Government employees can avail personal loans to meet their urgent cash requirements, such as weddings, vacations, higher education, purchasing consumer durable goods, debt consolidation and much more.
Features of Personal Loan for Government Employees
- Competitive Interest Rates
- Collateral-free loans
- No minimum loan amount criteria
- Maximum loan amount shall depend on repayment capacity
- Repayment Tenure from 12 months to 72 months
Below mentioned is the comparison of personal loan interest rates offered by leading banks, along with basic features, eligibility and documents required for Government employees to avail personal loans:
Comparison Table of Interest Rates offered by leading banks/NBFCs – 2022
|Banks/NBFCs||Interest Rates (per annum)|
|HDFC Bank||10.50% – 21.00%||Apply Now|
|PNB||7.90% – 14.50%||Apply Now|
|ICICI Bank||10.50% – 19.00%||Apply Now|
|Axis Bank||10.25% p.a. onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% – 25.00%||Apply Now|
|Bajaj Finserv||13.00% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
Eligibility Criteria for Government Employees
- Permanent or confirmed employees working at Central and State Government organizations, Public Sector Units (PSU) and Government schools and colleges are eligible
- Employees of Defense and personnel ministries & Officers in all India services are also eligible
- Age Criteria: Minimum 18 years and maximum 67 years
- CIBIL score: 750 or above
- Income: Most of the banks consider a minimum monthly salary of Rs. 15,000
- Financial stability: Take home salary should not be below 30% after all EMIs deductions
- Job tenure: Shall vary from bank to bank, at least 1 year required
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Documents Required for Personal Loan Application
- Duly filled application form with passport-sized photographs
- Identity, Age and Address proofs
- Proof of employment
- Last 6 months’ salary slips
- Last 1 year’s bank statement
- Signature proof verification
- Any other document required by the bank
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Q. How much time does it take in the loan approval and disbursal process?
Ans. Nowadays, loans get approved within a few hours and are also disbursed the same day. However, there are a few banks that require a few working days to complete the process.
Q. What is the interest rate offered for Govt. employees for a personal loan?
Ans. The interest rate offered for Govt. employees is comparatively lower than the usual personal loan. The interest rates shall vary from lender to lender.
Q. How to apply for a personal loan if I work with a state government organization?
Ans. You can check and compare all the available loan options here and apply online or you can visit the official website of the lender.
Q. Can I avail myself a personal loan if I am a retired government employee? Ans. Most of the banks offer loans to salaried government employees, if in case you are retired then the chances of getting a personal loan shall be less. However, you can check and apply for a personal loan.
Q. Do banks check the CIBIL score before loan sanctioning? How much is the minimum required?
Ans. Yes, banks do check your CIBIL score before loan approval and usually sanction the loan amount as per your credit score. Therefore, you should maintain a credit score of at least 750 or above to get a loan at lower interest rates.