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Personal Loan

How Government Employees Can Resolve Their Sudden Financial Woes

Feb 28, 2017

Sure, government employment comes with job security and relevant benefits. But even if you earn a good salary every month, you can find yourself short for finances when an emergency arises. You may suddenly have to pay for medical emergencies, unexpected house repairs or anything else. Without a doubt, unexpectedly arisen financial problems can leave you in stress. That's why you should turn to personal loans for government employees that allow you to borrow money as per your needs without collateral.

Benefits of Personal Loan for Government Employees

People working in the government sector can leverage the many benefits of personal loans specifically designed for them. Some of them include:

  • No secu-rity - Since the borrower doesn't have to provide security, personal loans outweigh other kinds of loans. It is granted on the basis of borrower's income and past pay-ment his-tory. Some lending institutes even grant loans specifically to employees in different government sectors with varying interest rates. For example, personal loans for army men or ex servicemen are offered with low interest rates.
  • Convenient doc-u-men-ta-tion - Whatever government sector you work in, a per-sonal loan can be availed with min-i-mum doc-u-men-ta-tion including ID and income proof.
  • Easy repay-ment options - Personal loan repayment tenure ranges from 12 months to 60 months wherein the borrower has to pay interest and principal. Some lending institutions even offer government employees a prepayment facil-ity to pay a certain percentage prior to the closing date.

Personal Loan Application Process for Government Employees

Applying for a personal loan is very easy and can be done online without any hassle as many lenders provide online application options. You only have to provide a proof of iden-tity, proof of income and proof of res-i-dence to the lender.

It's always better to think logically when faced with a cash shortage as the personal loan for government employees can help you manage your finances and ease the burden.