.

Here are the things that banks usually consider:

Your income

This is generally the first factor before sanctioning of a personal loan. You need to have a regular flow of income to avail of a loan from a bank or any financial institute. If people in their 50s are not working, financial institutions consider pension and savings for making loan-sanctioning decisions.

Associated risks

Older people usually suffer from age-related health issues, and this makes banks think twice before accepting their loan applications. Banks want to be sure that they will be able to recover their money on time under all circumstances. Therefore, as an older person, the fitter you are, the better is your probability of getting a loan.

Other expenses

Older people tend to have other expenses such as healthcare bills and a lender could scrutinise these expenses to determine how they could impact loan payment.


Age limit: Usually, the maximum age limit to avail a personal loan from any bank is 60. If you are below 60, consider the factors mentioned above to improve your chances of availing of a loan of your choice. If you are above 60, it will be quite tough for you to get a loan.

Income: While this varies from bank to bank, it usually ranges anywhere between Rs. 12,000 to Rs. 30,000.

Documents required

You need the following documents to avail of a loan:

  • Identity proof (voter ID card / driving license / passport)
  • Address proof (electricity bill / telephone bill / ration card)
  • Bank statements (3 months) 
  • Recent salary slips (for employed individuals) 
  • 2 photographs (passport-sized)


Availing a loan in your 50s is not very tough, but it is important to do your research on interest rates. Approach a bank that seems an appropriate fit for you. 


Disclaimer: Copyright Kotak Mahindra Bank Ltd.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.