Being a government employee is not only a matter of great pride but it also has its own advantages over jobs in the private sector. A decent salary, unparalleled job security, several perks and bonuses, retirement and medical benefits, the ability to maintain healthy work-life balance are some of the many benefits which you enjoy as a government employee. It is no wonder that despite the high salaries offered in private jobs, a large population in the country still aspires to be in government jobs.
However, irrespective of the fact that a government job is secure and pay you a decent salary, many times, you may feel the shortage of funds at some point in life. So, personal loans offered from banks and other lending institutes can be a savior in times of such financial situations.
As a government job is considered to have the highest level of job security, almost all banks, and financial institutions provide personal loan offers especially customised for government employees to meet their unique requirements with favorable terms and conditions.
Such personal loans can be taken for a variety of reasons such as
- Medical expenses for treatment of oneself, spouse, children or relatives
- Personal expenses for vacations or wedding in the family
- Repairs and renovation of a house
- For education of self, spouse or children
- Purchase of any high ticket consumer durable
- Repayment of an existing loan
Taking a personal loan and repaying it effectively requires adequate planning and calculating EMIs in advance, which is a very important part of this process. So, you don’t have to worry about calculating EMIs at all as the personal loan EMI calculator will calculate the EMIs for you in seconds. The personal loan EMI calculator is a simple, fast and reliable source of information to calculate your EMI’s.
Unique benefits offered to government employees applying for personal loans
- Low Interest Rates: Since government jobs are considered to be the most secure jobs, the interest rates offered to them is lower as compared to other employees. Interest rates for personal loans for government employees are as low as 11.35%.
- No collateral needed: Income of the employee and past payment history is sufficient to avail personal loans without any collateral.
- Hassle-free documentation: A loan can be availed with minimal documentation irrespective of the sector you work in.
- Repayment options: Personal loans can easily be paid with tenure ranging from 12 months to 60 months.
Personal Loan EMI Calculator Formula
The calculation in the EMI calculator is done through the below-given formula:
E = P . r. (1+r)^n/((1+r)^n – 1)
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
r = Monthly Interest Rate
n = Monthly Loan Tenure
So, this is how you can calculate the EMIs for your personal loan for the government employees. Furthermore, EMI calculators also help you manage the various loan parameters to become debt free in the most efficient manner..