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How Can Government Employees Get Personal Loan Quickly?

How Can Government Employees Get Personal Loan Quickly?

Whether you are planning your child’s higher education, a wedding, a world tour or dealing with sudden medical expenses, you need a large sum at once. This is why taking a personal loan makes a tonne of sense.

So, if you are looking to take care of an urgent expense, all you need is personal finance at attractive interest rates, which is especially easy-to-avail for government officials. Why, yes! With a stable income and the long-term security of a government job, getting a personal loan for government employees can be a cakewalk.

If you are a government official looking for quick personal finance, follow these 4 tips.

Apply online

Nowadays, to avoid the hassle of visiting your preferred lender’s branch, you can apply online. Check the paperwork requirements on the lender’s website, furnish the relevant documents, and your online loan application is approved quickly.

At Tata Capital, if you apply for instant personal loan, your loan is approved within minutes from submission. Besides, upon swift approval, the loan amount directly reaches your bank account.

Maintain a good CIBIL score

Your CIBIL score is a significant factor in getting a quick loan for government employees. Here, your CIBIL score is a three-digit number ranging between 300 and 900 points. The higher it is, the better your chances for loan approval.

Any rating above 750 points is considered excellent by lenders. A healthy CIBIL score is a meter of your creditworthiness and shows your ability to repay the loan timely.

If your CIBIL score is on the lower end of the spectrum, you can boost it within a matter of months. How? Make sure you repay your credit card bills on time and avoid defaulting on your previous or ongoing EMIs. You should also review your credit history regularly to look for discrepancies or any inaccurate information.  

Additional Read: How Does a CIBIL Score Impact Your Personal Loan Eligibility?

Check your loan eligibility in advance

To increase your odds of loan approval, you must fulfil all the eligibility criteria prescribed by the lender. Typically, eligibility conditions include your age, work experience, minimum monthly income, CIBIL score, etc. Tata Capital’s relaxed eligibility criteria for personal finance is as follows:

  • Your age should be between 22 and 58 years.
  • Your monthly income should be at least Rs. 15,000.
  • You must have a minimum work experience of one year.

Additional Read:  How can your employer affect your personal loan eligibility?

Lower your debt-to-income ratio

Your debt-to-income ratio reveals the chunk of your salary that goes into paying EMIs. Try keeping this ratio at 45% or lower. It means don’t pay more than 45% of your income as monthly instalments. Why? Because a higher debt-to-income ratio implies that you may not be able to pay off new EMIs, which lowers your chances of loan approval.

Parting thoughts

If you keep these points in mind, getting an instant personal loan for government employees is entirely hassle-free. However, you need a credible lender to process your loan application quickly.

If you are looking for one, turn to Tata Capital. We offer competitive personal loan interest rates with speedy approval and disbursal. Use our personal loan EMI calculator to figure out a comfortable EMI figure before applying.

To know more, call us today!

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