Avail A Personal Loan For Government Employees In Few Easy Steps

Government employees, including those employed by the Central Government, any State Government or local bodies, can get loans to cover personal expenses. So, whether you need cash for medical emergencies or a child’s higher education, you can easily avail these loans as they have lenient eligibility criteria. 

Personal loans are generally unsecured loans given to borrowers to fulfil their personal needs. Applicants do not have to put up any collateral to get access to the funds. 

So, how can government employees apply for these loans?

Read along to know the features of loans for government employees and how to apply for them.

How to Apply for Personal Loans for Government Employees?

Navi offers personal loans of up to Rs. 20,00,000 at competitive interest rates starting at 9% p.a. Government employees can get flexible loans with tenures of up to 84 months through Navi’s lending application. The process is entirely paperless, so you do not need to submit physical documents.

Follow the given steps to apply for a personal loan:

Step 1: Download the Navi app.

Step 2: Open the app and click on the option to apply for a personal loan.

Step 3: Check your personal loan eligibility and select the loan and EMI amount. 

Step 4: Upload your photograph and enter your PAN and Aadhaar number to complete KYC verification. 

Step 5: Enter details of your bank account to receive the loan amount within minutes.

Benefits of Availing Navi’s Loan for Government Employees

•  Instant loan approval: Navi’s loan application process is entirely digital and involves only a few simple steps. Applicants have to download its lending app and apply for a personal loan. Then, they will get the amount transferred to their bank accounts almost instantly. 
• Loans of up to Rs. 20 lakh: Navi offers high-value personal loans of up to Rs. 20 lakh with interest rates as low as 9%. Government employees can use this for big-ticket expenses such as home upgrades, weddings, financing children’s education or business purposes. 
• Requires minimum documents: This company’s loan application process is 100% paperless and does not require you to submit any physical documents. 
• Flexible EMI options: Customers can get flexible EMI options for personal loan repayment with tenures of up to 84 months. 
• No prepayment charges: No charges are applicable for making prepayments or loan foreclosure. Thus, if you have surplus cash, you can close your loan at no additional cost.

Also Read: Personal Loan Vs Credit Card

Personal Loan for Government Employees Eligibility Criteria

Though the requirements differ from one financial institution to another, the general eligibility criteria include age, nationality, occupation, income capacity etc. The following are some of the standard eligibility criteria for loans for government employees:

• Age limit: 21 years to 60 years
• Nationality: Resident citizen of India
• Employment: Salaried employees at PSUs or departments of Central, State or local bodies.
• Minimum work experience: 2 years (1 year with current employer)
• Minimum salary: Rs. 25,000
• CIBIL score: 750 or above 

Documents Required for Personal Loan for Government Employees

Most financial institutions require the following documents for approving a personal loan:

• Proof of identity (Aadhaar card, voter ID card, PAN card, passport, driving licence, etc.)
• Address proof (Aadhaar card, voter ID card, driving licence, passport, etc.)
• Employee ID card
• Bank account statement (last three months)
• Salary slip for last two months 
• Latest Form 16

Tips for Government Employees before Availing a Personal Loan

• Evaluating your ability to repay the loan: Before applying for a loan, make sure that you are well prepared for its repayment. You can use an EMI calculator to check if your monthly income is enough to pay the monthly instalments on time without financial stress.
• Comparing interest rates: You will want to check the interest rates offered by different lenders to ensure that you are getting the best deal. As personal loans have high-interest rates, even the smallest difference in interest rates will lower your overall cost of borrowing.
• Assess additional expenses: Besides interest, personal loans come with additional expenses, such as processing fees, prepayment penalties and late payment fees. You may want to assess all these additional costs to decide whether a loan is affordable.
• Checking eligibility criteria: Before applying for a personal loan, make sure that you meet the eligibility criteria set by the financial institution. Generally, you need to have a high credit score and a regular source of income to get a personal loan of high value. 
• Consider your monetary needs: Before taking a personal loan, make a list of your monetary needs and requirements for which you are going to finance with it. As you will have to bear the burden of monthly instalments, you may want a loan amount that is necessary.

Also Read: 5 Best Ways To Quickly Repay Your Personal Loans

Final Word

Financial institutions offer personal loans for government employees to solve all their financial problems. So, whether you need funds for a medical emergency, travel, higher education, or purchasing expensive electronics, you can opt for this loan. This collateral-free loan comes with less stringent eligibility criteria and offers enough funds to cover all your needs.

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