Employee Loan

If you are a government employee and would like to invest in things that you care about, you are at the right place. We initiated the government employee loan scheme in 1997 and has been one of our most successful ventures over the years.

Eligible Borrowers:

  • Employees of Government

  • Armed Forces

  • Corporations

  • International Organizations

  • NGOS

  • Private Companies

  • Monastic Body with Regular Pay

Eligibility Criteria and Limits

OrganizationNo. of years in serviceMax loan amountGuarantor required
Government, Armed Forces, Govt. Corporations, Listed Companies, NGOs, International Organizations, and Monastic BodyDuring probation periodNu. 50,000Yes
After probation till 3 yearsNu. 300,000Yes
3 years and aboveNu. 500,000No
Private Companies (Not Listed)After probation till 3 yearsNu. 100,000Yes
3 years till 5 yearsNu. 300,000Yes
5 years and aboveNu. 500,000Yes
Contract Employees (Management Level)Nu. 500,000Yes

Undertaking Form

Undertaking forms for following categories of borrowers:

  1. Undertaking form – Government Employees & Armed Forces
  2. Undertaking form – Private Companies (not listed)
  3. Undertaking form – Others

Loan Insurance

Optional for all borrowers.

Guarantor Requirement

  1. Must be an employee of a government, corporation, NGO or international organization with minimum 5years of service OR
  2. Proprietor of the private company/ seniors with minimum5 years of service in the same company.
  3. Proprietor can guarantee for more than one person.
  4. Employee of a private company may guarantee but he/she must not have guaranteed for any other salary-based loans from any organization.
  5. Guarantors must be a PF member (not applicable for proprietors).

Installment Deduction

For government employees & armed forces with e-PEMS facility, installment shall be deposited by the individual borrowers to the loan account or savings account.

For Private companies, installment deductions shall be done at source by the respective agencies/employers.

Interest Rate

9.50 % (Floating) 11.00% (fixed)

Tenure

Maximum 5 years

Forms and Documents for Employee Loan

TypeFile NameDate ModifiedSize

pdf
Addendum 10:33 am 09/03/201829.1k

pdf
GOVERNMENT EMPLOYEE LOAN 6:34 am 05/15/2019187.4k

pdf
Guarantor Application 10:33 am 09/03/2018162.3k

pdf
Insurance 10:33 am 09/03/201843.1k

pdf
Undertaking (Others) 3:22 pm 05/27/202185.8k

pdf
Undertaking Govt Employees 3:21 pm 05/27/202184k

pdf
Undertaking Private Companies (Not Listed) 3:22 pm 05/27/202184.9k