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  • Personal Loans by Public Sector Banks

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  • Many public sector banks in India offer personal loans for those who need funds on an urgent basis. The interest rate on these loans by government-owned banks ranges between 8.40% and 15.30%. The maximum repayment tenure offered on the loans by public-sector banks is 84 months.

    Public Sector Banks Offering Personal Loans in India

    Name of the Bank Interest Rate Repayment Tenure
    State Bank of India 8.40% to 15.30% Up to 72 months
    Central Bank of India 11.50% Up to 48 months
    Punjab National Bank 10.4% to 14.95% Up to 84 months
    Bank of Baroda As per applicant’s risk rating Up to 60 months
    Oriental Bank of Commerce 10.9% to 12.4% Up to 60 months
    Union Bank of India 10.06%% to 14.60% Up to 60 months
    Corporation Bank 12.85% to 13.85% Up to 60 months
    Canara Bank 10.90% to 13.90% Up to 60 months
    Allahabad Bank 13% Up to 60 months
    Indian Overseas Bank 11.90% Up to 60 months

    State Bank of India Personal Loan – Features

    • The personal loans are offered under 3 categories – Xpress Credit Loan, SBI Pension Loan, and Xpress Power.
    • The interest rate charged on the loans is based on a daily reducing balance.
    • No collateral needs to be provided to avail the loans.
    • The processing fee on the loans is lower as compared to other lenders.
    Name of the Scheme Processing Fee Penal Interest Prepayment Charges
    Xpress Credit Personal Loan 1% of the loan amount plus GST 2% p.a. 3% on prepaid amount
    SBI Pension Loan
    • Nil for defense pensioners
    • 0.5% of loan amount plus GST for state and central government employees
    - 3% on prepaid amount
    Xpress Power 1% of the loan amount plus GST - -

    Central Bank of India Personal Loan - Features

    • Known as Cent Personal Loan scheme, this loan is available to permanent employees of government institutions, central and state government, railways, hospitals, etc., who have completed one year of service.
    • This loan is also available to permanent or confirmed employees of Indian/multinationals who have completed at least 3 years of service.
    • The maximum loan amount that you can avail under this scheme is Rs.10 lakh.
    • The interest rate on the Cent Personal Loan Scheme is linked to the Marginal Cost of Funds based Lending Rate (MCLR).

    Punjab National Bank Personal Loan – Features

    • Offers personal loans under 3 categories, one for the general public, one for doctors, and one for pensioners.
    • The personal loan for public can be availed by permanent employees of state/central governments, reputed companies or institutions including colleges, schools, hospitals, autonomous bodies, etc.
    • The loans can be availed in the form of term loan or overdraft.
    • To be eligible for the loans, you need to hold a salary account with Punjab National Bank.
    Name of the Scheme Margin Processing Fee Documentation Charges
    Personal Loan Scheme for Public Nil 1.80% of loan amount Rs.270 to Rs.450
    PNB Doctor’s Delight Nil 0.90% of loan amount plus taxes Rs.450 plus taxes
    Personal Loan to Pensioners Nil Nil Rs.250

    Bank of Baroda Personal Loan – Features

    • Employees of private firms or government bodies with minimum one year of continuous service are eligible for this loan.
    • Businessmen or self-employed individuals can also avail this loan provided that they are in the same line of business for at least one year.
    • The maximum amount of loan that you can avail is Rs.10 lakh in metro/urban areas and Rs.5 lakh in semi-urban and rural areas.
    • To be eligible for the loan, the borrower should be aged at least 21 years while the maximum age limit is 60 years for salaried applicants and 65 years for non-salaried applicants.

    Oriental Bank of Commerce (OBC) Personal Loan – Features

    • The bank offers loans under 3 categories – Personal Loan for Govt./PSU employees, Personal Loan for Corporate Employees, and Personal Loan for Pensioners.
    • Under the Personal Loan for Government/PSU employees, permanent employees of central/state government. Public Sector Units (PSUs), and other government institutions holding a salary account with OBC can avail this loan.
    • Permanent employees of corporates can avail personal loan from OBC if they draw their salary from OBC and have at least 3 years of service.
    • The net monthly income of salaried applicants should be at least Rs.10,000.
    Name of the Scheme Processing Fee Prepayment Penalty Penal Interest
    Personal Loan for Govt./PSU employees Rs.500 onwards plus service tax Nil 2% on the overdue amount
    Personal Loan for Corporate Employees 1% of the loan amount plus taxes Nil 2% on the overdue amount
    Personal Loan for Pensioners 1% of the loan amount plus taxes Nil -

    Union Bank of India Personal Loan – Features

    • Offers loans under different categories for salaried individuals working in private firms, non-salaried individuals, government employees, and top executives of accredited government of India (GoI) ministries.
    • To avail personal loans from Union Bank of India, you need to provide a creditworthy guarantor. However, you need not provide any security.
    • A maximum loan of Rs.15 lakh can be availed as a loan from Union Bank of India but this will depend on the type of scheme the individual is eligible for.
    • States in the North-Eastern Region are exempt from providing Aadhaar number whereas for other states, it is mandatory in addition to providing mobile number and PAN.
    Name of the Scheme Processing Charges Margin Loan Amount Repayment Tenure
    Union Personal Scheme for Salaried Individuals other than Government Employees 0.50% of the loan amount plus GST (Rs.500 onwards) Nil
    • Up to Rs.5 lakh for new borrowers
    • Up to Rs.10 lakh for existing borrowers
    60 months or one year before retirement, whichever is earlier
    Union Personal Loan – Non-salaried 0.50% of the loan amount plus GST (Rs.500 onwards) Nil
    • Up to Rs.5 lakh for new borrowers
    • Up to Rs.10 lakh for existing borrowers
    60 months or up to the age of 60 years, whichever is earlier
    Union Personal for Employees of KVS/NVS/ Accredited GoI Ministries/ Home and Defense Ministries and Officers in All India Services and the top executives Nil Nil Up to Rs.10 lakh 60 months or one year before retirement, whichever is earlier
    Personal Loan Under Special Retail Lending Scheme for Government Employees Nil Nil Up to Rs.10 lakh
    • Term Loan - 60 months or one year before retirement, whichever is earlier
    • Overdraft – 55 years or 5 years before retirement, whichever is earlier

    Corporation Bank Personal Loan – Features

    • Permanent employees of central and state governments, reputed private companies, and employees and pensioners drawing their salary from Corporation Bank are eligible for this loan.
    • You can avail a personal loan ranging from Rs.10,000 to Rs.3.5 lakh.
    • A suitable co-applicant and a third-party guarantee need to be provided to avail the loan.
    • Non-salaried individuals are also eligible for the loan provided they have regular dealings with the bank.
    Margin Processing Charges Prepayment Charges Loan Amount
    Nil Rs.500 onwards Nil Rs.10,000 to Rs.3.5 lakh

    Canara Bank Personal Loan – Features

    • Also known as Canara Budget, this personal loan can be availed to fulfil all genuine personal or domestic needs.
    • Only people who hold a salary account with Canara Bank can avail this loan. A processing fee ranging between Rs.1,000 and Rs.5,000 will be applicable.
    • The minimum monthly income of the applicant should be Rs.10,000 to avail this loan.
    • The maximum amount of loan that you can avail as a personal loan from Canara Bank is Rs.3 lakh.

    Allahabad Bank Personal Loan – Features

    • Only employees whose salaries are disbursed through Allahabad Bank are eligible for this personal loan, also known as Allahabad Bank New Saral Loan.
    • The applicant should earn at least Rs.15,000 per month and should be a permanent employee of the same organisation for at least 2 years to avail this loan.
    • The minimum age of the applicant should be 21 years and he/she should repay the loan one year before his/her retirement from service.
    • The maximum loan amount that can be availed under this scheme is Rs.5 lakh.

    Indian Overseas Bank Personal Loan – Features

    • To be eligible for this loan, your income should be at least Rs.5,000 and your age should be below 60 years.
    • This loan can be used to purchase consumer durables including electrical and electronic gadgets, metal and wooden furniture, etc.
    • The articles purchased with the loan will be hypothecated to the bank.
    • You need to provide a suitable third-party guarantor to avail this loan.
    Maximum Loan Amount Margin Processing Charges Tenure
    Up to Rs.10 lakh 10% on the cost of the article 0.40% to 0.50% 60 months

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