An emergency or crisis can largely impact your finances, especially if you haven’t planned for a rainy day. In such situations, a personal loan is a great alternate financial tool to opt for. Various banks and NBFCs offer personal loan facilities to both salaried as well as self-employed individuals. In both the private and public sector. Government employees can also get easy access to various financing options with attractive features and make borrowing and repayment easy and repayment flexible. Let us learn how personal loan India can help government employees to manage any financial crisis. Key features How Personal Loans help are discussed below.
1. Instant approval
Various personal loan apps provide individuals access to an instant loan without any delay. All one must do is download the app, fill the application, and upload some documents. Within 24 hours the loan will be approved without you waiting around for days to get the loan approval.
2. Immediate disbursal
As quickly as you can get approval for a personal loan, it also comes with an immediate disbursal of funds. Once the loan is approved the loan is disbursed into your bank account in less than an hour, giving you access to funds that you can utilize for any purpose.
3. Low EMI
Many people are worried about the interest rate charged on a personal loan, but that is nothing to be afraid about. For government employees, the Personal loan can be availed at a lower interest rate, reducing the EMI payable significantly. You can use the personal loan EMI calculator to know the EMI that you are required to pay for the loan amount borrowed.
4. Flexibility
A personal loan comes with the flexibility of usage. Once the loan has been approved and the amount transferred to your account, the money can be used for any purpose as per your convenience. The interest is paid only on the amount utilized by the borrower.
Along with the flexibility of usage, some lenders also offer the flexibility of repayment. The loan amount that can be repaid to the lender is a small flexible repayment cycle.
5. High Loan Volume
Various lenders offer personal loans to government employees up to the amount of INR 25 lakh. This loan amount can be repaid in the form of EMIs that can be calculated using the personal loan EMI calculator.
With so many features, Government employees can easily get access to personal loans for all their financial crises. Some important points to know before you apply for the personal loan are:
1. Eligibility Criteria – Personal loan has an easy eligibility criterion which the applicant needs to follow to qualify for the personal loan. The eligibility criteria for a personal loan is simple:
A) The age of the applicant must be between 21 to 60 years.
B) The applicant must have a minimum income of Rs 25000.
C) The CIBIL score of the patient must be over 750.
2. Documents required – For verification purpose, borrowers are required to upload some documents like:
A) KYC documents such as driving license, Aadhaar card, and voter ID Card.
B) Last three months salary slips (for salaried) or income proof (for self-employed).
C) Last six months bank account statements of your salary account (for salaried) or current account (for self-employed).
3. Loan Application
The loan application can be filed online via the lender’s website or app. The applicant has to fill the application form and submit some details. Once the application is submitted, the verification is complete, a customer care executive will call to inform you about the loan terms. After your confirmation, the loan amount is disbursed into your bank account in less than an hour.
Conclusion
The above points will make it clear that a personal loan is a great option for government employees to finance their crisis. A personal loan provides access to funds quickly, making it one of the most preferred ways of borrowing. You can get a personal loan without any security or collateral and use it for any purpose of your choice. For government employees, the process is even simpler as they can verify all their details by just submitting the government ID. So, if you too need a personal loan, choose the right lender and apply for the loan now.
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