How does my age impact the maximum loan amount or tenure I can get?

Age does matter when you go in for a personal loan, mostly because lenders want to see how many working years you still have. You notice this more when you check the repayment options — someone early in their career usually gets a longer spread of tenures, while those nearing retirement see shorter choices.

• First Step: When you start the application, the lender checks your age along with your income. They match the loan’s final year with the years you’re expected to keep earning.
• Tenure changes: Borrowers in their 20s and early 30s often get more time to repay, simply because they have that room. As you move into your late 40s or 50s, the tenure can narrow down to a few years so the loan ends generally before retirement.
• Loan amount: Younger applicants may also be cleared for a higher amount since their earning curve is still rising. Older applicants might get a smaller limit, especially if retirement isn’t far off.