Personal Loan

SBI Personal Loan for Government Employees @lowest Rate – Eligibility

06 Dec 2019 6 min read
Personal Loan: SBI Personal Loan for Government Employees – Eligibility, Interest Rate

If you are a Government Employee and looking for some attractive schemes, then this article will be helpful to you. We will tell you about attractive products and the eligibility conditions. 

SBI personal loan

SBI has offered attractive personal loan products (such as SBI Xpress credit personal loan, SBI Saral personal loan, SBI pension loan and so on) to cater to the distinct needs of a diverse set of people ( salaries, self-employed, pensioners etc). SBI personal loan is known to offer facilities such as zero prepayment, minimum processing fees, low-interest rates and so on and no wonder that it is one of the largest lenders in the country.

SBI Personal Loan for Govt Employees

SBI offers attractive personal schemes to address the urgent fund requirements of Government employees. Be it a medical emergency, family vacation, or wedding, all Government employees can avail an SBI Xpress Credit loan up to Rs 15 lakhs with a maximum loan tenure of 4 years. This SBI personal loan interest rate starts at 11.90%.

SBI Pension Loan, another popular scheme for the Government pensioners, offers loans up to Rs 14 lacs for a maximum tenure of 5 years. The personal loan interest rate for this scheme starts at 12.45%.

Features of SBI personal loan For Government Employees

  • The rate of interest for SBI personal loan products for government employees starts at 11.90%
  • Special offers are also available for  employees of both central government and public sector undertakings
  • Zero processing fees for the Defence personnel
  • The very low personal loan interest rate for employees of the public sector banks
 

SBI personal loan Government Employees Eligibility Criteria

  • The age of an applicant should be between a minimum of 21 years and a maximum of 58 years.
  • In general, any permanent and salaried Govt. employee having a minimum monthly income of Rs. 20,000 is eligible for an SBI personal loan. There may be slight variations in the income eligibility, depending upon his profile.
  • SBI personal loan is disbursed to those employees, who have at least 6 months’ experience in their present job, along with a total experience of not less than 3 years. Although it may also vary from bank to bank.
  • Personal loans being an unsecured loan, your CIBIL score can be an important factor for the approval for the best personal loan. A  CIBIL score of more than 700, along with a good credit history is considered good enough for approval of the best personal loan for you.

Documents Required - SBI Personal Loan For Gov Employee

For obtaining the maximum amount of personal loan from State Bank of India, a borrower should produce the following documents according to their business profiles as follows:

  • Signed loan application form
  • Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
  • Processing fee cheque
  • Last 3 months bank statement & 6 months bank passbook statement
  • Latest salary slip & current dated salary certificate with the Latest Form 16 for salaried individuals
  • Latest Bank statement or Latest ITR or Form 16 for self-employed individuals

Salient Features of an SBI Personal Loan for Government Professionals -

Minimum term Loan Amount

₹ 25,000

The maximum term loan amount

24 times NMI with a maximum of Rs.15 lakh

Overdraft minimum amount

₹ 5 lakh

Overdraft maximum amount

24 times NMI with a maximum of Rs.15 lakh

Minimum NMI

₹ 5000

EMI/NMI Ratio

<50%

Repayment Tenure

5 Years or residual service period whichever is less

Interest for Penalty

2% per annum

Prepayment Charge

3% of the prepaid amount

Processing Charges

1% of the loan amount + service tax that will be applied

Now, let us have a glance at what other prominent banks such as ICICI and HDFC offer for government and semi-government employees.

Job Segment

ICICI Interest Rate

HDFC Interest Rate

Navratna Public Sector Units

11.35%

11.49%

Maharatna Public Sector Units

11.35%

11.49%

Central Government Professionals

11.60%

15.50%

Railways

11.60%

14.99%

State Government Professionals

11.60%

15.50%

Defense

11.50%

16.00%

PSU Banks

13.25%

15.50%

SBI Personal Loan for Central & State Government Pensioners –

Age

Maximum Loan Amount

72 years

₹ 14 lakh

72-74

₹ 12 lakh

74-76

₹ 7.5 lakh

SBI Personal Loan for Defense Pensioners –

Age

Maximum Loan Amount

72 years

₹ 14 lakh

72-74

₹ 12 lakh

74-76

₹ 7.5 lakh

SBI Personal Loan for Family Pensioners –

Age

Maximum Loan Amount

72 years

₹ 5 lakh

72-74

₹ 4.5 lakh

74-76

₹ 2.5 lakh

Compare SBI Personal loan with other banks:

Aditya Birla Personal Loan HDFC Personal Loan ICICI Bank Personal Loan Axis Bank Personal Loan
Bank Of India Personal Loan IndusInd Bank Personal Loan Fullerton India Personal Loan TATA Capital Personal Loan
Capital First Personal Loan RBL Bank Personal Loan PNB Personal Loan Vijaya Bank Personal Loan
Bank of Baroda Personal Loan Uco Bank Personal Loan Mahindra Finance Personal Loan Oriental Bank Personal Loan

SBI Personal Loan for Gov Employee Faq's

Query- I am a Government employee. Please tell me why I should opt for an SBI personal loan.

Reply- You should opt for an SBI personal loan as the following factors make it stand out-

  • The SBI personal loan rate of interest  for government employees starts at 11.35%
  • Special offers also available for  employees of both central government and public sector undertakings
  • SBI online personal offers zero processing fees for the Defence personnel
  • Very low SBI personal loan rate of interest  for employees of the public sector banks

Query- What is the minimum monthly income required to be eligible for an SBI personal loan for government employees?

Reply- In general, any permanent and salaried Govt. employee having a minimum monthly income of Rs. 20,000 is eligible for an SBI personal loan. There may be slight variations in the income eligibility, depending upon his profile. You can also use the SBI personal loan calculator to check your eligibility and calculate the loan amount you are eligible for, based on your monthly income.

Query- Is experience at a job is a criterion for Government Servants to avail an SBI personal loan?

Reply- Yes. SBI personal loan is granted to government employees with at least 6 months’ experience in the current job, along with a total experience of minimum of 3 years.

Query- I am 65 and retired as a Government employee. Am I eligible for an SBI personal loan?

Reply- Yes, you are eligible for the SBI pension loan. The Central/State Government or Defence pensioners, who are drawing their pensions through any of the SBI branches and are not over the age of 76 years, are eligible for the SBI pension loan. SBI Personal loan products come with facilities such as minimum processing fees, competitive SBI Personal Loan Rate of interest, quick and hassle-free processing and so on.

Personal Loan Blogs :

How to get Your Personal Loan Approved?

Compare offers from HDFC Personal Loan and SBI Personal Loan

How to avoid the rejection of your personal loan request?

Personal loan Eligibility Criteria

Document Required For Personal Loan

 ➤ SBI Business Loan

The bottom line:

Afinoz.com can help you get a personal loan by SBI online.  You can apply for a personal loan from us and check your tentative EMI/ eligibility using our utility tools such as Personal Loan EMI calculator and Personal Loan Eligibility calculator. Our best services are offered to you absolutely free of cost.

SBI Personal Loan News – 2019

12th March 2019: SBI Offers Personal Loan against Credit Card

State Bank of India (SBI), one of the leading government corporations, public sector banking and financial services statutory bodies are instrumental in offering a personal loan on its credit card. The customers can meet their extra cash requirement and encash the amount in 2 days. To avail this facility, an applicant needs to share the details of his SBI Card and date of birth, as mentioned in his SBI Card. He can give a missed call on 18601801290/39020202 and send the SMS ‘Encash’ to 56767.

18th March 2019: Nayi Disha: A New initiative of SBI to ensure work-life balance for its 2.6 lakh staff

To maintain a work-life balance, SBI has launched ‘Nayi Disha’an employee engagement platform. Chairman, Rajnish Kumar says, “Over 350 trained staff are reaching out to every employee in the program, which is the first major initiative reaching out to every member of the staff in over four years. They undertake 5 to 6 hours long sessions which end with a team dinner with each one spouse.”

19th March 2019: SBI Waived Outstanding Loan of 23 CRPF Soldiers

To pay homage and respect to 23 martyred CRPF soldiers in Pulwama attack, India’s largest bank, SBI has announced to waive outstanding loan and release insurance money to their kins. SBI official says, “All the CRPF soldiers were customers of the bank under defense salary package where the bank provides insurance of Rs 30 lakh to each of the defense personnel.”

04th February 2019: SBI Q3 Net Profit of ₹ 3955 crore

As compared to the last year loss of ₹ 2,416.34 crores, SBI has posted a net profit of ₹ 3,954.81 crores for the quarter ending 31st December.

20th February 2018: 14% Loan Growth is Expected This Fiscal year: SBI          

Pushed by the retail sector, SBI is expecting a robust growth of 14% this fiscal year.  The growth is driven by the upsurging loan demand of government enterprises.