IDFC Government Employees Personal Loan

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Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

If you’re a government employee in need of financial assistance, the IDFC First Bank government staff personal loan might just be the solution for you. This loan offers flexible repayment terms, ranging from 12 to 84 months, along with attractive interest rates. IDFC First Bank offers state employees personal loan rates starting at only 10.75%. Additionally, the bank has a quick and easy application process, with loan disbursal taking place within 48 hours of approval. With loan amounts ranging from ₹20,000 to 1 Cr, government employees can use this loan to finance various expenses, such as home renovations, medical bills, or even debt consolidation. Overall, IDFC First Bank’s Personal Loan for government employees is a great option to consider when in need of urgent financial assistance.

IDFC First Bank Personal Loan for Government Employees – Highlights 

Here are the highlights of IDFC First Bank government employees personal loans.

Feature Description
Interest Rate Starting from 10.75%
Loan Amount ₹20,000 – 1 Cr
Tenure 6 – 60 months
Any Hidden Charges No hidden charges

Comparing IDFC First Bank Loan with other banks

IDFC First Bank is one of the leading banks in India, offering the IDFC First Bank government staff personal loans up to ₹1 Crore. While there are many banks offering personal loans for government employees, the interest rates may vary. Here is a comparison of IDFC First Bank government employee personal loan interest rates with other banks.

Feature IDFC First Bank Union Bank of India ICICI Bank Axis Bank HDFC Bank
Interest Rate Minimum  10.75% 11.40%  10.65%  10.49% 10.49%
Interest Rate Maximum 36% 12.65% 16% 22% 24%

IDFC First Bank Personal Loan for Government Employees – Fees and Charges 

Here are the fees and charges applicable on IDFC First Bank federal government employee personal loans.

Types of Fees Applicable Charges
Processing fees Up to 3.5% of Loan Amount
Late payment fees Up to 2% of the unpaid EMI or up to ₹300, whichever is higher
EMI Pickup/Collection Charge Up to ₹500/-
Physical Statement of Account/Repayment Schedule Up to ₹500/- per statement
Loan Foreclosure 5% of principal outstanding.

IDFC First Bank Personal Loan for Government Employees – Documents Required 

The IDFC First Bank central government employee personal loan requires the following documents to process the loan.

  • PAN Card or Form 60
  • Identity Proof & Address Proof issued by the authority of the State or Central Government.
  • Proof of Income – Salary slips of 3 months Salary Slip
  • Job Card issued by NREGA duly signed by an officer of the State Government (if available).
  • Ownership of collateral (if any) – Sales Deed, latest Electricity bill or Property tax bill, etc.
  • ITR of previous 2 years.

IDFC First Bank Personal Loan for Government Employees – Eligibility Criteria 

The criteria for IDFC First Bank personal loan eligibility for government employees is strict but straightforward for all government employees.

Criterion Requirement
Age Group Minimum 23 years

Maximum 60 years of age at the time of loan maturity.

Type of Employment
  • State government employee
  • Central government employee
Minimum Income ₹20,000
Credit Score Minimum score of 700

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