Post Office Loan Scheme: At present, we may need a loan anytime. In such a situation, many times we do not get a loan at the right interest rate and we have to take a loan at a higher interest rate in the end. Now we are going to tell you about such a scheme with the help of which you can easily get a loan, that too at a very low interest rate. “Post Office Loan Scheme” Yes, you heard it right, now you can also get a loan from the post office. In today’s article, we have given complete information about Post Office Loan Scheme.
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New scheme of Post office
Now you can get a loan on the fixed deposit (FD) or recurring deposit (RD) made by you in the post office. All the account holders of Post Office Bank can avail this facility. To avail this loan facility, you must have an FD or EPF account in Post Office Bank. Collateral is not required in this loan scheme, that is, we do not have to mortgage anything for this loan. The post office provides you loan on the basis of FD done by you.
How to avail loan facility in PPF?
- Loan can be availed after the expiry of one year from the end of the financial year in which the initial subscription was made. (ie account opened during 2019-20, loan can be availed in 2020-21).
- Loan can be availed before the expiry of five years from the end of the year in which the initial subscription was made.
- Loan can be availed up to 25% of the balance in its credit at the end of the second year immediately preceding the year in which the loan is availed. (ie if loan taken during 2019-20, 25% of the balance on 31.03.2018)
- The second loan will not be given until the first loan is repaid.
- If the loan taken is repaid within 36 months, the interest rate on the loan will be 1% per annum.
- If the loan is repaid after 36 months, interest at the rate of 6% will be applicable on the loan. This interest will be applicable from the day it was given.
Terms of loan on Post Office RD
If the account is not closed even after 12 instalments have been deposited and the account has been kept active for 1 year, then the depositor can avail loan facility up to 50% of the balance amount deposited in the account.
- The interest on the loan will be applicable as 2% + RD interest rate applicable on the RD account.
- The interest will be calculated from the date of withdrawal to the date of repayment.
- If the loan is not repaid till maturity, then the loan and interest will be deducted from the matured amount of the RD account.
- There is no loan facility in any other scheme
Although other small savings schemes of Post Office are quite popular, but they do not have loan facilities. These include Time Deposit Scheme, Monthly Investment Scheme, National Saving Certificate, Sukanya Yojana, Kisan Vikas Patra. The returns in all these schemes are quite good, but the loan facility available for PPF and RD account holders is not available in any other scheme.
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Required documents
To apply for the Post Office Bank Loan Scheme, you will need the following documents-
- Aadhaar card / PAN card / Voter ID card / Driving license of the applicant.
- Post office savings account passbook.
- Original passbook of FD or EPF account.
- Passport-size photograph.
- Mobile number.
Post Office Loan Eligibility
To get a loan from the post office, the applicant must have an account in the post office bank. The post office bank also provides loan on RD / FD or EPF, so it is necessary to have one of these along with the applicant’s bank account. Along with this, the age of the applicant should be 21 years or more. It is also necessary for the applicant’s Aadhaar card to be linked to the mobile number.
Post Office Loan Scheme Interest Rate
The post office provides us loans based on FD or EPF. The post office also provides us an interest rate of 10% on FD or EPF. If we take a loan from the post office, we must pay an interest rate of 1%. But if we get a loan from the post office, then in that case we do not get 10% interest on the FD or EPF done by us. Thus we have to pay an interest rate of 11%.
Post Office Loan Apply Online
If you also want to get a loan from Post Office Bank, then now you can easily apply for it through the process given in the list below-
- First of all you have to go to the post office where you have your account.
- After this, you have to take a loan form from there for the loan application.
- Now all the information asked in this application has to be filled in carefully.
- Keep in mind that if you fill in the wrong information, your loan application form will be rejected.
- After this, attach the photocopies of all the required documents with this form.
- Now submit this application form to the post office employee.
- Now your eligibility and documents will be checked.
- If found eligible, your loan application will be approved and the loan amount will be transferred to your account.
- For more information, you can visit the official website of Post Office Bank.
- You can easily apply for this loan scheme through the above process.
Can the post office lend money?
If you have an account in Post Office Bank and if you have an RD, FD or EPF account in Post Office Bank, then you can get a loan from Post Office Bank.
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In how many years does the money double in the post office?
The time taken for the money to double in the post office varies depending on your FD. If you have deposited Rs 10,000 at an interest rate of 7.9%, your money will double in 10 years.
Post Office Loan Interest Rate
The interest rate charged on post office loans is charged differently. The interest rate in this is only 1% because the post office provides loans based on fixed deposit and EPFO. Therefore, on taking a loan from the post office, you are not given interest on the EPF of the loan amount, rather you have to pay 1% interest.
In simple language, you do not get 10% interest on EPF, rather you have to pay 1% interest on top, according to which the interest rate of the loan becomes 10%. In this way, the interest rate of a post office loan is calculated.
How to calculate post office loan EMI (Post Office Loan EMI Calculate)
- If you want to calculate the post office loan taken by you, then you can do this work very easily.
- For this, just go to any EMI calculator website, and calculate your EMI from there.
- You have to enter the loan information like loan amount, interest rate and loan period in EMI calculator and then click on Submit.
- After this, you will get information about the monthly installment of your loan.
Post Office Loan Customer Care Number
In this article, you have been given complete information about the loan from the post office, but still, if you want to get more information related to the post office loan, or you are facing any problem in taking a loan, then you can contact the customer care number of Indian Postal Department and get information related to the post office loan.
Customer Care Number: – 1800 425 2440
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FAQs (Post Office Loan)
Can I take a loan from the post office?
Yes, if you deposit 12 installments continuously in the 5-year RD scheme of the post office, then you can avail of the loan facility. This means that to avail the loan facility in the post office, you have to deposit the amount continuously for at least 1 year. After one year, you can get a loan of up to 50% of the amount deposited in your account.
How much loan can be taken from the post office?
RD account holders can take a loan amount of up to 50% of the amount present in their post office account. After this, they can repay the loan amount together or in installments.
What is the valid eligibility to take a loan from the post office?
To take a loan from the post office, the applicant must be 21 years of age, and the applicant must have KYC documents such as: – a PAN card, and an Aadhar card. Along with this, a mobile number linked to Aadhar is also required.
Can I take a personal loan from the post office?
No, the post office does not give loans to everyone, if you want to take a loan from the post office, then you must have an EPF account or FD in the post office. Only then can you take a loan from the post office.
What is the interest rate of a post office loan?
The interest rate of a loan taken on RD deposited in the post office is 2% + the interest rate of RD.