Personal Loan for Government Employees
A best personal loan is meant to address the short-term financial needs of an individual. Due to the tag of ‘job-security’ attached with a government job, banks and financial institutions often come up with attractive personal loans for government employees.
Personal Loan for Government Employees: Features and Benefits
No need for security/collateral -
As a government job is deemed to be a stable and a secured one, lenders do not often ask for a security. Some lenders even run special schemes to woo government employees in different sectors. For example - personal loans for government employees are offered at low-interest rates to ex-army or defense personnel.
Regardless of which government sector you are in, personal loans for government employees can be obtained with minimum documentation.
Easy repayment options-
A large section of the banks/NBFCs offers easy and flexible repayment options to government employees. A usual repayment tenure falls in the range of 12-60 months. Some lenders even offer prepayment facilities to government employees with zero processing fees.
Salient features of SBI personal loans for government employees
- The rate of interest for SBI personal loans for government employees starts at 11.35%
- Special offers available for employees of Public Sector Units (PSUs), Central Government and State Government Employees.
- Zero processing fees for the Defence personnel
- SBI personal loan interest rates are very low for employees in public sector banks
- The age of a government employee should be in the range of 21-58 years
- SBI personal loan is granted to government employees with at least 6 months’ experience in a current job, along with a total experience of minimum of 3 years
Salient features of HDFC personal loan for govt employees
- HDFC personal loan interest rate for government employees starts as low as @ 11.35 %
- Nominal processing fee of 0.99 % for defense personnel
- HDFC personal loan comes with a quick, hassle-free process and needs minimum documentation
- The age of a government employee should be in the range of 21-60 years
- HDFC personal loan is granted to government employees with at least 1-year experience in his current job, along with an overall experience of minimum 2 years
Basic Documents Required to Get Personal Loan for Government Employees
⮕ Passport, Driving License, Voter ID, PAN Card
⮕ Leave and license agreement, Utility bill (not more than 3 months older)
⮕ Latest 3 months Salary slip/Current dated salary certificate with the latest Form 16
⮕ Last 3 months bank statement
⮕ 2 recent passport-sized photograph
⮕ Other KYC Documents as per bank norms.
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