Government employees constitute a significant share of the population in the Indian lending market. Though this particular income group may enjoy a stable income, financial emergencies are unforeseen, and liquidating one’s existing savings to meet the cash crunch is not an ideal choice. Hence, opt for a personal loan for government employees to bridge this financial gap.
Approximately 77% of India’s working population depends on personal loans to meet the daily financial ends. This implies a significant demand for this credit, and individuals must know how to get this loan and resolve the monetary crunch with ease.
How can government employees get personal loans?
Take a look at the following pointers to get the loan approval from financiers within the least possible time:
- Meet the simple eligibility criteria
A government employee must meet the following eligibility criteria before applying for a personal loan:
- Age limit – 20 to 60 years
- Citizenship – Indian
- Employment status – In this case, individuals must earn a minimum salary based on their residential cities. For example, borrowers must make Rs. 35,000 per month in cities like Bangalore, Delhi, etc. Borrowers residing in Jaipur and Surat must earn a minimum of Rs. 28,000 per month to qualify for this loan.
- CIBIL score – 750 and above
Knowing the CIBIL score is essential as it is a crucial parameter to determine one’s creditworthiness. Hence, paying off the due in time, keeping a credit utilization ratio at 30% are some of the few steps to maintain a healthy credit score.
- Use an interest rate calculator
Applicants can use an interest rate calculator to compute the monthly installments and interest payables towards this loan in advance. Enter the loan amount, tenor, and applicable interest rate to get an approximate result instantly on the payable monthly installment. Individuals can also find the right personal tenor and adjust the loan amount to arrive at a monthly installment value that fits their financial capacity.
- Submit the required documents
One of the advantages of a personal loan is individuals do not need to pledge their assets to obtain funds. Eligible candidates need to submit the following documents to prove their eligibility for a personal loan for government employees:
- KYC documents, such as an applicant’s Aadhaar card etc.
- Last two months’ salary slip
- Bank account statements of previous three months
- Applicant’s employee ID
Remember to check with the lender for any additional documents required to process a personal loan application. Applicants can opt for reliable financial institutions like Bajaj Finserv to enjoy a hassle-free documentation process.
This NBFC offers a high quantum loan amount at a competitive interest rate. Additionally, it provides pre-approved offers on its financial products, which simplifies the loan application process. Check the pre-approved offers by entering the name and contact number.
- Opt for an online application
Apply for a personal loan online without visiting a financial institution. Save your time and effort and follow the simple steps mentioned below:
Step 1: Visit the official website of your preferred financial institution
Step 2: Fill in the application form with relevant personal, employment, and financial details
Step 3: Select a suitable tenor and loan amount
Step 4: Submit the necessary documents to a representative who will contact you after submitting the application
After verification, receive the fund within the least possible time.
- Avail Flexi personal loan facility
The Flexi loan facility allows one to borrow funds within the sanctioned limit without making new applications. Individuals do not need to submit any documents for withdrawing funds and no extra charges are applicable for the same.
One of the benefits of a Flexi loan facility is that the interest is applicable only on the amount withdrawn. Borrowers can benefit from Flexi personal loans as it allows one to pay interest as a monthly installment in the first year. This substantially reduces the burden of monthly installments. Selected lenders also offer a part-prepayment facility without levying additional charges.
Therefore, follow these pointers to get a personal loan for government employees within the least possible time. This loan is a viable option to obtain a substantial fund to meet immediate financial needs without paying hidden charges.