New Delhi, June 18 -- Personal loans are an important source of funds for a variety of things, which can include medical care, travel, home improvements, or helping family members. However, qualifying for a loan is only part of the overall picture of borrowing, especially for older folks. It's really about thoughtful choices, preparation, and perspective.

Shri Subodh Kumar, GM, Retail Asset Business Division, PNB, expressed his opinion by quoting, "Senior citizens should opt for personal loans only as a last resort and instead consider alternatives like loans against FDs, gold, or insurance policies. Personal loans are generally expensive (interest 11-16% or more). Most banks cap loan eligibility at 70-75 years at the end of tenure. Ensu...