- 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.
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Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹40 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹40 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh
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Features of Personal Loan for Government Employees
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.
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.
How can Government Employees apply for Personal Loans
Government Employees can apply for personal loan in the following ways.
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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FAQs
Who is eligible for Personal Loan for Government Employees?
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.
How can government employees apply for personal loans?
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.
What should be the minimum salary of an individual applying for Personal Loan for Government Employees?
Individuals applying for Personal Lon for Government Employees should have a minimum net monthly income of Rs 20,000.
Is it mandatory to have a salary account with the bank/NBFC to avail Personal Loan for Government Employees?
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.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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