SBI Personal Loan for Govt Employees offers immediate cash to overcome the financial crisis. Starting from medical emergencies to family vacation, child’s education cost to house renovation, there is no limitation to the usage of SBI Personal Loan for Government Employees. With minimum paperwork and no security requirement, the personal loan for govt employees in SBI is a great financial solution. SBI Personal Loan interest rate 2019 for Govt Employees is quite low and attractive. You need to fulfill SBI Personal Loan for Govt Employees documents requirement which is very minimal. A good credit score with decent repaying capacity helps you to avail SBI Personal Loan for Govt Employees at a lower interest rate.
Features of SBI Personal Loan for Govt Employees
- You can avail loan amount up to Rs. 20 lakhs under SBI Personal Loan for Government Employees.
- You do not have to promise any security to the bank when going for a personal loan for govt employees in SBI.
- SBI Personal Loan for interest rate 2019 for Government Employees is very competitive and budget-friendly.
- Low processing fees and zero hidden cost is charged for SBI Personal Loan for Govt Employees.
- You need to the valid papers that satisfy SBI Personal Loan for Govt Employees documents requirement.
- The minimum monthly salary requirement for SBI Personal Loan for Government Employees should be Rs. 15,000 or more.
- SBI Personal Loan interest rate 2019 for Government Employees is charged on daily reducing balance principle.
Eligibility Criteria of SBI Personal Loan for Govt Employees
- You must have a SBI salary account to be eligible for SBI Personal Loan for Govt Employees.
- To avail SBI Personal Loan for Govt Employees, you must earn a minimum monthly income of Rs. 15,000.
- You can easily avail the second loan when already the first loan is continuing. After the first loan is disbursed and EMI payment is regular, you can opt for SBI Personal Loan for Govt Employees.
- The EMI/NMI ratio must be less than 50% to obtain SBI Personal Loan for Govt Employees.
- The term loan amount under SBI Personal Loan for Govt Employees ranges from Rs. 25,000 to Rs. 20 lakhs or 24 times NMI.
- You can avail overdraft loan amount under SBI Personal Loan for Govt Employees ranging from Rs. 5 lakhs to Rs. 20 lakhs/24 times NMI.
SBI Personal Loan Interest Rate 2019 for Government Employees
| 2 year MCLR | Spread Over 2 year MCLR | Effective Rate of Interest with no reset |
| 8.50% | 4.30%-6.40% | 12.80%-14.90% |
Details of SBI Personal Loan for Govt Employees
| Loan Amount | Rs. 5 lakhs to Rs. 20 lakhs or 24 times NMI (for overdraft loan) Rs. 25,000 – Rs. 20 lakhs/24 times NMI |
| Interest Rate | 12.80%* to 14.90%* |
| Processing fee | 1% of the loan amount + applicable taxes |
| Prepayment Charges | 3% on the prepaid amount |
| Loan Tenure | 6 months to 5 years/ remaining service period, whichever is lower |
*interest rate may vary from time to time
