A government/GLC personal loan is an unsecured funding option provided specially for government employees or employees in the public sector. A government/GLC personal loan is not provided by the government because they are not a financial institution. It is provided by several banks which have the jurisdiction to provide loans to the public.
These are the features and benefits of a government/GLC personal loan:
The interest rate is calculated based on what type of interest rate you have chosen. The banks allow you to choose between a fixed interest rate or a floating interest rate. A fixed interest rate will not change throughout your loan tenure whereas a floating interest rate will vary depending on the banks’ base rate (BR).
Monthly repayments for a government/GLC personal loan will be deducted directly from your salary, therefore you will not have to worry whether you have made your monthly repayments. However, if you want to pay off your loan earlier, you will have to inform the bank ahead of time. This is because the process to stop deducting your monthly salary will take a certain period of time.
These are the criteria to apply for a government/GLC personal loan:
On Loanstreet, just press apply and fill in your details. We will submit your application to the respective bank and you will receive an email from us within 1 working day. The email will state whether you will have to apply through the bank’s website or walk into the bank itself.
These are the documents you will need to apply for a government/GLC personal loan:
Every bank has a different processing time to approve your application. However, it would usually take an hour up to 5 working days to get an approval from the bank. Once your application has been approved, your loan will normally be given to you a day after approval. To make the processing time faster and more efficient, make sure to submit all the relevant documents with the correct details.