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Wear Off Your Financial Stress with SBI Personal Loan for Govt Employees

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sbi personal loans

Are you a government employee looking for a personal loan?

Money plays a very important factor in everyone’s life. It decides the quality of life we spend, the food we eat, and the lifestyle we are living for. To earn money and materialize our desires, we work hard. We do jobs of every kind. And in today’s era, we also look for side hustle through which we can make money. To make our finance stable, we opt for government jobs. Sometimes, it isn’t enough. Sometimes, we need more money to finance things that we really need. For such time, State Bank of India (SBI) lends personal loan at low-interest rates. 

SBI Personal Loans are designed by keeping government employees in mind. If you’re government employee, you can avail SBI Personal Loan for govt employees of up to Rs. 15 Lacs for a maximum tenure period of 4 years. In this post, you are going to learn about the benefits of SBI personal loan for government employees

SBI Personal Loan Online 

SBI Personal Loan is a type of unsecured loan. The best thing about this loan is that you can apply for it online. Due to the decision to make personal loan online, SBI attracts many loan customers. From the customer’s point of view, applying for SBI personal loan become easy after SBI took the decision to digitise itself. 

SBI Personal Loan for Govt Employees – Everything You Need To Know

State Bank of India lends SBI Personal Loan to government employees of up to Rs. 15 Lacs. As the name suggests, SBI Personal Loan for Govt Employee can be availed by those who are working under state or central government. Those who are working in Public Sector Undertaking (PSU) Banks can also avail this loan. This loan can be used for various purpose. Below, we have mentioned a list of reasons for which you can avail personal loan online

  • For wedding
  • For travelling
  • For renovating your house
  • For your child/s education
  • For medical emergencies

SBI lends personal loan under various government schemes. It also lends pension loan to government pensioners at a low-interest rate. From now on, let’s understand why sbi personal loan for government employees is the best option for government employee. 

Features of SBI Personal Loan for Government Employees

  • SBI Personal Loan Amount up to Rs. 15 Lacs
  • Personal loan at a low-interest rate
  • Exclusive offers on loans for central/state government employees and PSU employees
  • Low processing fee, absolutely zero processing fee for defence personnel

SBI Personal Loan Interest Rate 2019 for Government Employees

For those who have already made up their mind for not taking personal loan due to its interest rate, we are going to change your mind here. Unlike other personal loan, SBI Personal Loan for Govt Employees can be availed at a low-interest rate. The interest rate on this loan goes as below as 11.90% per annum. With interest rate as low as SBI personal loan interest rate, you can relax about the repayment of loan. 

Other Important Facts about SBI Personal Loan

SBI Personal Loan Interest Rate 2019 for Government Employee11.90% onwards
Minimum term Loan Amount₹ 25,000
The maximum term loan amount24 times of monthly income with the upper limit of Rs. 15 Lacs
Overdraft minimum amount₹ 5 lakh
Overdraft maximum amount24 times of monthly income with the upper limit of Rs.15 Lacs
Minimum NMI₹ 5000
EMI/NMI Ratio<50%
Repayment Tenure5 years or remaining service period, whichever is more
Interest for Penalty2% per annum
Prepayment Charge3% of the prepaid amount
Processing Charges1% of the loan amount + applicable tax

 

What are the schemes in SBI Personal Loan Scheme 2019?

For now, there are 3 schemes for SBI Personal Loan. These are –

SBI Pension Loan – Under this loan scheme, pensioners and family pensioners can avail personal loan on the behalf of their pension. Those who used to be government employee can avail this loan to meet various financial requirements.

SBI Xpress Credit – Those who maintain an account with SBI and draw salary in their SBI account can avail SBI Xpress Credit to enjoy the freedom of instant funds. This loan type is multi-purpose in nature. It means you can use it for any valid reasons.

SBI Xpress Power – This is just another personal loan from SBI. Under this scheme, a personal loan can be availed by those who don’t have salary account in SBI. Terms and overdraft facility are also available in this loan scheme. 

Eligibility Criteria for SBI Personal Loan for Govt Employees

These are the eligibility criteria for SBI personal loan for government employee –

  1. Those who are employee in central/state government or in PSU banks are only eligible for SBI Personal Loan for Govt Employees.
  2. Age of the applicant must be in between 21 and 58 years. 
  3. Those who are earning monthly income of more than Rs 20,000 can avail sbi personal loan online.
  4. To be eligible, one needs to have at least 6 months of experience in his/her current organisation. The total work experience of the applicant must be more than 3 years.
  5. Those who are having a credit score of 700 or above can avail this personal loan without any hassle. 

Documents Required for SBI Personal Loan

  1. Duly signed application form with passport photo
  2. Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
  3. Processing fee cheque
  4. Latest bank statements and passbook statements
  5. Authorised salary certificate and latest salary slips

To avail more benefits on personal loan online, apply for personal loan with us.

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