Civil servants are a relatively small group of people who are in the process of becoming a civil servant. They are welcomed by the banks as customers, because unlike apprentices, they are very likely to become civil servants at the end of their entitlement.
What are the conditions for a civil servant loan?
There are no special loans for this group of people, such as exist for civil servants or civil servants. As a civil servant, however, you can apply for a regular private loan from the bank. However, you should note that the remuneration for trainee civil servants is lower than that for civil servants. Therefore, the loan amounts that you can borrow are smaller than with other installment loans.
The bank usually provides you with up to 5,000 USD as a loan amount without any problems. To apply for a civil servant loan, you will need your current earnings certificate, ID card or passport to identify yourself. The term of the loan fluctuates between 12 and 84 months. In exceptional cases, there are also terms up to 120 months.
What conditions should you look out for?
On closer inspection, some offers that look very good at first glance do not deliver what they promise. A favorable interest rate often depends on the customer’s creditworthiness. Two different applicants often receive the same loan from the same bank at different interest rates because their creditworthiness varies. With a civil servant loan, you should not only look at the interest rates, but compare all the terms. If you just need a small loan for a specific purpose, other forms of financing are also possible. You do not always need a civil servant loan.
For example, many retailers offer interest-free payment in installments for their products or services to promote sales. In the meantime, you can finance almost all durable or high-quality consumer goods in this way, from furniture and vacation trips to high-quality glasses. If you pay the installments regularly and on time, you can even improve your Credit bureau rating because payment behavior is one of the most important evaluation criteria.