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Special Personal Loans Schemes for Indian Government Employees

Updated on: 14 Dec 2021 // 18 min read // Personal Loans
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Want to plan a trip abroad with your family? Planning for your daughter’s wedding or looking for funds for your child’s higher education? Be it any such expense, Personal Loans come in handy in all situations giving the shield to your family and their needs. There are several times that we need to take help of Personal Loans despite having accumulated savings for tough times.

The good part is that these days many banks and other financial institutions are funding Personal Loans to salaried people and they have an easy application and disbursal procedures as well. You can apply online on the banks’ website and also upload your documents online.

Instant Personal Loans have become a trend with almost every bank. Banks look at your annual income, your credit history, and your repaying capacity to issue instant loans. There are many banks that issue pre-approved loans to existing customers as well wherein they don’t take any documents but in lieu of their track record and their financial transactions, they are being issued the loans.

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Special facilities of Personal Loans are provided to Government Employees, employees working with large organizations and Public-Sector Undertakings (PSUs). For the ease of government employees, there are several special plans that have been launched as well.

Let’s have a look at some of the special Personal Loans that have been launched this year for government employees:

1. Oriental Bank of Commerce Personal Loan Scheme:

The Oriental Bank of Commerce has launched some amazing schemes for government and PSU employees, which offers Personal loans to them on a lower rate of interest. This loan is applicable for both current and previous employees of government organisations and PSUs, which means existing employees as well as pensioners, can avail of this facility. You can take Loan of up to 15 times of your net take home salary, maximum amount being Rs. 10 Lakhs. The loan can be taken for a period of up to 60 months with a convenient and flexible pay back option. The interest rate for this loan is 1 year MCLR (currently 8.75%) + 2.75% = 11.50%.

2. SBI Personal Loan for Government Employees:

State Bank of India being India’s oldest and largest nationalised bank, has come up with a special Personal loan for Government employees which is called SBI Xpress Credit Loan. Under this SBI Personal Loan category, government employees can take loans of up to Rs. 15 Lakhs with the rate of interest 12.95% to 15.05%. The scheme is known as XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES). This is a flexible and convenient loan option for government employees, with minimal documentation. The only document needed is their ID card copy and the loan is processed instantly. They also offer loans to retired pensioners of government organisations and PSUs.

3. IDBI Bank Personal Loan for Government Employees:

IDBI is again, one of the leading banks of India and they have come up with a special Personal Loan scheme for government employees. People who have their salary account with the bank and are employees of government organisations, Public Ltd companies, Private Ltd companies, any Multinational Companies, or any Top corporate houses are eligible for this special benefit. IDBI Bank issues loans to such employees to up to 5 times of their net salary (maximum Rs. 10 Lakhs) after completing the documentation process. Moreover, the bank also gives instant loans with less documentation to existing customers on the basis of their credit history. You can opt for any tenure ranging between 12 months to 60 months.

Similar plans for Special Personal loan schemes are available with top banks like the ICICI Bank, HDFC Bank, Standard Chartered Bank, PNB Bank, and others. They have special interest rates for them as well as less documentation formalities. In some cases, the bank also issues overdraft facility to the government employees who already have a saving account or an existing personal loan.

Government employees and employees of PSUs always have an upper hand when it comes to availing loans at lower interest rates, relaxed fees, and other benefits. Many government employees opt for these personal loans and avail the benefits of these schemes. So, if you are a government employee, you can avail above-mentioned personal loans to fund your financial needs.

Also Read: 5 Ways your Employer Rating Impacts Your Personal Loan Eligibility

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