What is a Personal Loan?
A Personal Loan is an unsecured loan. It helps you meet your urgent money needs. Therefore, there is no need to give security. We give the best loan offers on Personal Loan For State Government Employees at www.magicloans.in. So, Apply online to book your personal loan now!
What is the Eligibility to avail a Personal loan For State Government Employees?
| Age Criteria | 21-65 years of age. |
| Work Experience | Min. 6 months of experience in the current organisation. (Preferred) |
| Total Work Exp. | At least 3 years of total experience.(Preferred) |
| Min. Net Income | At least, Rs. 20000/- per month. (may vary depending upon your profile). |
| CIBIL | 720 or more with a good credit history. |
What are the documents needed for availing a Personal Loan?
| Identity Proof | Passport; PAN or Aadhar Card; Voter ID; Driving license. 2 Photographs. |
| Residential Proof | Passport; Driving License; Voter ID;Electricity bill. |
| Income Proof | Latest 3 months’ income slip as well as 6 months’ bank account statement. Also, Form 16 of last 2 years |
| Age Proof | Passport, PAN Card, Birth Certificate, Employee ID Card |
What are the benefits offered on Personal Loan For State Government Employees?
| Interest rates for Personal loans for government employees starts @11.49%. (HDFC Bank and ICICI Bank) |
| Special offers available for government employees and public sector undertakings. |
| Pensioners: Banks offer loans for pensioners at lowest rates. Pensioners can get a Personal Loan for 5 years provided their age is atmost 76 years |
| GOVERNMENT BODY | ADDITIONAL BENEFITS ON PERSONAL LOANS |
| Maharatna PSU | >Companies grossing annual net profit of 5000 cr > There are 7 PSU’s like BHEL, SAIL etc. Personal Loan for these employees start at 11.49% |
| Navratna PSU | >There are 17 Navratna companies at present which include Hindustan Aeronautics, Bharat Petroleum etc. ROI for Personal Loans start at 11.49% |
| Public Sector Banks | >Banks having a 50% or govt share These include SBI, PNB, Bank of Baroda etc. >ROI for Personal Loans start at 11.49% |
| Railways | >Indian Railways are owned by the Government of India. It is managed by the Ministry of Railways ROI for Personal Loans start at 12.25% |
| Central Government Enterprise | >University Employees are provided with a host of options to enable them to avail a Personal Loan >Personal Loans for Central Govt Employees start at 12.25% |
| State Government Enterprise | >University Employees are provided with a host of options to enable them to avail a Personal Loan >Personal Loans for Central Govt Employees start at 12.25% |
Fees and Charges
| Processing charges | Upto 2% (Varies from bank to bank) |
| Pre-closure charges | NIL to 5% on outstanding loan amount. ( Varies from bank to bank ) |
State Divisions
Personal Loan can be availed by a state government employee working in any of these departments
| Department of Agriculture | Housing & Urban Development |
| Power | Water Supply & Sanitation |
| Education | Transport |
| Public Works | Health |
| Excise & Taxation | Education |
| Technical Education & Industrial Training | Legal & Legislative Affairs |
| Finance | General Administration |
| Medical Education & Research | Food, Civil Supplies & Consumer Affairs |
Categories of Govt. Employees
| CATEGORY | DESCRIPTION | APPLICATION STRENGTH |
| Group- A | Officials employed at various state-level managerial & administrative positions. | Top applicants in all banks and NBFCs. |
| Group-B | Employees working in Public Sector Undertakings (PSU) and National Banks, office supervisors, state inspectors, office executives, state police officers etc. | Top applicants in all banks and NBFCs. |
| Group C&D | Section Heads, Head clerks, Stenographers, tax assistants, Typists, Telephone operators, and individuals holding similar positions in the Armed forces. | Clerical posts are top applicants inGroup C . Group D might get eligibility in some banks depending on the job profile. |