An unexpected medical emergency, travel or wedding expenses can drain a government employee’s savings. Financial aid in the form of personal loans offers a cushion to incur such expenses at a short notice.
Whether it’s a travel-related expense, higher education loan or a medical emergency, financial needs can arise at any time. While some might be able to make do with their savings, a vast majority of the working population is financially inept at tackling such emergencies.
However, government employees can avail a personal loan designed especially for them to tackle the shortage of funds:
Personal Loans for Government Employees
A Personal Loan for Government Employees can help create a financial bandwidth to deal with emergencies. Today, there are tailor-made Personal Loans for government employees which gives them access to a large number of funds at a short notice. Additionally, with the high rate of competition, banks and financial institutions offer loans on zero collateral bases as well as low withdrawal limits and more.
This is made personal financing easy for everyone to use when they need it most. Listed below are some of the types of personal loans:
- Personal loan:
Certain circumstances such as planning your dream wedding, paying for a home renovation or medical expenditure might require funds at short notice. Financial institutions offer a personal loan for government employees, disbursing funds within 24 hours of approval.
- Credit line:
Credit lines are created to offer fast and flexible money to individuals for a variety of different needs ranging from medical expenses to everyday expenses.
- Flexi Personal Loan:
A sudden travel or medical emergency might call for you to travel to a different country, undergo an operation or incur your child or spouse’s medical bills. Here, applying for a Flexi Personal Loan can be beneficial. Its easy-to-use nature allows you to transfer funds from your loan account to your personal account.
With an option to repay the loan partly at no additional costs and multiple withdrawal features, it allows you to borrow funds when you need and pre-pays when you can.
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.
Generally, most NBFCs 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.
The overall process of applying a loan has become easier and can be done within a matter of minutes online. All you need is proof of identity, proof of income and residence proof to ensure a hassle-free process.