A Personal Loan Can Help Government Employees to Manage a Financial Crisis

Opting for a personal loan for government employees helps them fetch a substantial amount to cope with financial emergencies.

An unexpected crisis can have a severe impact on one’s finances. One can easily fall back on a personal loan to support such situations. Any permanent Central or State Government employee can seek a personal loan for government employees.

How can a personal loan for government employees be of help?

Personal loans come with easy-to-meet eligibility parameters and basic documentation, making them one of the most lucrative credit options. 

Following are the advantages and features of a personal loan-

Quick and instant approval 

The loan amount gets credited to the borrower’s bank account within 24 hours* of approval. However, borrowers must meet the eligibility criteria and submit lender-specific documents.

Flexible Tenor

An individual can opt for a suitable repayment tenor, making the loan repayment procedure hassle-free. The repayment tenor ranges from 12 months to 60 months.

Affordable interest rate

The interest rate on a personal loan depends on certain parameters like the CIBIL score, loan amount, and financial institutions’ past ties with the borrower.

To manage other financial obligations effectively, one can use the interest rate calculator to know the interest amount one is liable to pay on the loan amount.

Read Also: How to Unblock Bajaj EMI card

Flexi loan facility

It is a unique feature that allows an individual to withdraw a certain amount of funds from the pre-approved credit limit when in need. However, a borrower must know how to get the most out of flexi loans to meet instant financial needs. 

Furthermore, borrowers can prepay the amount when they have a surplus fund without paying additional charges. 

Hassle-free documentation and no end-use restrictions

Financial institutions require minimal documents for processing a personal loan. Furthermore, the considerable loan amount can be used to meet any personal expense.

Eligibility criteria of a personal loan for government employee

1. Individuals must be residing citizens of India.
2. A potential borrower must fall in the age bracket of 21-67 years.
3. An applicant should have a minimum monthly income of Rs. 22,000, based on their city of residence
4. Potential borrowers must have a CIBIL score of 750 and above.

A potential borrower must know what is CIBIL score is and its importance to avail of a personal loan at an affordable interest rate. Furthermore, an applicant must also pay attention to the EMIs to avoid defaults. 

Documents required for availing a personal loan for government employees

Given below is the list of documents an applicant needs to show to the financial institutions-

1. Proof of identity (Aadhaar card, driving license, voter ID)
2. Address proof 
3. Proof of income (salary slips of two months)
4. Bank statements for the last three months

However, borrowers may need to submit additional documents as per the requirement of the respective lenders. Apart from submitting the required documents, borrowers must also know the mistakes to avoid while applying for a personal loan. 

The process to apply for a personal loan online

Availing of a personal loan for government employees is straightforward. Follow the steps mentioned below to apply for a personal loan online:

Step 1: Visit the official website of the lending institution.

Step 2: Enter the mobile number and get an OTP to verify the account.

Step 3: Keep soft copies of the documents ready. Fill in the form by entering the KYC, financial, and employment details.

Step 4: Then enter a loan amount and repayment tenor. Submit the application form.

Right after the submission, a representative will contact the applicant to carry forward the rest of the lending process.

Besides providing a substantial loan amount at a reasonable interest rate, leading NBFCs like Bajaj Finserv extend pre-approved offers to accelerate the lending process. Such offers are available on financial products, such as personal loans, bike loans, business loans, etc. Therefore, a personal loan for government employees helps traverse financial crises, make high-end purchases, and reduce the monetary burden. It helps to get instant approval for funds without paying any hidden charges.