A stable job is a key criterion that heavily influences the availability of personal loan as well as its size. If you are employed in a reputed company, your chances of availing a personal loan are pretty high, however if you are a government employee you most likely can benefit from the preferential lending rates offered by select lenders.
If you are presently employed in a Government job or have retired from one, you may not have any major difficulties in obtaining a personal loan to fund additional/emergency expenses.
Regular Loans at Lower Interest Rates
You can opt for a regular personal loan from any bank (Axis Bank, State Bank of India, IDBI Bank) if you are eligible for the loan. Most banks offer personal loans at lower interest rates for Government staff and PSU employees. Even by those standards, such loans attract high interest rates of typically around 11% and above, but can help you tackle unavoidable expenses.
Make sure to note that interest rates tend to differ based on the type of organization you work with – Employees in Defense, Railways, Public Sector Banks, Public Sector Undertakings falling under Maharatna / Navaratna categories do get to avail different interest rates on personal loans from ICICI Bank, HDFC Bank and others.
Regular Loans at Lower Interest Rates
Some banks such as IDBI, Oriental Bank of Commerce, State Bank of India and others offer customized personal loan products for employees of the State Government, Central Government and Public Sector Undertakings. Features of special loan offerings are bound to vary across lenders, and usually have:
