SBI Personal Loan For Government Employees: Fulfill The Unexpected Financial Needs

Want to enjoy an abroad family vacation but short of cash? Want a credit instantly to pay the medical bills? Planning to renovate your home don’t have enough savings? When the answers to all these questions, can get through SBI personal loans Xpress credit card. This credit card facility can easily be availed instantly to meet your multiple needs.

When you want unexpected finance for medical emergency, house repair, credit card debt payment, SBI personal loans for government employees benefit is here, which can meet such needs. If we talk more about this credit facility, it’s exclusively for the government employee comes with attractive features, benefits, interest rate an all.

The interest rate for the SBI personal loans for government employees 11.45% to 15.35% per annum. The loan amount categorizes as minimum Rs 24,000 and maximum 24 times NMI subject to a maximum of Rs 15 lakhs. Overdraft minimum Rs 5 lakhs and maximum 24 times NMI subject to a maximum of Rs 15 lakhs. The loan repayment period five years. Other charges are processing fees and prepayment charges. As processing fee 0.50% of the loan amount with GST and prepayment charges nil-3% of the principal outstanding.

SBI Personal Loans For Government Employees: Eligibility Criteria

The bank can provide a loan to below applicants

• Central and state government
• Quasi-government
• Central PSUs
• Profit making state PSUs
• Selected corporates who have a business relationship with the bank

Income: Minimum monthly net income Rs 5,000 and EMI or NMI ratio should not exceed 50%

Provision For Second Loan

The second loan can sanction after one year of the first loan. There cannot be more than 2 Xpress credit loans standing in the name of the borrower. It’s a subject to the overall EMI or NMI ratio of 50%.

• Margin: Nil
• Security: Nil
• Third party guarantee: Nil

Required Documents For The Government Employees

• Duly signed the application form
• Identity proof: Voter ID, passport, driving license
• Address proof
• Processing fee cheque
• Last three months bank statement or six months bank passbook
• For salaried individual latest salary slip and current salary certificate with the latest form 16
• For self-employed individual latest bank statement or latest ITR of form 16

Know Procedure To Apply For A Card

To apply for this unsecured credit facility offer by SBI, need an application form first. It’s mandatory to fill and submit the duly signed form as far as applying for a personal loan. You can download this form online through the official site or you can visit the bank branch to get this form. The form asks you to fill all your personal as well as professional details such as name, date of birth, gender, address, income, job stability, and more relevant information. Make sure fill the correct information, so that get the instant approval. Nobody can stop processing your application request.

Features And Benefits Of The Government Employees

• Attractive interest rates
• Low processing charges
• No hidden administrative charges
• Minimal documentation
• No security