Personal loans are typically an unsecured type of loan, which means you would not have to provide any of your assets as collateral and would pay back the amount in monthly instalments with interest. It is always better to get a loan instead of borrowing from family and friends. Many banks and NBFCs offer loans to fulfil financial requirements. However, before applying for a loan anywhere, you need to do good research and inquire about the loan terms and features. Also, make sure to check with the personal loan eligibility criteria and calculate your EMIs based on the principal amount and interest rates charged on loan.
Flexi Loan for Government Employees
If you require frequent withdrawals, say for education fees for your child to be paid every quarter, government employees can opt for an instant loan, instead of a regular term loan. The Flexi loan facility lets you borrow from your loan limit on the go, without the need of making a new application every time. There is no limitation on the loan withdrawals, and you can pay interest only on the amount you have utilized. Moreover, you can choose to pay only the interest component of your personal loan EMIs for the initial part of the loan tenor, which will reduce your instalments by up to 45%*. These features will make your aim to make repayment more comfortable and more flexible.
Personal Loan Eligibility for Salaried
For instant approval on loans, you need to make sure you fit in the essential eligibility criteria set by the lender. The specified criteria may vary from lender to lender. Fulfilling the requirements ensures a smooth loan application process and lowers your chances of rejection. As loan rejection will harm your credit score. Given below is the eligibility criteria:
- The borrower needs to be between the ages of 23 and 55 years
- The applicant needs to be working with a private, multinational company (MNC) or public company
- The applicant should have an Indian citizenship
- The applicant’s salary should be in between INR 25,000 and INR 35,000
Documents Required for Personal Loan
- The applicant’s Id Proof such as PAN Card/Voter ID/Aadhaar Card/Passport/Driving License
- The applicants proof of residence such as Voter ID/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
- Income Proof Documents like Bank statement or salary slips of the last three months
- Passport size photographs
If you are an NRI (Non-Resident Indian), you will require the following documents:
- Passport and Visa copy
- Bank statements of the last six months
- Identity Proof
- Address Proof
- Salary slips
- Passport-size photographs
Personal Loan EMI Calculator
You can use the EMI calculator to calculate your monthly loan EMI payouts. The borrower needs to enter the variables of the loan, such as the principal amount, tenure and interest rate, and it instantly fetches a result which is the EMI. Calculating EMI using the online EMI calculator is easy, and you get to know your loan EMI in seconds. Before choosing a particular loan, it is essential to have an understanding of these three parameters and how they relate to the loan EMI. An EMI, or equated monthly instalment, is the amount that is payable by you every month to the lender to satisfy the principal and the accumulated interest.
Read the terms and conditions when getting an instant loan.
Go through the mentioned terms and conditions before applying for an instant personal loan such that you have a clear understanding of the costs you may incur. Align your borrowing to your goals and avail the benefits of the Bajaj Finserv Personal Loan for Government Employees, it’s time to proceed to the next step. With zero hidden charges and 100% transparency in their policies, the personal loan application process is carried out online, and you are allowed to avail loans up to Rs.25 lakhs with tenor options ranging up to 60 months. Also, make sure to check CIBIl score before applying for a loan. They also provide pre-approved offers on both secured and unsecured loans such as personal loans, housing loans, business loans and so on. You also apply for a personal loan using the personal loan app in quick and easy steps.