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Personal Loan For Government Employees

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of Personal Loan for Government Employees

  • Collateral free loans- Personal loans offered to government employees are unsecured loans offered against no collateral.
  • No end-usage Restriction- Employees of Central/State Government can use the loan proceeds to meet their personal requirements, except for speculation.
  • Loan against salary- Most lenders offer personal loans to government employees holding their salary accounts with them. However, the applicant may or may not have a salary account with the bank/NBFC.
  • Low Interest Rates- Due to job and income stability, employees of government sector are offered personal loans at preferential interest rates with flexible repayment tenure.

Eligibility Criteria of Personal Loan for Government Employees

The personal loan eligibility criteria set by the lenders for government employees planning to avail personal loans is as follows. However, the eligibility criteria may differ across lenders.

  • The minimum age of the applicant should be 21 years at the time of loan application and the maximum age of the applicant at the time of loan maturity should be 60 years or retirement age, whichever is higher.
  • The applicant should be employed with Central/State Government, Public Sector Undertakings, defence, armed forces, Ministeries or Department under Ministries, officers in All India Services, teaching and non-teaching staff at schools and colleges, etc.
  • The minimum net monthly income of the applicant should be Rs 20,000.
  • The employee may or may not have a salary account with the bank/NBFC.
  • Employees having a minimum work experience of 1 year are eligible for Personal Loan for Government employees.
  • Applicants having a CIBIL score of 750 and above usually have higher chances of availing personal loans at lower interest rates.

Documents Required for availing Personal Loan for Government Employees

Lenders require the following set of personal loan documents from the government employees during loan application. However, the required documents may vary from lender to lender.

  • ID Proof- Aadhar card, Passport, PAN card, voter ID, Driving License
  • Address Proof- Telephone bill, electricity bill, ration card, rent agreement, Aadhar card, Passport, Voter ID, Driving License
  • Bank account statement for past 6 months
  • Salary slip for last 3 months

How can Government Employees apply for Personal Loans

Government Employees can apply for personal loans in the following ways.

  • By logging in to the official website of the bank/NBFC.
  • By visiting the bank branch
  • Through the mobile application of the lender

Government employees should also visit online financial marketplaces like Paisabazaar and compare the interest rates and other features offered by various lenders. They can also check for pre-approved offers with the lenders with whom they already have a savings/current/FD/loan account or have availed a credit card, and opt for best personal loan offer as per their requirements.

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

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FAQs

Employees working with Central/State Government, Public Sector Undertakings, armed forces, defence forces, teaching and non-teaching staff at colleges and schools, etc. are eligible for Personal Loan for Government Employees.

Government employees can apply for personal loan either through the official website of banks/NBFCs or by visiting their official branch. They can also apply through the mobile applications of various lenders. They should also visit online financial marketplaces like Paisabazaar and compare the interest rates and other features offered by various lenders and apply with the lender best suiting their preferences.

Individuals applying for Personal Lon for Government Employees should have a minimum net monthly income of Rs 20,000.

No, it is not mandatory to have a salary account with the bank/NBFC for availing Personal Loan for Government Employees. However, many lenders offer personal loans to government employees having their salary account with them.

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