What is the maximum age limit for personal loan eligibility?
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Maximum age limit varies by lender and employment: Salaried employees: 58-60 years (at loan maturity), sometimes 65 for government employees or PSU banks. Self-employed/Professionals: 65-70 years (doctors, CAs, lawyers get preference). Some NBFCs like Bajaj Finance extend up to 80 years for certain customer categories. Key consideration: Age affects loan tenure - someone 55 years old may only get 5-year tenure (to mature at 60), not 7 years. Post-retirement income sources (pension, rental income, investments) can extend eligibility. Pre-existing customers with good track records may get relaxed age limits.
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The maximum age to complete loan repayment is usually 60 years for salaried employees and can extend to 65-70 years for self-employed professionals or government employees. This means if you're 55, you might only get a 5-year loan instead of 7 years.
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