Can a government employee avail personal loan?

Can a government employee avail personal loan?

You can borrow up to Rs. 25 lakhs under the facility of personal loan for government employees. Attractive rate of interest starting at 11.99\%. Choose repayment tenures anywhere between 12 months and 60 months as per your convenience.

What is the eligibility for personal loan in SBI?

SBI Personal Loan Eligibility 2021

Eligibility Criteria Salaried Self Employed Professionals
Applicant Age 21 – 58 years 21 – 65 years
Minimum Eligible Income ₹ 24,000 per month ₹ 5 Lakh gross annual receipts
Maximum Eligible Loan 15x of monthly income
Maximum Loan Amount Eligibility ₹ 15 Lakh ₹ 15 Lakh
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How much personal loan can a government employee get?

As a government employee, you can get a maximum amount of Rs. 25 lakhs on a personal loan by Tata Capital for government employees for interest rates starting from 10.99\%.

Can I get a personal loan with a new job?

In many instances, all you will need is an offer letter and proof that you have accepted your new position. Some lenders will even provide loans for new employees as long as their start date is within 90 days and you have current income.

How do government employees get loans?

Government employees can avail loans from banks such as Oriental Bank of Commerce, HDFC Bank, Axis Bank, and State Bank of India for interest rates starting from as low as 10.6\% p.a. While Union Bank of India levies no processing charges, a few others levy 0.5\% to 3.99\% of the loan amount as processing charges.

What is the eligibility of personal loan?

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Eligibility Criteria for Salaried

Criteria* Salaried
Age 23 years – 58 years.
Total years in job/profession 2 Years
Years in current residence 1 Year

How much loan can I get on 36000 salary?

If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 36,000*12*5 = ₹ 21,60,000. However, the multiplier is 20; then the loan amount will be ₹ 60,000*20 = ₹ 12,00,000.

What is the interest rate of personal loan in SBI?

9.60\%
SBI Personal Loan Interest Rate

Particulars Salaried/Self Employed
Interest rate 9.60\% p.a.- 15.65\% p.a.
Loan Amount Minimum: Rs.25,000 Maximum: Rs.20 lakh
Loan Tenure Up to 72 months
Processing Fee 1.5\% of loan amount + tax

Can a fresher get personal loan?

Yes, there are a number of lenders who offer personal loans to freshers and new employees. Your eligibility shall be determined based on your income and current liabilities. Your credit score will also be taken into account provided you have a considerable credit history.

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