Everything You Need to Know About a Personal Loan For Government Employees
Personal loans hold the number one spot for unsecured loans in India when it comes to financing. NBFCs, with their customized products, have played a key role in this rise.
There are personal loans for professionals like CAs, doctors, and engineers, low-income individuals, and also government employees.
A personal loan for government employees is available to individuals working in both state and central government departments or organizations, and PSUs.
Must Read: 8 Reasons Why Personal Loans Are Growing Fast in India
Some of the points that you need to know about these loans include:
- Availability of high financing
You can avail personal loans of up to Rs. 25 Lakh and meet any financial objective like hosting a wedding, an exotic vacation, a home renovation, debt consolidation, etc.
2. Rapid loan disbursal process
NBFCs can disburse a personal loan within 24 hours post-approval. Thus, these loans are beneficial in case of emergencies like medical situations.
3. Convenient repayment tenors
The repayment period for a personal loan for government employees ranges from 12 to 60 months. Make sure to choose the right tenor as your EMIs and total interest payable depend on it. Longer tenors make EMIs affordable but increase your cost of loan. You can use a personal loan EMI calculator to determine the right tenor and calculate your EMIs.
4. Only a few documents needed to apply
You only have to provide your employee ID card, KYC documents (Driving Licence, PAN, Voter ID, Aadhaar, Passport, etc.), last 2 months’ salary slips, and bank account statements of the previous three months when applying for a personal loan.
5. Foreclosure and part-prepayment facility
Several NBFCs offer a foreclosure facility that enables you to repay your outstanding loan amount before the end of the tenor. Thus, you save on the interests that you have to pay on the remaining EMIs.
Part-prepayment facility lets you pay a significant portion of your outstanding loan principal at one go. Availing this feature either lowers your EMIs or reduces the tenor.
Other than the above, you also get the option to manage your account online when you avail a personal loan for government employees from top lenders.
Must Read: 6 Tips To Follow When Applying For a Personal Loan
