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Personal Loan for Railway Employees

Personal Loan for Indian Railway Employees

Last Updated 18th Oct 2021

Interest Rate10.25% p.a Check Best Offers
Processing FeeUp to 3% of the loan amount
Loan Amount₹ 50,000 to ₹ 50 Lakh
Loan Tenureupto 42 months
Lowest EMI Per Lakh ₹ 2,844
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Personal Loan For Railway Employees: Details

There are many banks and NBFCs in India that offer personal loans to railway employees. However, few of them also offer it at a lower interest rate. Railway employees can avail of personal loans for any purpose like paying off debt, paying medical bills, planning a vacation or a wedding.

Features of availing Personal Loan for Railway Employees

  • Fast Approval: Generally, the personal loan application for a salaried employee is approved within a few hours. This is because banks give loans faster to people who have fixed sources of income, and government employees like employees of Indian railways benefit from it.
  • Attractive Interest Rates: The railway sector is a massive part of the Indian government employment sector. Hence, many banks offer discounted rates on a personal loan for railway sector employees.
  • Minimal Documentation: IRCTC or Railway employees can easily take personal loans for any purpose by submitting a few sets of KYC and income proof documents asked by the lender.

Benefits for Railway Employees if they avail of Personal Loan

  • Get cashback of up to ₹1000 if your personal loan gets disbursed through MyLoanCare.
  • Flexible repayment tenure from a minimum of 12 months to a maximum of upto 42 months on a personal loan for railway employees.
  • Get a loan for minimum ₹ 50,000 and maximum ₹ 50 Lakh.
  • Option to get Flexi loan facility with few lenders and save on interest.
  • No hidden charges and end usage restriction.

What are the Eligibility Criteria for Railway Employees to Get a Personal Loan?

Railway employees need to fulfil the following eligibility criteria to get a personal loan from any lender:-

  • You must be an Indian citizen working in the railway sector
  • Your age must be between 21 years to 60 years
  • Your salary must be above ₹ 20,000
  • It would be best if you were associated with Indian railways for more than years
  • Your credit score must be above 700 to get rates at low rates.

What are the Interest Rates, Processing Fees & Other Charges for Railway Employees?

Bank NameInterest RatesProcessing Fee
Axis Bank
Compare
10.25%Upto 1.50% Of Loan Amount
ICICI Bank
Compare
10.25%Upto 2.00% Of Loan Amount
Axis Bank
Compare
10.25%Upto 2.25% Of Loan Amount
ICICI Bank
Compare
10.50%Upto 0.00% Of Loan Amount
IndusInd Bank
Compare
13.25%Upto 2.25% Of Loan Amount
Karur Vysya Bank
Compare
14.00%Upto 2.25% Of Loan Amount

What are the Documents Required for Railway Employees?

As a railway employee, you will have to submit the following documents when you apply for a personal loan:-

  • KYC documents: Aadhaar card and PAN Card
  • Two passport size photographs
  • Identity proof: Driving license, Voter ID card, Passport
  • Address proof: Driving license, Passport, last three months utility bills (gas/electricity/water)
  • Income proof: Form 16, last three months salary slip, last six months bank statement

How Indian Railway Employees Get Personal Loan through MyLoanCare?

There are multiple benefits of applying for a personal loan with MyLoanCare. You can easily check your eligibility, calculate your EMI and get offers from top lenders. You also get a cashback for up to ₹ 1,000 when the loan gets disbursed.

Apply: Personal loan offers for the railway employees are displayed as per the eligibility. You can check for eligibility and apply by filling an application form. For further process, our loan advisor will call you.

Approval process: If you are eligible for a personal loan, then our loan advisor will help you with shortlisting the best offer, loan documentation and further application process. Once your application is shared with a lender, the bank’s representative will call you and confirm the details. If eligible, the executive will do documents verification and after verification, the loan will be sanctioned and then disbursed to your account.

About Indian Railway

It is a statutory body that comes under the jurisdiction of the Ministry of Railways. This ministry is looked after by India’s national railway system, which is looked after by the government of India. Indian Railways is the fourth-largest network in the world.

  • Founded: 1853
  • Headquarter: Delhi
  • Route Length: 67,956 km (as of March 2020)
  • Railway Minister: Ashwini Vaishnaw

Other Loans Types for Indian Railway Staff

FAQs

What are the extra benefits for Railway employees while availing of a Personal Loan?

As a railway employee, if you apply for a personal loan, you can get extra benefits like lower interest rates and higher loan amount depending on your net monthly income. This is because a railway employee is a salaried employee, and banks trust the creditworthiness and hence offer special discounts on interest rates.

What is the maximum amount Railway employees can get for a personal loan?

You can avail of a maximum loan amount for up to ₹ 50 Lakh. However, if you do not have a good credit score, the bank might not approve the maximum loan amount.

Is there a minimum work experience criteria for Railway employees?

Yes, you need to have a minimum work experience of 1 year to get a personal loan. However, few lenders might also approve personal loans for freshers.

Are interest rates for Railway employees lower than general rates?

Yes, the interest for railway employees can be lower than general rates, but that is dependent on the lender. There are few banks like Axis Bank, ICICI Bank who provide a lower interest rate of 10.25% to railway employees.

Which bank is best for Railway employees for availing of a personal loan?

Axis Bank, ICICI Bank and Axis Bank are the best banks as they offer an interest rate of 10.25%, 10.25% and 10.25%, respectively. Also, IIFL is a good option because it provides the best customer service for a personal loan rating of 4.8/5.


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Personal Loan News - Oct 2021
  • 2021-10-14 : Zavron Finserv Launches Instant Personal Loan Application
    Zavron Finserv- a non-banking financial institution- has introduced an instant personal loan application. This App will help customers to take loans instantly within few minutes that too from their mobile phone. A loan for a minimum of Rs 10,000 and a maximum of Rs 2 lakh is available.
  • 2021-10-13 : Early Salary Introduces Dussehra Offers
    Early Salary has announced the Dussehra offer on personal loans by 50% off on processing fees. The interest rate charged by the instant mobile application is Rs. 9 per day.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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