Post Office Loan Scheme: Nowadays, every middle class needing a loan for various reasons. In such emergency, searching a loan with the cheap interest rate can be challenging. For solving this problem, there is a scheme launched “Post Office Loan Scheme” that can help you to get a loan easily at low interest rates. Yes, nowadays You can now get loans from the post office also. In this article, we will provide you with complete information about the Post Office Loan Scheme in simple terms.
New Post Office Scheme
You can get a easy loan against your Fixed Deposit (FD) or Recurring Deposit (RD) made in the post office. All Post Office Bank account holders can take advantage of this new facility. To avail this loan Scheme, you must have an FD or EPF account in the Post Office Bank.
Required Documents
- Aadhar Card / PAN Card / Voter ID Card / Driving License.
- Passbook of your Post Office Savings Account.
- Original Passbook of FD or EPF Account.
- Passport size photograph.
- Mobile number.
Post Office Loan Eligibility
- Applicant must have an account in the Post Office Bank.
- The loan is available against RD, FD, or EPF accounts, so that one of above accounts is necessary.
- Applicant must be at least 21 years old.
- Aadhaar card must be linked with a mobile number.
Post Office Loan Scheme Interest Rate
The post office provides loans based on Fixed Deposits (FD) or Employee Provident Fund (EPF). Interest rate for post office FDs or EPF is 10%. But, when taking a loan from the post office, you need to pay an interest rate of 1% only. But in this case, you will not receive the 10% interest on your FD or EPF. Therefore, the effective interest rate you end up paying is 11%.
Post Office Loan Apply Online Process
- If you wish to apply for a loan from the Post Office Bank, you can easily follow the steps mentioned below:
- Go to the Post Office where your account is Opened.
- Request the loan application form for applying a loan.
- Fill in all details accurately in the application form.
- Attach photocopies of all necessary documents with the application form.
- Submit the filled form and documents to the Post Office employee.
- Your eligibility and documents will be verified by the Post Office.
- If all approved, loan amount will be credited to your account.
Following these steps will help you to get loan from the Post Office.
