Many saving schemes are run by the Post Office Department. Different schemes are run by the Post Office for different customers, like if someone needs monthly income, MIS scheme is run for that and SCSS scheme is run for senior citizens and Sukanya Samriddhi Yojana is run for daughters.
Post Office Loan Scheme. Yes! You have heard it right, now you can also get a loan from Post Office Bank. Complete information about getting a loan from the post office is available in our today’s article. If you also want to apply in the Post Office Loan Scheme, then read our today’s article till the end.
How To Take Loan From Post Office
If anyone wants to take loan from post office, first he has to open his savings account in the post office, after that he has to open an FD scheme account, after which you are provided loan on the basis of your FD (Fixed Deposit).
By the way, loan is not given by the post office. On taking loan from post office, the loan interest rate is not available on EPF, and you have to pay 1% interest rate. That is, you have to pay 10% on EPF along with 1% separately, after which this interest rate becomes 11% in total.
Eligibility Criteria For Post Office Loan
Post Office TD interest is calculated quarterly but it is payable annually. One can open any number of TD accounts in the post office. Even the post office TD account can be transferred from one post office to another.
The account can be opened with a minimum of Rs. 1000 and in multiples of Rs. 100. No maximum limit of investment. One can open a TD account through cash or cheque. People can also open TD account (FD) in various nationalized and private banks like SBI, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank.
Required Documents For Post Office Loan
To apply for the Post Office Loan Scheme, you will need an Aadhar Card/PAN Card/Voter ID Card or Driving License. Apart from this, you will need the Post Office Bank savings account passbook, your FD or EPF account passbook, your colour passport size photo and the mobile number linked to the documents.
Post Office Loan Interest Rate
The post office provides an interest rate of 10% on the FD or EPF done by us and the post office provides us loan according to the same FD or EPF done by us. Post Office Bank charges 1% interest rate on the loan taken by us.
But due to taking loan on FD or EPF account, Post Office Bank does not provide us the 10% interest rate available on the FD or EPF account done by us. Thus, on taking loan from Post Office Bank, we have to repay the loan amount according to the interest rate of 11%.
How To Apply Post Office Loan
- To take a loan from the post office, first you have to go to the post office where you have a savings account.
- You have to take a loan application form from the post office.
- Fill the loan application form and submit it to the post office employee along with all the necessary documents.
- If your documents are found to be in accordance with the loan scheme, then you will be given a loan on the basis of FD (Fixed Deposit).
- Your eligibility and documents will be checked by the bank officials.
- If found eligible, your loan will be approved and the loan amount will be transferred to your bank account.
Conclusion
Hopefully, from this post you have got useful information regarding How To Get Loan From Post Office. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
