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.
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Finance Limited |
12% p.a. |
₹35 Lakhs |
6 years |
|
CASHe |
27% p.a. |
₹4 Lakhs |
1 year |
|
Fibe |
14% p.a. |
₹5 Lakhs |
3 years |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
5 years |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
3.5 years |
|
InCred |
16% p.a. |
₹10 Lakhs |
6 years |
|
KreditBee |
18% p.a. |
₹4 Lakhs |
2 years |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹25 Lakhs |
5 years |
|
L&T Finance |
11% p.a. |
₹15 Lakhs |
4 years |
|
moneyview |
16% p.a. |
₹5 Lakhs |
5 years |
|
mPokket |
24% p.a. |
₹45,000 |
120 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
5 years |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
5 years |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
5 years |
|
Olyv |
1.5% p.m. |
₹5 Lakhs |
12 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
5 years |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
3 years |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
6 years |
|
Zype |
18% p.a. |
₹5 Lakhs |
1 Year |
|
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. |
650 or above |
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
Note that the documents mentioned above are indicative and may change depending on the requirements of the lender.
Click to Check Detailed List of Personal Loan Documents Required
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’
After submitting the application, you will have to wait for the lender’s approval. Following this, you will have to submit the necessary documents.
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.
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.
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.
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.