Personal Loans for the government employees
- By 99Creds
- In Personal Loan
There are a variety of loans and personal loan is part of it. But there are even more varieties in personal loans as we saw earlier in the blog named types of personal loans.
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So, apart from that, there is one more type of loan called a personal loan for government employees. It is a loan facility made available specifically to government employees working in both central and state governments.
Why personal loans for government employees?
Working as a government employee may seem to have a lot of perks to everyone looking from the other side. But, there are certain situations in which you may face an emergency and you may need money due to setbacks. This scheme is therefore designed to back up such financial needs of government employees in times of need.
Sometimes there can be a need for a personal loan for a government employee to fulfill some needs like paying bills, unexpected medical emergencies, weddings, house expenses, educational expenses for children, etc. To overcome the difficulty to fulfill such demands this scheme allows a permanent salaried government employee by lending personal loans at a very basic interest rate and for the period as per scheme specifications.
There are several rates offered by banks that are specifically offered to government employees and the tenure can be as much as 7 years for some banks.
We at 99creds also provide a facility for government employees to opt for such a scheme in association with banks in India.
Also, there are sometimes a few limited-period offers available when the banks make the loans flexible as per employees’ requirements.
What are the criteria under which you can apply for such a loan?
One of the basic criteria that apply for the loan scheme is that a person must be a full-time salaried government employee of either center or state.
It is expected that he/she should be above 23 years and below 55 years of age to avail of the scheme. It is understandable that the age group is part of the eligibility criteria as it determines the income earning and repayment capacity.
Just as the other personal loans credit score is also important in this scheme too. It is expected that your credit score generally is above 750. A good credit score is another factor that determines your repayment capacity.
The government employee should be stable and must continue to be employees of the government. If the employment of the person is not stable or the tenure is ending soon he/she will not be eligible for the loan.
Apart from this, there are other criteria and documents which will decide whether the person shall be eligible for the scheme or not.
To apply for such a loan specifically designed for government employees you will have to visit our website of 99Creds and check the details regarding loan schemes offered by various banks to government employees.