What is post office loan scheme?
Friends Post Office Loan Scheme is a scheme run by the Indian Postal Department in which you can take a loan without any guarantee. Under this scheme, you do not need any collateral to take a loan, but post office loan scheme is not available to anyone like this, for this you should have an account in the post office and something is fixed in that account. The deposit should be an EPF account. mean to say That the post office provides you a loan on the basis of your fixed deposit, further we will tell you how to apply for a loan in the post office.
Why take a loan from the post office?
It is a reliable institution, there is no risk of fraud in it. Loan is available at a lower interest rate than the bank. It is easier to take a loan from the post office as compared to the bank, there is no running around.
What is the interest rate on taking loan from Post Office?
Friends, on taking a loan from the post office, its interest rate is only 1%, but you do not have to be happy to hear 1% because as I told earlier that the post office gives you the loan considering your fixed deposit and EPFO collateral.
That is why when you take a loan from the post office, you will not get the interest rate on EPF for that loan amount and will have to pay 1% interest rate along with it.
Overall, if you are getting 10 percent interest on EPF, then you will not get that 10% and you will have to pay 1% from above, then overall the interest rate of the loan becomes 11%. In this way the interest rate of the post office loan scheme is calculated.
What are the documents required to get a post office loan?
- Aadhar Card, Voter ID Card, Driving License any one will work for identification.
- pan card
- Post Office Savings Account Passbook with original and photocopy.
- Passport size photo.
- EPF, Fixed Deposit Passbook is to be carried in original.
- Remember that your EPF, Fixed Deposit should be 1 year old, only then you will get the loan.
How EMI will be calculated for Post Office Loan?
You can calculate this by visiting any My Calculator website, for this you have to go to EMI Calculator. After that enter your loan amount here. After that, for how long the loan is to be taken, what is the interest rate, you have to enter it and click on the submit button. How much your monthly installment will cost will come in front of you.
How to take loan from Post Office?
Step By Step Process
First of all, you have to go to your nearest post office where you have your post office savings account. Now you have to take the form for loan. You have to fill the form and submit all the documents with this form and submit it to the post office. After a few days, if your documents are found to be correct, then on the basis of your fixed deposit, you will be provided a loan.
Can I get a loan from the post office?
If you have an account with the post office and in that account you have deposited some money in the form of fixed deposit, or in the form of EPF, as a savings plan for the last 1 year, then you will definitely get some money through the post office. Nor will you get any loan. Now how much loan you will get depends on how much your fixed deposit is.
Can I get loan against FD from post office?
Friends, you can take a loan against any fixed deposit or EPF from the post office. You should have some savings account in the post office, whatever it is, if your money is deposited in the post office, then on the basis of that money, the post office gives you a loan.
Post Office Loan Application Form Kaise Download Karen
You can click on the link given below to download the Post Office Loan Application Form and download the Post Office Loan Application Form.