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Personal Loan For Government Employees in India

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A personal loan can help you meet a variety of financial requirements such as a vacation, wedding expenses, education, or home renovations. Whatever the purpose of the loan, an online personal loan will help you manage your financial needs. 

Both Government and Public Sector Companies (PSUs) can achieve their financial goals with a personal loan.

Personal loan for government employees vary from bank to bank

SBI Personal Loan for Government Employees

SBI Personal Loan for Government Employees provides instant cash to overcome financial crisis. From medical emergencies to family vacations, from the cost of raising a child to renovating the home, there are no limits to using the SBI personal loan for government employees.

Features of SBI Personal Loan for Government Employees

  • You can avail loan amount of up to Rs. 20 lakh under SBI personal loan for government employees. 
  • It is not necessary to promise any guarantee to the bank when applying for a personal loan for government employees at SBI. 
  • SBI Personal Interest Loan The 2019 rate for government employees is very competitive and affordable. 
  • Low processing fees and no hidden fees are charged for SBI personal loan for government employees. 
  • You must have valid documents that meet the document requirements of the SBI Personal Loan for Government Employees. 
  • The minimum monthly salary required for SBI personal loan for government employees must be 15,000 rupees or more. 
  • SBI 2019 personal loan interest rate for government employees is charged under the principle of the daily reduction balance.

Eligibility Criteria of SBI Personal Loan for Government Employees

  • You must have an SBI salary account in order to qualify for the SBI personal loan for government employees. 
  • To take advantage of the SBI personal loan for government employees, you must earn a minimum monthly income of Rs. 15,000. 
  • You can easily qualify for the second loan when the first loan is already in progress. After the disbursement of the first loan and the regularity of the EMI payment, you can opt for the SBI personal loan for civil servants. 
  • The EMI / NMI ratio must be less than 50% to obtain the SBI personal loan for government employees. SBI personal loan amount for government employees ranges from Rs. 25,000 to Rs. 20 lakh or 24 times NMI. 
  • You can avail the overdraft amount under the SBI personal loan for government employees ranging from Rs. 5 lakhs to Rs. 20 lakhs/24 times NMI.

Axis Personal Loan for Government Employees

The personal loan product offered by the bank is accessible to employees working in the public and private sector. The approval process is fairly straight forward for government employees who earn at least Rs. 15,000 per month.

Benefits and key highlights:

  • The documentation process is minimal and the bank offers immediate approval for all valid requests.
  • The bank offers a flexible repayment process with multiple payment methods.
  • Individuals can transfer existing personal loans to Axis Bank.

IDBI Bank

IDBI Bank offers its personal loan program to employees, non-professionals, self-employed and retirees. The loan provides free individual accident insurance coverage. Retirees seeking a personal loan from the bank will need to provide a third party guarantee.

Benefits and key highlights:

  • The IDBI personal loan is a multipurpose loan that can be used for hospitalization, home renovation, travel expenses, etc. 
  • Borrowers who have repaid the loan on time for 12 months will be able to benefit from an additional loan be covered by free individual accident insurance.

HDFC Personal Loan for Government Employees

HDFC Bank offers its personal loan program to limited liability companies and government employees. Applying for a bank loan is simple and requires minimal documentation. You can apply for the loan online on the bank’s official website.

Benefits and key highlights:

  • Pre-approved loans are instantly approved for HDFC bank account holders. Non-HDFC bank account holders can expect loan approval in less than 4 hours. 
  • The bank offers flexible loan terms. 
  • The interest rate for personal loans can be lowered by transferring the loan balance to HDFC bank.

Eligibility Criteria for personal loan for government employees

  • Profession: Most banks in the market offer personal loans to all employees. For public servants, the process is much simpler. Employees working in any public sector unit (PSU), central and state government departments, and public schools and colleges are eligible for these loans. 
  • Age: Most banks in the market require the applicant to be at least 21 years old. The borrower must be less than 60 years old. 
  • Income: Banks also have specific income criteria for borrowers. In most cases, borrowers should earn at least Rs. 15,000 per month. Some banks give some leeway to this criterion if the loan applicant has an account with the same bank. 
  • Financial stability: The applicant should not have too many obligations towards other loans and debts. It is necessary that the net salary of the applicant is not less than 30% of the gross income after payment of the full EMI of the loan, if applicable. 

Job tenure: For government employees who have worked for at least a year, there will be no problem getting a loan. However, people who have just entered the civil service may need to check their credit policy with the bank.

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