Yes. Government employees can get personal loans from RBL Bank.Individuals can apply RBL bank personal loans and  other  various purposes, such as building a home, medical emergencies, marriage, home renovation, purchasing gadgets, and so on. Interest rates on personal loans offered by RBL Bank are in the range of 14% to 23%. The bank charges you with a processing fee which is around 4% of the loan amount. Government employees can get a loan amount in the range of Rs. 1 Lakh to Rs. 20 Lakhs. The loan tenure should be in the range of 12 to 60 months. The income of a salaried person should be Rs. 25,000 per month at least.    

What Are The Factors Based On Which Government Employees Can Negotiate?

 Government employees can negotiate based on the following factors:

  • Credit Score: government employees can negotiate based on their credit history if they possess an excellent credit score. They can use it to their advantage to get better personal loan interest rates.
  • Their monthly inflow of income
  • Repayment ability 
  • The relationship they enjoy with RBL Bank

When Will the Bank Consider Giving A Lower Interest Rate For Government Employees? 

Some of the major things are as follows:

  • The repayment capability
  • The type of their profession (self-employed or salaried). 
  • The organization that they are employed in 
  • Financial strength
  • The number of years remaining in their professional career.   
  • The credit score. If they have an excellent credit score, they can use it to their benefit to get a lower interest rate.

What steps should government employees do to improve their chances of bargaining for the best interest rate?

They should do the following:

  • Maintain a good credit score (750 and above). They have higher chances of loan approval when the score is higher.
  • The EMIS should be within the limit of 40 to 50% of the salary that they are taking home. Otherwise, it may not be convenient, and questions will rise as to whether or not one can repay the loan.
  • They should avoid applying for multiple personal loans and make sure that they are not in a debt that they have applied for just recently.
  • Make sure that they are not having any credit card debts (ensure that they pay the credit card bills on time)