If you are a government employee who is thinking of applying for a Personal Loan you are lucky to have a Personal Loan option with maximum benefits, and that too, on the customised terms & conditions from the banking major-the State Bank of India.
SBI is the name to reckon with. It is the largest public sector bank in India with an impressive network of branches spread all across the country. The Personal Loans by SBI are particularly popular for the customer-friendly application process and low rate of interest. The bank extends different Personal Loan products such as SBI Saral Personal Loan, SBI Xpress Credit Personal Loan, and SBI Personal Loan to cater to a varied base of customers.
The SBI offers separate Personal Loan products to meet the distinct needs of different segments such as salaried, self-employed, pensioners, etc. Likewise, they have designed a customized Personal Loan for Government Employees with some of the striking features and benefits.
|Types Of SBI Personal Loan||Interest Rates||Processing Fee||Loan Tenure|
|SBI Xpress Credit||10.10% - 13.85%||1.50% of loan amount (minimum Rs. 1,000 & maximum Rs. 15,000) + GST||6 months to 6 years|
|SBI QUICK Personal Loan||10.85% - 12.85%||1.50% of loan amount (minimum Rs. 1,000 & maximum Rs. 15,000) + GST||6 months to 6 years|
|Pension Loan||9.75% - 10.25%||1% of loan amount (minimum of Rs. 1,000 & maximum Rs. 10,000) + GST||2 years to 8 years|
Here is a quick list of features and benefits of Personal Loan by SBI for government employees:
Loan Amount: This SBI Personal Loan can be borrowed for a minimum of Rs. 24,000 and the maximum of 24 times the net monthly income or Rs. 20 lakhs.
Lower Interest Rate: SBI charges lower interest rates on Personal Loan for government employees, starting at 10.10% p.a.
Low Processing Fee: SBI Xpress Credit scheme involves a processing fee of up to 1.50% of the loan amount, minimum Rs. 1,000 and maximum Rs. 15,000 + GST. The processing fee for Jai Jawan Pension Loan and Clean Overdraft is Nil.
Minimal Documentation: To avail the swift disbursal of Personal Loan, you need to ensure timely submission of documents after the loan approval. Keep following ready for the same:
Identity Proof (anyone): Pan Card/ Voter ID/ Passport/ Driving License/ Adhaar Card
Address Proof (anyone): Adhaar Card/ Passport/ Driving License/ Voter ID/ Latest Utility Bills
Income Proof: Last 3 months’ bank statement; Salary Slips of last 3 months and salary certificate (for employed individuals); Latest ITR/ Form 16 (for self-employed individuals)
Others: Duly filled application, Passport sized picture and processing fee cheque.
Experience: You must have a minimum work experience of 1 year.
Repayment Period: The loan tenure can be between 6 months to 6 years or up to a residual job period.
Collateral: No loan security is required to apply for Personal Loan.
Credit Score: Being an unsecured loan, you need to have a good credit score to get the loan approval. You would require a minimum of 700 CIBIL score to get the loan approval.
Eligibility: Government employees working with the following departments can apply for SBI Xpress Personal Loan, provided they have an SBI Salary Account:
After one year of your Xpress loan, you can apply for a second Xpress loan. Only those with regular repayment record would be eligible for the same. You cannot borrow more than two personal loans on your name. Also, it is mandatory to maintain an overall EMI to net monthly income ratio of 50%. Neither a guarantor nor collateral is required to avail a second personal loan.
A penalty is applicable on overdue. On every EMI due, a penal interest of 2% p.a. will be levied over and above the interest rate for the period of default. If part of EMI is pending, penal interest would be waived off.
A prepayment charge of 3% on the prepaid amount will be levied on both part and full prepayment of the loan before the term. However, if a new loan account is opened to prepay the loan, no charge is levied.
SBI offers various personal loan schemes for government employees. It is useful to check your loan amount eligibility and EMI amount before applying for SBI personal loan. For this purpose, you can use SBI Personal Loans for Govt Employees Calculator. You can find this EMI Calculator under the Tools & Calculators section on SBI’s website. Just enter the principal loan amount, annual rate of interest, and loan tenure in the EMI calculator to know the EMI to be paid with overall cost of the loan.
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