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 of 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 a minimum documentation.
Easy repayment options-
A large section of the banks/NBFCs offer 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 current job, along with a total experience of minimum 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 defence 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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