Personal Loan For Government Employees From Personal Loan Guru

 The employees of the government sector now can borrow a personal loan for their financial needs from Personal Loan Guru. The bank provides personal loans for government employees to meet their personal expenses such as marriage, big-ticket purchase, travel, holiday, etc. And Personal Loan Guru can take over your personal loan from other banks or financial institutions if you are not happy with it. Read the article and know about the Personal Loan Guru personal loan for government employees.

Eligibility for Govt Employees Personal Loan

If you are a permanent employee in government organizations of Central or State then you are eligible for the Personal Loan Guru’s Govt Employees Personal Loan. The age of the applicant should be minimum of 18 years to apply for a personal loan for government employees. And the government employee should be the main borrower to avail a personal loan. It is not necessary whether you have a salary account  at Personal Loan Guru or not.

Loan amount:- You can borrow money from Personal Loan Guru up to INR 15 lakh using the personal loan for government employees scheme. And the loan limit is based on the income and credit history of the employee. If you have a high income with a good credit record then you can borrow the loan you want without any hassle. The loan can be borrowed either as a term loan or in an overdraft facility where you are comfortable with.

Interest Rate:- Personal Loan Guru’s Govt Employees Personal Loan Interest Rate is based on the base lending rate of the bank which is 6.80% now. And the interest rate on your personal loan is depending on your employer's undertaking. See the tabel to know the personal loan for government employees interest rate.

Particulars	CIBIL Score	Details
Where employer undertaking available	700 & above	11.49%
Where employer undertaking available	Below 700	12.00%
Where employer undertaking not available	700 & above	11.49%
Where employer undertaking not available	Below 700	12.50%

 

Tenure:- The repayment will commence from the succeeding month of your loan disbursement, and you can pay the borrowed amount with the applicable rate of interest in equated monthly installments. If you borrow a term loan the maximum repayment period will be 5 years if you agree to the condition that repayment should be co-terminus with your retirement. And if you use the overdraft facility on the personal loan for government employees scheme then in attaining the age of 55 years or 5 years prior to your retirement date, your overdraft limit will be reduced to 20% each year. Your salary should be credited in the OD account every month, and the interest should be serviced on a monthly basis as per your credit usage.

Security:- No security is required for the loan as it is of unsecured type, but the spouse of the applicant can join as co-applicant to strengthen the credit profile. In case the borrower is single, widow, or divorcee, then in your personal loan the co-employee can be your guarantor.