Best Banks On Personal Loan For Government Employees
Feature |
HDFC Bank |
Private Bank |
Bajaj Finance |
Interest Rate |
10.75% - 17% |
11.25% - 18.5% |
12% |
Min Loan Amt |
Metro : 75000 & Non Metro: 50000 |
50000 |
100000 |
Max Loan Amt |
50 Lacs |
50 Lacs |
1 Cr |
Loan Tenure |
1 - 5 Years |
1 - 5 Years |
1 - 5 Years |
Processing Fee |
0.25% - 2% of the Loan Amt |
1% - 2.5% of the Loan Amt |
0.5% - 2% of the Loan Amt |
Preclosure Charges |
2%, Nil foreclosure charges after 12 months |
2%, Nil foreclosure charges after 24 months |
Nil |
Overdraft Facility |
No |
No |
Yes |
Click here to get an instant personal loan
Personal Loan For Government Employees Features
Government Employees can get a personal loan from banks or NBFCs to fulfil their necessities and requirements.
- Government employees can avail of personal loans directly as there are many leading banks and NBFCs possible, known for giving a personal loan to government workers in India.
- Individuals operating in Central & State Government, PSUs, Railways and Defense can receive personal loans at lower interest rates with a least monthly income of Rs.15,000.
- Government employees can also experience a lot of other perks and opportunities like flexible tenures, minimum processing fees & other charges, lesser documentation, instant support and the fastest disbursal.
- Government employment issues with a job and income security factor, which is preferred by the banks as far as loan repayment is involved.
Benefits Of Personal Loan For Government Employees
- To meet expenses for a Wedding or any other Family purpose.
- For investment required for the renovation or refurbishing of your home
- To pay for the education costs of self or family.
- Investment for use in Emergencies & medical payments.
- Personal Loan reserves can be used to go on a family vacation.
Types of Personal Loan For Government Employees
-
Public sector Undertakings (PSUs) or CPSEs:
The Department of Public Enterprises issues guidelines for categorization in category I & II based on their business administration, net worth, revenue & interest as MAHARATNA /NAVRATNA/MINI RATNA.
-
Public Sector Banks:
The government of India holds majority posts in the Public Sector Banks, (i.e. more than 50%). Hence these Banks are involved in Government section for sourcing of Personal Loans. There is a whole of 21 Public Sector Banks in India.
-
Indian Railways
The Gazetted Staff of the Indian Railway is involved in the special government section for Personal Loans.
-
Personal Loan for Defence
The Defence forces of the nation comprise of the Indian Armed Forces which are the armed forces of the country. The three uniformed duties:
- The Indian Army
- The Indian Navy
- The Indian Air force
The Defence organisations come under the supervision of the Ministry of Defence.
-
Personal Loan for Pensioners
Personal investments for Pensioners can be availed by retired workers of Central Government, State government & Defense assistance.
Eligibility Criteria for Army/Defence Personnel
| Service Tenure | minimum of 1 year |
| Profession | personnel of paramilitary forces like BSF, ITBP, CRPF, Coastal Guards, CISF, Assam/ J&K Rifles |
| Security | Charge the above assets taken out of the loan. |
There is a special loan package for railway employees. Special privileges for railway employees are:
- Decreased interest rates on home loans, car credits and personal loans.
- Concessions are available in the locker rentals.
- Zero balance saving bank accounts are opened for all the railway employees.
- Free drafts are distributed according to the entitlements of railway workers.
- Discounts are open up to one per cent on gold coin investments.
Personal Loan For Government Employees Eligibility Criteria
| Profession | Employees working in any public sector unit (PSU), central and state government departments, and government schools and colleges |
| Age | Minimum: 21 years, Maximum: 61 years |
| Income | At least Rs. 15,000 per month |
| Job Tenure | Minimum 1 year |
| Loan Tenure | maximum of 6 years |
Click here to know more about personal loan eligibility
Documents Required for Personal Loan For Government Employees
Salaried Employees:
| Proof of photo identity (Anyone) | Passport |
| Voter’s ID | |
| PAN Card | |
| Driving License | |
| Aadhar Card | |
| Proof of Residence (Anyone) | Passport |
| Aadhar Card | |
| Utility Bill | |
| Ration Card | |
| Driving License | |
| Proof of Ownership of Residence (Anyone) | Property documents |
| Electricity bill | |
| Maintenance bill | |
| Proof of Income | Payslips for the last three months along with Form 16 |
| Bank statement for the past six months where the compensation has been recognized | |
| Proof of Job Continuity (Anyone) | Employment certificate from the current employer |
| Certificate of experience | |
| Appointment letter from the current employer (if the employment period exceeds two years) | |
| Proof of Investment (if any) | Shares, fixed deposit, Fixed assets, etc. |
| Photograph | One passport size Color photograph |
Pensioners:
| Proof of Identity/Age Proof (Anyone) | Ration card |
| PAN card | |
| Voter ID card | |
| Passport | |
| Driving licence | |
| School leaving certificate | |
| Birth certificate | |
| Proof of Address (Anyone) | Aadhaar card |
| Passport | |
| Ration card | |
| Utility bills | |
| Driving licence | |
| Proof of Income (Anyone) | Bank passbook |
| Bank statements of the last 6 months | |
| Form 16 | |
| Income tax returns | |
| Copy of pension payment order | |
| Photographs | Recent passport-size photographs |
Personal Loan For Government Employees EMI, Interest Rate, and Total Repayment Amount
| Government Employees Personal Loan Interest rates | 9.99% |
| Personal Loan For Government Employees Processing fees | 1% of the loan amount + GST |
| Prepayment charges | Nil |
| Repayment options | Up to 5 years |
| Maximum loan amount | Rs.15 Lakh |
| Loan approval time | 10 Minutes |
To check Personal Loan Interest Rate for all major banks you can visit: Personal Loan Interest Rates
How to Apply for Personal Loan for Government Employee?
Anybody can apply for Government Employees Personal Loan online only in 2 minutes. The process of application is outspoken and fast.
- Visit Dialabank.
- After that, apply for a Personal Loan For Government Employees online.
- Please fill your details like name, income, location to assist us better in providing you offers.
- Our association administrator will soon get back to you.
- Dialabank is the best platform possible online to apply for a Government Employees Personal Loan as you will get a loan at bearable rates of interest.
You can also call on 9878981166.
Processing Fees / Prepayment Charges on Personal Loan For Government Employees
Availing a personal loan incurs some styles of expenses for a Government Employees Personal Loan. Every business organisation and NBFC charges, mainly two types of payments from its clients. The Government Employees Personal Loan processing fee is 1% of the loan amount.
Pre-closure prices for a state of affairs while you want to close your contract before your fixed tenure. In maximum situations, you cannot for-close your loan before the security of twelve months. Offer that the fees also vary depending on how many years the debt has achieved. These rates vary from 4% of the fantastic mortgage quantity inside the 2nd 12 months to two% inside the 4th yr of the mortgage and are only relevant in case you do not want entire your mortgage compensation in the fixed tenure.
Personal Loan For Government Employees EMI Calculator
You Can Calculate your EMI from Dialbank’s EMI Calculator.
You can calculate your EMI here: Personal Loan EMI Calculator
Personal Loan For Government Employees Agent
Dialabank is your best agent for availing Government Employees Personal Loan. It assists you in comparing opportunities from various banks and NBFCs so that you can avail of the best suggestions available according to your ability and demand. The logic for you to choose DialaBank for a Government Employees Personal Loan are:
- We do not impose you for our services provided.
- The loan gets distributed within a few hours of touching with us.
- Our relationship director leads you through the entire method of personal loans.
Personal Loan For Government Employees Contact Number
Call 9878981166 and get instant help and approval for Government Employees Personal Loan.
FAQs about Personal Loan For Government Employees
✅ What is the loan tenure available for personal loans?
The loan tenure typically ranges from 12 months to 72 months. Depending upon your compliance, you can pick a tenure and repay the loan.
✅ How much time do banks take to process personal loans?
With the advent of technology, it is now frank to get your personal loan support. Most banks give their support within just a few hours. The loan amount will be distributed within just one or two days in most cases.
✅ What are the occasions in which personal loans are offered?
Banks do not force any restrictions on how the loan amount can be used. Hence, you can take a personal loan for any event based on your financial obligations. You may use the loan sum for various items like emergency medical requirements, weddings, home renovation, holiday, etc.
✅ What is the minimum income required for government employees to apply for a personal loan?
A government employee needs to earn the least monthly income of Rs.15,000. However, the laws are different for different banks. Thus, it would be desirable to check the same before applying.
✅ Which government employees are eligible to apply for a personal loan?
Employees operating in Central & State Government Undertakings, State-Owned PSUs, Railways and Defense are available to apply for a personal loan.
