In 2018, many banks including State Bank of India (SBI) reduced rates on loans. This has increased the demand of products such as personal loans. The bank offers both secured and unsecured personal loan at floating and fixed of interest.
Talking about unsecured loans, there are two types of schemes under which the funds are offered. The bank has a separate scheme for pensioners which is popular with the name SBI personal loan for government employees. There is another scheme which is SBI personal loan for salaried.
As the names suggest, the first one – SBI pension loan is dedicated towards helping the pensioners (and their family) in the case of financial emergencies. The personal loan for salaried people comes under the category – SBI Xpress credit loans. In this article, we have talked about the personal loan eligibility based on which each of these loans are available.
SBI Personal Loan Eligibility
The eligibility criteria for the loan varies from one profession to another. At SBI, a salaried person and pensioners (and their families) can get the loan. So, their eligibility is mentioned below:
Xpress Credit Loan – SBI Personal Loan for Salaried
This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get this loan between the rate of 11.35% to 14.90% (floating) p.a. Up to the loan amount of ₹15 lakhs. To get this loan, you must cover the below eligibility criteria:
- The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
- The minimum monthly income of the applicant should be ₹7,500/-
- The EMI/NMI ratio should not exceed 50
SBI personal loan for Govt employees
This scheme is for Pensioners and Family Pensioners (including Defence Personnel) and the interest rate offered under this scheme is 12.45% p.a. (floating). The borrowers can get the maximum loan amount of ₹14 lakhs. So, have a look at the eligibility criteria before applying for this schemes:
- The maximum age of the applicant should be 76 years
- The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
- If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.
SBI personal loan interest rate 2018
The interest rate on a personal loan has recently reduced a lot of time. If we talk about the most recent change, the lowest rate you can get at SBI is 11.15% per annum which goes up to 15.05% per annum. On the basis of the eligibility and CIBIL score, rates are decided by the bank. A person having less than 600 CIBIL score will get the loan at a higher rate as compared to the one who has a score above 750 or 800.
Thus, it is not only important to match the income and age criteria but maintaining a CIBIL score above 750 becomes equally important. So, if you come under the category of SBI personal loan for government employees or salaried, you must check your CIBIL before applying so that you can expect and negotiate for a lower rate of interest.