Blogs
SBI Personal Loan for Govt Employees @lowest Rate – Eligibility
10 Feb 2019 | 6 min read
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 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 Govt 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 for SBI Personal Loan For Govt 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:
|
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 |
Why Do People Apply for a Personal Loan at Afinoz?
- Offers from Top Lenders: Afinoz works with over 40 banks, NBFCs, and fintech to provide you the finest loan deals. You may compare loan offers from a variety of lenders in one spot.
- Compare and Select: You may compare personal loan offers from India's major banks, NBFCs, and fintech on Afinoz.
- Personalized Solutions & Guaranteed Approval: Afinoz uses your credit score and other eligibility parameters to provide a tailored list of options. From top to bottom, those offers are rated according to which have the best prospects of being approved for a loan. This will assist you in selecting the best offer and provide you with the assurance that your loan will be approved.
- Pre-Approved Loans: As a member of the Afinoz family, you will receive personalized pre-approved personal loan offers based on your credit health from time to time. Low processing costs, low interest rates, and very no documentation are common features of these loans.
- Unbiased Advice: If you have any questions or require assistance, Afinoz's team of professionals is there to walk you through each stage, coordinate with the lender, and assist you in obtaining the best personal loan possible.
- Digital Process: Afinoz.com, as a digital-only platform, offers you a complete digital experience that allows you to apply for personal loans from the comfort of your own home with zero fees.
- Documents Pickup: When physical proof is required, Afinoz representatives will come to your home or office on a mutually agreed-upon date and time after you have applied for the loan. You don't have to go to the lender to submit your documentation since Afinoz will take care of it for you — for free.
- End-to-end Assistance: Team Afinoz remains with you and works in the background with the lenders to give you a fantastic experience, from browsing for a loan option to receiving the sanctioned loan amount in your bank account.
SBI Customer Care
Existing SBI personal loan borrowers can contact the bank using the following online and physical methods:
- The toll-free numbers for SBI Customer Care are 1800-425-3800 and 1800-11-2211.
- You can also contact SBI's customer service department by dialling 080-26599990. (standard charges apply)
- UNHAPPY can be texted to 8008-2020-20.
- You can also use the Online Customer Complaint Form to file a complaint.
Compare SBI Personal loan with other banks:
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 are 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.
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.