Many of you will surely agree on the fact that when it comes to availing an unsecured personal loan to government employees people usually get confused regarding the same. Yes, it is difficult for them to find out the best lenders offering the same credit facility.
But it is not a hassle anymore as today in this article, we are going to talk about SBI personal loans for govt employees.
If we talk about the same, State Bank of India under its Xpress Bandhan scheme gives the required funds to all the salaried individuals for not maintaining the salary account with the bank.
Without wasting any time further, let’s just come to the point straight and talk more about this personal loan scheme in the article below:
Talking about personal loan eligibility, this scheme can easily be availed by employees working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates. Individuals working in any of these areas can get the required funds instantly.
Income: While availing this facility, you need to have a minimum gross monthly income of Rs.50,000. An applicant should meet the same criteria so as to become eligible for the same.
However, you would be glad to know that there is no requirement of maintaining the salary account with the respective bank while availing SBI personal loan online.
Loan Amount (Term Loan)
- Minimum: The minimum loan amount that you can get under the same is Rs.25,000.
- Maximum: The maximum loan amount that you can get this scheme is 24 time of the Net Monthly Income, which is subject to a maximum of Rs.15 Lakh.
Loan Amount (Overdraft)
- Minimum: The minimum amount that you can get under an overdraft facility is Rs.5 Lakh.
- Maximum: The maximum amount that you can avail under the same is 24 times of the Net Monthly Income, which is subject to a maximum of Rs.15 Lakh.
Personal Loan Interest Rates
Talking about the rates, both male and female can get the required credit facility at competitive rates hence can enjoy a hassle-free journey. Well, to be more precise, the rates for females range between 12.25%-15.10% per annum and for males they range between 12.40%-15.25% per annum.
Repayment Period: At the time of availing the loan, people usually also want to know the tenure so that it can easily be repaid. Talking about the repayment, this unsecured credit facility comes with a maximum repayment period of up to 60 months or 5 years. Well, which means the bank gives you an opportunity to repay the loan with flexible tenure options.
Processing Fee: While going for this credit facility, you need to bear certain charges for the same. And, the most common amongst all is the processing fee that an applicant needs to pay to the bank. Yes, it is a one-time, non-refundable fee which stands at 1% of the loan amount +GST.