How Government Employees Can Get a Personal Loan in Minutes

Being a government employee in 2020 is rare and rewarding. With the COVID-19 pandemic soaring all around the world, and the global job market tanking, if you are a government employee in 2020, you are not only extremely lucky but also there is a high chance that you got served the better end of a deal.

Working with the Indian government either at the state or the center level comes with a bunch of perks starting with a stable and secure job description, consistent and high salary, challenging work, and a great work-life balance. No wonder, there are millions of aspirants in India every year who apply for government service exams and with the penetration of online education reaching the remotest villages in India, the number of applicants every year is on a continuous rise.

But along with all the perks and securities offered in a government job, an additional perk is the quick approval process when you apply for a personal loan as a government employee. A government employee in India of 2020 can get a personal loan in minutes, and in this article, we will explore exactly that. Let’s get started.

What Is a Personal Loan?

If you are new to the personal loan process, one of the first and most important aspects you need to get familiar with, the meaning of a personal loan.

A personal loan in simple terms can be understood as a short term, an unsecured loan through which you can avail any amount from ₹10,000 all the way to ₹40,00,000. Personal loans come with a variety of features and benefits starting from flexible repayment options, easy EMIs, low-interest rates, online application, and, most importantly, instant approval.

All these perks offered by personal loans make them an attractive option to consider when you are in a cash crunch situation, and thus more and more people are increasingly applying for one.

How to Get a Personal Loan as a Government Employee?

Now that you know what a personal loan is, let us explore how you can avail of one as a government employee.

Step 1: Check and Meet the Eligibility Criteria

One of the first and most important steps you need to take in order to secure a personal loan is to check and meet the eligibility requirements set forth by the lender. Depending on where you are currently posted, and your permanent residence, different lenders have different eligibility criteria. For example, Bajaj Finserv, which is one of the leading lenders in India, has the below-mentioned eligibility criteria if you are a government employee.

  1. Must be between the age of 21 and 55.
  2. Must be a residing citizen of India.
  3. Should meet the minimum income criteria as mentioned on their official website.

The minimum income requirement as a government employee varies depending on the designation as well as the government organization you are engaged with and also depends on the lender of your choice. Thus it is always advised that you conduct your research well before you choose a lender and apply for a personal loan.

Step 2: Keep Your Documents Ready

Once you meet the eligibility criteria for the loan, the next step is to keep all your documents ready, so that you can fill out the online application form. The list of documents that you will need is as mentioned below.

  1. KYC Documents, mainly your PAN Card, Aadhar Card, Driving License, Passport, and Voter ID Card.
  2. Employee ID issued by the government organization you work for.
  3. Salary slip for the last 2 months
  4. Bank statement for the last 3 months

One of the best and most attractive aspects of a personal loan is the fact that it is collateral-free, meaning you do not need to pledge any form of collateral or asset to get such a loan. Due to the collateral-free process, the number of documents you will require is also minimal. In case the lender needs any additional documents, the lender will get in touch with you personally.

Step 3: Fill Out the Online Application Form

Now that you have kept all the required documents ready, the next step is to apply for the loan online and get instant approval. The most popular personal loan lenders these days, like MoneyView and MoneyTap offer completely online application processes and also have a pre-approved offer ready for your use, so that the amount you need, reaches you in the shortest time possible.

Mentioned below is the general outline of the steps you need to follow while applying for a personal loan online.

  1. Enter your full name, followed by your mobile phone number (it should be the same as registered with your bank, and linked to your PAN Card and Aadhar Card).
  2. You will receive an OTP on your mobile, using which you can proceed with the application process.
  3. Fill out your personal details, employment details, and past financial records as requested by the application.
  4. Once these steps are complete, choose the loan amount you require and choose a repayment tenure that you are comfortable with.
  5. Complete the final steps and look forward to receiving instant approval on your loan application.

Depending on the lender of your choice, you will generally receive approval on your loan application within 24 to 48 hours of applying for it online.

Things to Consider Before Applying for a Personal Loan as a Government Employee

Although the application and approval process for a personal loan is much easier than ever before, there are a couple of things you need to keep in mind before you start with the application process.

Use the Online Emi Calculator

One of the first and most important things to do is to use the available EMI Calculator and calculate the monthly EMIs you will need to pay after taking into account the interest amount. In the calculator, enter your loan amount, the interest you need to pay per annum, and the tenure of your loan in months, and it will calculate the monthly EMIs you will need to pay along with the tenure you need to pay it for.

Make Use of a Flexible Withdrawal Plan

Most lenders these days have a flexible withdrawal plan, which allows you to withdraw your loan amount on the go. Generally, there are no extra charges and limits on the number of withdrawals you can take. Along with this, as a borrower, you also get the option of paying the interest only on the amount you have withdrawn and not the full loan amount, thus further reducing your financial strain.


Getting a personal loan in 2020, especially as a government employee, is a cakewalk thanks to the many lenders who specialize in this domain. So if you need urgent and quick cash and you are a government employee, go ahead and apply for a personal loan from your favorite lender today.