Tuesday, October 23, 2018

Everything you Need to Know about Personal Loan for Government Employees


A Personal Loan for Government employees in India provides access to funds to those employed by the government for various needs.  These Personal Loans eligibility criteria vary across lenders.
With digital disruption, the Personal Loan segment has witnessed a tectonic shift over the last few years. Today, lenders are rolling out Personal Loans for every segment of borrowers including government employees. Though a government job brings with it a sense of security, even those employed by the government may need funds to meet their life goals. If you are employed by the government and looking for a loan, this article will help you know the key aspects of a Personal Loan for government employees.
Can be availed from NBFCs
Note that apart from traditional financial institutions, loans for government employees in India can be availed from non-banking financial companies (NBFCs) as well. Relaxed lending norms coupled with easy documentation have made NBFCs quite popular in this segment.
For instance, Bajaj Finserv offers a Personal Loan to government employees as well as those employed by PSU at competitive interest rates.
Good credit score facilitates a high loan amount
Just like for other loans, credit score plays a crucial role in the borrowing exercise for loans for government employees. The three-digit score ranging between 300-900 reflects your prudence with serving past loans and showcases your repayment capabilities. The higher the score, the greater are your chances of availing a high loan amount.
NBFCs offers a loan amount up to Rs.25 lakh. Payment of bills and existing EMIs on time go a long way in ensuring a healthy credit score.
Doesn’t need a collateral
A Personal Loan for government employees in India, just like other forms of Personal Loans, generally doesn’t require a collateral. This means to avail this loan, you don’t need to pledge any asset as security. This makes it easy for recently employed Government employees to avail this loan.
Often those who are in the initial years of employment find it difficult to arrange for a collateral while availing a loan.
Flexibility to borrow as and when required
New-age Personal Loan for government employees in India comes with a Flexi Personal Loan facility which allows you to borrow funds as and when required from the approved loan limit. Also, interest is charged only on the amount utilized and not on the entire limit.
This loan also allows you to prepay at no extra cost. Generally, lenders charge a prepayment penalty when it comes to Personal Loans. However, there are no such charges for Personal Loan for Government Employees from Bajaj Finserv. With instant approval and disbursal of funds in 24 hours, it gives government employees an instant flush of liquidity.
Easy repayment tenor
Generally, most Personal Loans for government employees come with an easy repayment tenor that helps you repay the loan with utmost ease. Before availing the loan, it’s essential to find out whether the lender is flexible with the tenor or not. An easy repayment tenor ensures you can spread the EMIs of your loan as per your cash flow.
With loan aggregator websites, you can compare the offerings from various lenders before making a final choice. 

Author: verified_user