SBI offers personal loans to permanent or confirmed employees of State and Central Government under SBI Xpress Credit and SBI Quick Personal Loan schemes. They can avail of up to Rs. 20 Lakhs for tenure up to 6 years. The SBI personal loan for govt employees can be used for any purpose and comes with an interest rate of 10.60% to 13.85% p.a..
|Loan amount||Up to Rs. 20 Lakhs|
|Tenure||6 months to 72 months|
|Rate of interest||10.60% to 13.85% p.a.|
|Processing fee||1.50% of the loan amount + GST|
|Prepayment charges||Up to 3% of outstanding balance|
|Minimum age||21 years|
|Minimum net monthly income||Rs. 15,000|
|EMI/NMI ratio||Below 50%|
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. SBI Personal Loan Interest Rate for Govt Employees is lower than their other counterparts.
|Types Of SBI Personal Loan||Interest Rates||Processing Fee||Loan Tenure|
|SBI Xpress Credit||10.60% - 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 for govt employees 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 personal loan interest rate for govt employee starts at 10.60% 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 SBI personal loan for govt employees, you need to ensure timely submission of documents after the loan approval. Keep following ready for the same:
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.
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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 the overall cost of the loan.
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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A government employee can avail a loan amount of up to Rs. 20 Lakhs in SBI.
The minimum monthly income required to get a SBI personal loan for government employees is Rs. 15,000.
Yes. Retired government employees can get SBI personal loan under the SBI Pension Loan scheme. They can get up to Rs. 14 Lakhs for tenure up to 84 months.