Post office: Those who have an account at the post office can now also get a loan there. See full information here.!
Post office
Post Office: Now you can get a personal loan up to 90 thousand at the post office!
Personal Loan: Post Office, known for its traditional postal and savings services, now offers an excellent opportunity to its RD (Recurring Deposit) customers – a personal loan facility. This initiative makes it easier for customers to get financial assistance without relying on bank loans alone.
Overview of Post Office Personal Loan Scheme
Eligibility: RD is available to account holders after maintaining the account for at least 1 year.
Loan Amount:
Single account holders: Maximum ₹45,000
Joint account holders: Up to ₹90,000
Interest Rate: Competitive and lower than many conventional bank loans.
Loan Term: Flexible repayment terms as per Post Office rules.
What is RD Account?
An RD (Recurring Deposit) account allows individuals to deposit a fixed amount monthly and earn interest on the entire deposit after a period of 5 years. It is popular among middle class and low income groups due to low investment requirements and guaranteed returns.
Key Features:
There is no age limit for investment.
Flexible deposit amounts.
Guaranteed income even if payments stop within 5 years.
Useful for small savings over time.
Benefits of Post Office Personal Loan Scheme
Quick and Easy Loan Processing: Minimal paperwork and fast approval process.
Low interest rates: More affordable than many personal loans from banks.
Available to all: Available to anyone with an RD account, irrespective of income status.
No collateral required: RD accounts act as security for the loan.
How to Apply for Personal Loan from Post Office
Visit your post office: Go to the branch where your RD account is located.
Loan Application Form: Request and fill the loan application form.
Document Submission: Submit the following documents:
RD Account Details
Identity Card (Aadhaar, PAN or Voter ID Card)
Address proof
Verification: The post office will verify your account and eligibility.
Loan Disbursement: After approval, the loan amount will be directly credited to your account.
Why Choose Post Office Personal Loan?
No elaborate formalities are required like banks.
Suitable for middle class individuals with limited access to formal credit.
Supports financial needs such as emergencies, education or personal expenses.