Table of Contents
What is Post Office Loan Scheme? Friends, today we will tell you very well how to take a loan from the post office. What is Post Office Loan Scheme? Friends, today we will tell you very well in this post how to take a loan from the post office!
What is Post Office Loan Scheme?
Friends Post Office Loan Scheme This is an excellent scheme run by the Indian Postal Department. You can easily take a post office loan without any guarantor.
Under this scheme, you do not need any collateral to take a post office loan. But there are some conditions for taking a loan from the post office loan scheme. In the same way, no one gets a loan! You should have an account in the post office, and you should also have some fixed deposit or EPF account in your account. We mean to say that, friends, the post office gives you a loan only based on your fixed deposit Friends, by now, you have known what the post office loan scheme is. Next, we will tell you how to apply for a loan at the post office.
How much interest is charged on taking a post office loan?
Friends, if you are taking a loan from the post office, it is essential to find out first! How much interest will you charge on the loan amount if you take a loan from the post office? So now let’s talk with complete information about how much interest is charged on a post office loan! The interest rate seems to be only 1%, but you should not be happy to hear 1% because, friends, as we have told you earlier! That post office gives you a loan considering your fixed deposit and EPFO collateral.
Whenever you apply or take a loan from the post office, that’s why. So you will not get the interest rate on EPF for that loan amount. And at the same time interest rate will have to be paid according to 1%.
If you are getting 10% interest on EPF, you will not get that 10% interest. And if you have to pay 1% from above, then the interest rate of the total loan becomes 11%. In this way, the interest rate of the post office loan scheme is calculated.
What documents will be required (post office loan) to take a post office loan?
- For identity proof, you have to give PAN card, Voter ID card, and Driving license.
- For address proof, you have to give Aadhar card, Domicile certificate, and Electricity bill.
- 4 passport size photographs.
- EPF, Fixed deposit – You have to give a bank account passbook! And one important thing to remember is that your EPF, Fixed Deposit, must be 1 year old! Only then will you get the loan.
How much time will the loan amount be repaid?
Before taking a loan from the post office, you should know this completely! How much time will you get to repay the loan amount? Knowing this information, there is no problem in repaying the loan amount. So friends, after taking a loan from the post office, how much time the loan amount will have to be repaid! The post office gives you at least 1 year to repay the loan amount. And more than this, it depends on you, for how long you take the loan!
How will EMI be calculated for Post Office loan?
- To calculate EMI, you will get the calculator in the post below, and you can calculate EMI by going to it.
- After that, you have to enter your loan amount in the emi calculator.
- And after that, for how long the loan has to be taken, what is the interest rate? You have to put all this and click on the submit button.
- Now how much your monthly installment will cost in front of you? It will come in front of you.
Why take a loan from the post office itself?
Friends, this is a reliable lending institution. There is no fear of any fraud.
You get a loan at a shallow interest rate compared to other banks.
It is straightforward to take a loan from the post office compared to other banks. You do not have to run anywhere to get a loan from the post office.
Can I get a post office loan?
If your account is inside the post office and you have made some fixed deposits in that account. Or in the form of EPF, if you are depositing money as a savings scheme for the last 1 year! You will get a loan through the post office! How much loan you will get depends on how much your fixed deposit is made!
Can I get a loan against FD from the post office?
From the post office loan, friends, you can quickly take a loan against any fixed deposit or EPF! You must have a savings account in the post office. Then whether that account is of any kind, if your money is deposited in the post office! So based on the same payment, the post office provides you the loan.
Also Read: How To Get Axis Bank Education Loan
