Apply for personal loan for govt employees up to Rs. 40 Lakhs online at attractive interest rate starting from 8.45% p.a. Repay in easy instalments of up to 6 years. Get instant loan disbursal on approval with minimal documentation.
|Minimum loan amount||No limit|
|Maximum loan amount||Up to Rs. 40 Lakhs|
|Rate of interest||8.45% p.a. onwards|
|Tenure||1 to 6 years|
|Processing fee||Up to 2.50% of the loan amount|
|Prepayment charges||Up to 5% + applicable GST|
|Collateral||Not required for unsecured loans|
|Age||Minimum 18 years|
|Bank||Interest Rate||Max. Loan Amount||Max. Loan Tenure|
|SBI||10.60% to13.85% p.a.||Rs. 20 Lakhs||6 years|
|Axis Bank||10.49% to 21% p.a.||Rs. 15 Lakhs||5 years|
|Union Bank of India||9.30% to 13.40% p.a.||Rs. 15 Lakhs||5 years|
|PNB||8.45% to 14.50% p.a.||Rs. 10 Lakhs||5 years|
|HDFC Bank||10.50% to 21% p.a.||Rs. 40 Lakhs||6 years|
Permanent/confirmed employees of State and Central Government can avail of SBI personal loans for govt employees up to Rs. 20 Lakhs for tenure up to 6 years under SBI Xpress Credit and SBI Quick Personal Loan schemes. The SBI loan for govt employee can be used for any purpose.
Axis Bank offers up to Rs. 15 Lakhs multipurpose personal loans for government employees including Public Sector Undertakings, Central and Local bodies. The tenure ranges between 12 to 60 months and the interest rate starts from 10.49% p.a.
Union Bank of India provides a special personal loan for government employees (SRLGE) scheme. You can get up to Rs. 15 Lakhs under this scheme for tenure up to 60 months. No processing fee is involved and the interest rate starts from 9.30% p.a.
PNB offers a government employees loan scheme named Personal Loan Scheme for Public. Under this scheme, government employees drawing salary from PNB can get a loan of up to Rs. 10 Lakhs for tenure of up to 60 months and interest rate starting at just 8.45% p.a.
HDFC Bank offers personal loan for govt employees online for medical emergencies, travel, wedding, home renovation, and other requirements. Employees of PSUs, including central, state and local bodies can get up to Rs. 40 Lakhs loan against salary with little or no documentation for 6 years tenure.
Below is the details personal loan eligibility for government employees:
Below are the documentation requirement details for personal loan govt bank:
MyMoneyMantra has made it easier to avail the government personal loan online. All you need to do is to:
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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Yes, most public and private sector lenders offer personal loans to government employees.
The maximum personal loan amount that a govt employee can get varies from lender to lender. A maximum of Rs. 40 Lakhs can be offered by some private lenders, subject to meeting their prescribed eligibility norms.
The 5 types of government loans include:
The repayment tenure for the government employees loan scheme is typically between 12 months to 72 months.
With the facility of applying for the loan online available, the turnaround for these loans has drastically reduced. The loan will be disbursed within hours if all the details are furnished accurately.
The government personal loan can be utilised for any personal purpose like education expenses, marriage expenses, travel expenses, and for any medical emergencies. This unrestricted end use has made this product very popular.
A Personal Loan for government employees is designed to meet the personal financial needs of government employees, whereas a Personal Loan to defence personnel is offered to defence employees to meet their financial needs.