A recent study shows that there are approximately 1.14 crore Central Government employees, including pensioners, across India. This large number of the population earns a specific monthly salary, fulfilling various fixed and emergency financial requirements from a finite fund.
It often happens that the salaried individuals need funding to meet the unforeseen personal expenses. It can be anything from financing their children’s education, a luxury vacation abroad or a medical emergency. Irrespective of the purpose, they can avail of a personal loan for government employees. Thereby they can choose any reputed financial aggregator that offers this customised loan with easy repayment structure.
How can you apply for a personal loan?
Personal loans are a versatile borrowing option that can be used to achieve any personal and professional financial goal.
Following is a step-by-step application procedure of a personal loan for government employees that you must know.
- First, you need to visit the website of your lender and download the online form.
- Now you have to fill it up with personal, employment and financial details and submit it online.
- On submission, the representatives of the lender will ask for the documents for verification.
- Once the verification is done, your loan will be approved and disbursed.
- Within 24 hours, the loan amount will be credited to your bank account.
Following these simple steps, you can avail of a personal loan for the government employees without much hassle. Nonetheless, it is advised that before settling for any lending institutions, you should compare the interest rates and other essential itineraries of this loan with different lenders to lock the best deal.
What are the features of personal loans for the government employees?
A personal loan for the salaried employees can be an excellent option to fund various personal needs. Since it is an unsecured credit, borrowers do not need to pledge any collateral and can use the funds for any requirement without an end-use restriction.
Following are some of the features of the best personal loan for government employees.
High loan amount
Top lending institutions in India offer a loan amount of up to Rs.25 lakh. Thus, any eligible borrowers, including railway and PSU employees can borrow the fund to fulfil their financial obligations.
Flexible tenure
One of the most important things that you should check for while applying for a personal loan for government employees is its repayment tenure. Most lending institutions extend this loan against a flexible tenure, ranging from 12 to 60 months.
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Instant loan approval
You can enjoy instant loan approval if you meet the minimum eligibility criteria instated by a lender. However, several factors determine your loan eligibility, which is why you should know about how you can increase your chances of getting a personal loan before applying for the same. For example, the CIBIL score above 750 is required to get your loan approved.
Prompt disbursal
The approval and loan disbursal process often gets lengthy. However, the disbursal of a personal loan for government employees generally takes about 24 hours. Within that period the loan amount will be credited directly to the borrower’s account.
Easy repayment scheme
Loan repayment can strain one’s personal finances if not planned beforehand. A poor repayment structure is enough to ruin one’s monthly budget. Thus, it will be of great help if borrowers calculate a repayment structure beforehand according to their budget. In this regard, personal loan interest rates play a crucial role as it determines the EMI amount.
However, with facilities like prepayment with no extra charges or by availing a flexi loan facility, one can reduce the EMIs up to 45%.
Minimal documentation
Most reputed financial organisations allow borrowers to avail a personal loan for salaried employees with minimum documents. Since personal loans do not involve collateral, it requires minimal paperwork.
Online account management
Managing a loan and tracking loan repayment schedule can become hectic for borrowers. In this regard, you can easily manage Bajaj Finserv personal loans using Experian, an online customer portal. It allows you to take a look at EMI dates, interest rates and other loan-related information online at your convenience.
They also provide pre-approved loan offers that make the loan approval process effortless and prompt. This facility is available on different financial products such as business loans, personal loans and several other types of credits. Nonetheless, you can check your pre-approved loan offer by sharing your name and contact number.
Apart from these, a borrower should also have a clear idea about how to apply for a personal loan for government employees.
Also, besides knowing about the application procedure, you should also be aware of the possible reasons for personal loan rejection and how to avoid them. It will help you avoid common mistakes and ensure your application gets accepted at the first attempt only.