To address their own financial needs, government employees might seek for loans from the Central or local governments. You never know when you’ll need money right away. It may be an unexpected house repair, a medical emergency, or paying for your kids’ further education. Whatever the situation, a government worker can easily and swiftly apply for loans depending on their qualifications. Using a personal loan EMI calculator, government employees can determine their eligibility and the loan amount that may be requested.
Such Personal Loans come under unsecured loans that do not require collateral. Government employees applying for these loans do not have to mortgage collateral to access the funds. With quick disbursal of the funds, Personal Loans are prevalent.
How Can a Government Employee Apply for Personal Loans?
Lenders offer loans up to Rs 30 lakhs with attractive interest rates that are not heavy on their pockets and facilitate quick approvals. Government employees can enjoy the benefits of subsidised interest rates and apply for a loan online with a straightforward process. One can use the Personal Loan EMI calculator to find the approximate repayment value to be paid monthly.
Visit the loan provider’s website from whom you would like to secure your loan amount.
Read through and choose the type of loan.
Select your mode of employment and sign up by giving your contact details.
Choose the value you would like to borrow (up to Rs 30 lakhs) and the tenure of repayment (up to five years).
Upload the required documents of ID and address proof and a scanned copy of your passport-size photograph.
After submitting your application, wait for the concerned team to get in touch with you.
What are the Benefits Enjoyed by Government Employees Applying for a Personal Loan?
Lenders provide loans at exciting interest rates and commendable repayment tenures to fulfill the need for any personal financing required by government employees. The benefits that these loans promise are:
Attractive Interest Rates
Personal Loans for government employees are offered at attractive interest rates starting from just 10%. When the financial need combines with such benefits, government employees can utilise the funds to their maximum advantage.
Instant Approval
Loans for government employees get instant approval without any hassle. The approval process does not require much time so that employees can get the funds quickly.
Loan up to Rs 30 Lakhs
Government employees can use the loans for many purposes for which they may seek financial help. They can get loan approval for up to Rs 30 lakhs, which is enough to solve most of the funding requirements one might have.
No Hidden Charges
These loan approvals and fund disbursals happen at minimal interest rates topped with zero hidden charges. The transparency provided by lenders helps government employees secure their funds with ease.
Minimum Documentation
All you would require is ID proof, address proof, and a passport-sized photograph. Minimum documentation implies escaping tedious and time-consuming documentation processes.
Eligibility Criteria for Personal Loans for Government Employees
Loan providers may differ in terms of eligibility for Personal Loans for government employees. However, they mostly revolve around factors like age, nationality, income capacity, occupation, etc.
- The individual applying for the loan must be between the age of 21 – 60 years of age.
- They must be a citizen of India.
- Individuals willing to get loans under the Personal Loan scheme for government employees should be salaried employees at a public sector undertaking or in any Central, or Local departments.
- The salaried employee must have a minimum experience of two years, out of which they must have completed one year with the current employer.
- The government employee must have a salary of Rs 25,000 or more and possess a CIBIL score of 750 points or more to be eligible for the loan.
- Required Documents for Personal Loans for Government Employees
- Most of the loan providers require submitting these primary documents as proof during the application process
Address proof
- ID proof
- Employee ID card
- Salary slips for the last two months
- Bank account statement for the previous three months
- Form 16
Factors that Will Help Government Employees Secure a Loan
Check Eligibility
One can use a Personal Loan EMI calculator to check if the salary earned is enough to repay the loan over time. This pre-planned approach will help you analyse your genuine need to take a loan while considering the financial stress it might pose due to future repayments.
Check Additional Expenses
Lenders sometimes differ in their form of providing loans. Always check the fine print carefully before choosing the right lender for your loan. Make sure you get a loan from a lender who does not charge additional processing fees, prepayment penalties, or any late payment fees.
Check Credit Score
The best way to check if you are eligible for a loan is to check your credit score. One must have a good credit score with a good credit history to be able to avail of such loans.
Check Monetary Needs
Before applying for the loan, make sure you want the money. As easy as it will be to get your financial needs met, it also comes with the additional responsibility of repayment. Hence, get a loan only for necessities.
Conclusion
Almost all loan providers offer loans to government employees that do not require much time for approval and disbursement of funds. It is very convenient for employees to secure funds for meeting their immediate expenses like medical emergencies, wedding expenses, home appliances, higher education for kids, house repairs, etc. In addition, a Personal Loan EMI calculator can help budget the income for the whole loan tenure.
