Personal Loan

How can government employees apply for personal loans in 2022?


Government workers can avail of personal loans from the State, the central government, or the local government personal loan programme. These loans help them manage their own financial needs. You never know when you need money immediately. It could be a medical problem, paying for your children’s college fees, or sudden repairs to your home. No matter what, a government worker can apply for loans easily and quickly if they meet the requirements. Using a loan EMI calculator, government workers can discover if they can get a loan and how much they can borrow.

Personal loans like these do not need any kind of security. When applying for these loans, government workers do not have to offer collateral to get the money. Personal loans are common because the money can be sent to you quickly. Continue to read to know about their eligibility criteria, documents needed, interest rate and more. 

Eligibility to Avail a Personal Loan:

  • The person applying must be an Indian citizen. 
  • The person should not be over 58 or 60 years old.
  • The person should be at least 21 years old to apply.
  • He or she must be a fixed government worker to avail of a government personal loan scheme with a salary of at least INR 15,000. 
  • The person must have worked for the same company for at least six months or a year and have a total of two years of work experience. This, however, differs from bank to bank.
  • Officers across all Indian services and people who work for the military and personnel ministries are also eligible.
  • After EMIs are taken out, your take-home pay would not be below 30%.

Documents Required to Apply For the Personal Loan:

  • Application Form
  • Two passport-sized photos
  • Bank statements from the last three months 
  • Proof of identity: A PAN card, a driving licence, a voter ID card, an Aadhaar card, and so on. 
  • Domicile Certificate: Voter ID/Driver’s licence, Aadhar Card, and so on.  
  • Employment proofs  
  • Signature 

Features of the Government Personal Loan Scheme: 

A personal loan for government workers has some of the following features: 


You do not have to offer any security to get these loans. All you will have to do is meet the basic requirements for eligibility. 

Competitive Interest Rates: 

If you work for the government, you can get a personal loan from the government’s loan scheme with an interest rate as low as 10.49% per annum. 

Long Repayment Periods: 

You can take up to 6 years to pay off your public-sector workers’ loan. 

No Usage Restrictions: 

A personal loan for government employees can be used for almost anything, from paying for a holiday to buying expensive tech to paying for medical bills. 

Easy to Check and Approve: 

If you can meet the basic requirements, your loan application is likely to be approved right away. If it is accepted, the loan balance will be put into your account the next business day.

Select your Loan Amount and EMI:

An EMI calculator lets you change your loan amount, repayment period, and EMI, saving you valuable time. With the help of a loan EMI calculator, you can calculate an accurate measure of the EMI number that needs to be paid.

Things to Consider as a Government Employee before Taking a Personal Loan:

  1. See if you Qualify :

A Loan Application EMI calculator can be used to figure out if your income is sufficient to repay the loan in time. This planned method will assist you in figuring out if you truly need a loan and how much it will affect your finances in the long term. 

  1. Look at any Additional Costs:

Loans are sometimes given under different terms by different lenders. Before you choose the lender, you should read the fine print carefully. Keep in mind that you get this loan from a company that does not charge a fee for processing, prepayment, or late payments. 

  1. Check your Credit Rating:

Checking your credit score is the best way to see if you can get a loan. To get these loans, you need to have a good credit rating and a good credit history. 

  1. Check out your Money Needs:

Be sure of the money amount you need before you ask for the loan. Even though it will be easy to get the money you require, you will have to make sure you pay it back. So, only borrow the money that you need.

How Can a Person who has a Government Job Apply for a Personal Loan? 

Lenders offer loans that range from Rs.15,000  to Rs 30 lakhs in affordable rates of interest that are easy on their wallets and make quick approvals possible. There are low-interest rates on loans for government workers. You can also avail of subsidies of government personal loan schemes. You could use the loan EMI calculator to get an idea of how much you will have to pay back each month. If you do not have enough time to go to the bank for loan formalities, you can apply online through the official bank website.

Steps for Apply Loan Application Online:

  • Visit the website of the loan provider from whom you want to borrow money. 
  • Read through and decide what kind of loan you want. 
  • Select the method you prefer to work and log in by entering your contact information. 
  • Choose how much money you want to loan and how much time you need to pay it back (up to five or more years). 
  • You will need to upload your photo ID, proof of address, and a scanned passport-sized photo. 
  • Wait for the team in charge to get in contact with you after you have sent in your application.


Almost all government personal loan schemes offer loans to public workers that do not take long to be approved. It is easy for employees to get money for situations like medical emergencies, or to bear the cost of wedding, gadgets, higher education for kids, house repairs, and so on. An EMI calculator can help you plan your budget for the time you have the loan.

For more information on government personal loan schemes, you can visit the Piramal Finance website and explore their products and services.