Being a government employee or a public servant could now make way for numerous benefits on fund borrowings. It is because some of the reputed lending institutions in the country have introduced dedicated financial products and services for government employees.
Such advances can be availed by central, state or any local government employees. It also includes such individuals who are employed by PSUs (Public Service Undertakings). One of the best personal loans, these advances are structured to meet the specific monetary requirements of such individuals.
How can government employees get a personal loan instantly?
A collateral-free personal loan for government employees from top lenders can be availed in four simple steps. They are as follows.
- Visit the official website of your selected lender to fill up the application form for a personal loan. The applicant will have to provide authentic personal, employment and financial details to apply successfully.
- Select the required loan amount along with a suitable repayment tenure.
- Submit the necessary documents required by the lender.
- Receive instant approval and disbursal within one working day post such approval.
The introduction of online application has compressed loan formalities and verification processes and made it possible to avail funds instantly. Talking of online facilities, you can also use the personal loan calculator to compute the EMI liabilities and proceed to apply suitably. You can modify the value in the calculator to finalize the best personal loan deal, which you can repay conveniently.
However, before applying, also make sure to meet the eligibility requirements for hassle-free approval.
Personal loan eligibility criteria for government employees
To avail the advance from the best personal loan providers, government personnel must also meet specific eligibility standards. The standard personal loan eligibility criteria require an applicant to:
- Age between 23 and 53 years.
- Be a resident of India.
- Hold a CIBIL score above 750.
The CIBIL score for a personal loan is set to assess the credit reliability of a borrower. It is thus critical to understand how CIBIL score is important for personal lending before you proceed to apply for the advance.
Best personal loan features for government personnel
Government employees can avail a personal loan up to Rs.25 Lakh at the best interest rates with select lenders. They also get to enjoy customized benefits when borrowing such loans from lenders like Bajaj Finserv. Given below are the unique features of personal loan from the lender.
- Flexi Loan facility – The borrower can make multiple withdrawals from a pre-sanctioned personal loan under this facility. Also, they need to pay interest only on the loan amount utilized, and not on the entire borrowed sum.
- Flexible repayment tenure – You can choose a loan tenure as per your convenience for loan repayment. It could go up to 60 months, adding the flexibility of choice. Make sure to use an EMI calculator to find the right tenure for personal loan repayment that works for you.
- Zero hidden charges – These lenders also assure complete transparency in loans as there are no hidden charges, or surprise fees levied on a personal loan.
- Online customer portal – Borrowers can check, manage, and keep track of their repayment updates through an online account. The online customer portal designed also helps users access customized offers.
- Minimal documentation – To avail the best personal loan, now you do not require going through a tiring documentation process. The documentation needs set by some of the best lenders are basic and simple to fulfil. You will need to submit the following documents:
- KYC documents like voter ID card, Aadhaar card, driving license, passport, PAN card, etc.
- Employee identity card (issued by the concerned government authority).
- Salary slips of the preceding 2 months.
- Detailed bank account statements of your salary account for the preceding 3 months.
- Pre-approved features – The likes of pre-approved offers introduced by Bajaj Finserv multiply the benefits of availing a personal loan. Now you can get to experience a smooth and quick approval process with these offers available on several financial products, including business loans and personal loans. Check your pre-approved offers only with your minimum personal credentials.
Alongside the benefits mentioned above, government employees will also receive assistance from the dedicated representatives to help them out with any loan queries.
Borrowers employed with a government organisation can thus now make the most out of a personal loan from top lenders. The best personal loan options can hence be used to meet any financial requirement in medical, educational, personal and professional fronts.