Credit Parameter & Unsecured loan

Unsecured loan especially Personal Loan in India is exclusively reserved for Salaried (Top Company) and Self Employed with strong Income Tax Return people. Almost all Non Banking Finance Companies and private banks say that is their Credit Parameter or loan application’s basic eligibility criteria. They do not entertain any Pensioner/Family pensioner to extend their personal loan service.

Why they did so that they never explain publicly, if ask ever, the stereo typed reply is, absolute internal policy. The question was kept before them that what is pension? Does it not Income? Is it any kind of Subsidy? Is it any kind of Dole? They never answered on these specific questions.

Curious mind started searching to know about what is pension or family pension, does it not Income or whatever else? In which category pension head will be treated? Got the following results :

  • Pension income is treated as salary for computing tax.
  • Pension is taxed as salary except when received by family.
  • So, there is no confusion that pension or family pension is treated as income as salaried.
  • But the Indian NBFCs will never or can never explain this simple thing. 

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