Personal Loan for Government Employees

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If you are an employee of the Indian government and are planning to get a personal loan, you can get them at concessional rates of interest as well as long loan repayment tenors. These loans are also collateral free and you can use them for basically anything. Read on to know more about personal loans for government and PSU employees.

Personal Loan for Government Employees Interest Rate

Our Partners	Minimum Interest Rate	Maximum Loan Amount	Maximum Loan Tenure
Bajaj Finance Limited	11% p.a.	₹35 Lakhs	72 months
4.7	View Details
CASHe	27% p.a.	₹4 Lakhs	12 months
4.4	View Details
Federal Bank	11% p.a.	₹5 Lakhs	48 months
4	View Details
Fibe	14% p.a.	₹5 Lakhs	36 months
4	View Details
Finnable	15.95% p.a.	₹10 Lakhs	60 months
4	View Details
IIFL Finance	18% p.a.	₹5 Lakhs	42 months
4.1	View Details
InCred	16% p.a.	₹10 Lakhs	72 months
4.3	View Details
Kotak Mahindra Bank	10.99% p.a.	₹25 Lakhs	60 months
4.2	View Details
KreditBee	18% p.a.	₹4 Lakhs	24 months
4.1	View Details
L&T Finance	11% p.a.	₹15 Lakhs	48 months
4.6	View Details
moneyview	16% p.a.	₹5 Lakhs	60 months
4.2	View Details
mPokket	24% p.a.	₹45,000	10 months
4.1	View Details
Muthoot Finance	14.50% p.a.	₹15 Lakhs	60 months
4	View Details
Olyv	1.5% p.m.	₹5 Lakhs	12 months
4.1	View Details
PaySense Partners	15% p.a.	₹5 Lakhs	60 months
4.3	View Details
Privo	9.99% p.a.	₹5 Lakhs	60 months
4.5	View Details
SMFG India Credit	12% p.a.	₹25 Lakhs	60 months
4.2	View Details
Upwards	1.5% p.m.	₹5 Lakhs	36 months
4.3	View Details
YES BANK	10.99% p.a.	₹50 Lakhs	72 months
4.2	View Details
Zype	18% p.a.	₹5 Lakhs	12 months
4	View Details

Features and Benefits of Personal Loan for Government Employees

Collateral-Free

These loans can be availed without any collateral. All you will be required to do is satisfy the basic eligibility criteria.

Competitive Interest Rates

You can get a personal loan for government employees from Bajaj Markets at interest rates starting from just 10.49% per annum.

Long Repayment Tenors

You can pay off your government employee personal loan over a repayment tenor of up to 6 years.

No Restrictions on Use

You can use a government employee personal loan for basically anything, from <a href="https://www.bajajfinservmarkets.in/loans/personal-loan/travel-loan.html">funding a vacation</a> to purchasing expensive pieces of tech to covering medical expenses.

Easy Verification and Approval

If you just meet the basic <a href="https://www.bajajfinservmarkets.in/loans/personal-loan/personal-loan-eligibility-calculator.html">personal loan eligibility criteria</a>, chances are that your loan application will be approved instantly. If it is approved, your loan amount will be credited into your account within a day’s time.

Flexi Loan Facility

You can use <a href="https://www.bajajfinservmarkets.in/loans/personal-loan/hybrid-flexi-personal-loan.html">flexi personal loan</a> facility for reduced EMIs.

Eligibility of Loan for Government Employees

If you want to avail a personal loan for government employees, you must satisfy the following conditions:

Eligibility Criteria	Particulars
Nationality	Indian
Age	21 years or more
Minimum Net Monthly Income	₹25,000 per month. Note that it can change depending on the city that you live in.
Minimum Work Experience	Minimum 2-3 years of work experience.
Credit Score	650 or above

Documents Required for Government Employee Personal Loan

Government employees can obtain a personal loan easily by submitting a few documents, such as:

KYC documents, such as Aadhaar card, PAN card, Voter ID card or more
Employee ID card
Bank account statement for the previous 3 months

Salary slips for the previous 3 months

Note that the documents mentioned above are indicative and may change depending on the requirements of the lender.

How To Apply for a Government Employee Personal Loan?

The process of applying for a government employee personal loan is easy with an online application. You simply need to follow these steps:

Step 1: Visit the website of a lender and navigate to the personal loan section.
Step 2: Click on ‘Apply Now’

Step 3: Fill in the application form with all necessary details

After submitting the application, you will have to wait for the lender’s approval. Following this, you will have to submit the necessary documents.

How much loan can a government employee get?

The loan amount a government employee can obtain depends on his/her eligibility. If one meets the eligibility parameters, he/she will be able to obtain a high value loan amount.

Who is entitled to avail of a Personal loan for Government Employees?

All salaried government employees are entitled to obtain a personal loan in the country. You simply need to meet the eligibility criteria and have a high credit score.

What are the processing charges on a personal loan for government employees?

The processing charges on a personal loan for government employees typically range between 1% and 2%. However, this rate changes from one lender to another.

Is it okay for retired government employees to apply for personal loans?

Typically, lenders do not provide personal loans to retired government employees, because this is an unsecured type of financing. However, consider talking with your lender beforehand for a better understanding.