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Personal Loan

State Bank of Bikaner and Jaipur formed by the amalgamation of Bank of Bikaner Ltd. and Bank of Jaipur Ltd in 1963 and are subsidiary bank of the State Bank of India Group. State Bank of India holds 75% of its shares and the remaining by institutions and general public. The administration of the State Bank of Bikaner and Jaipur is under the management of SBI itself.


State Bank of Bikaner and Jaipur has headquarters in Rajasthan and has over 1045 branches. State Bank of Bikaner and Jaipur sponsors a rural bank called Marudhara Gramin Bank.  It is headquartered in Jodhpur.  Mrs. Arundhati Bhattacharya is the Chairman and Mr. Jyoti Ghosh is the Managing Director of State Bank of Bikaner and Jaipur.


State Bank of Bikaner and Jaipur aims at providing one stop solution for all banking needs of its customers through trained and professional human resource in addition to Information Technology. In order to meet different expenses of the customer, State bank of Bikaner & Jaipur offers personal loans to overcome any sort of expenses such as school fees, wedding, vacation or any unexpected expenses. State bank of Bikaner& Jaipur offers personal loans keeping in mind various segments of customer and as per their requirements for personal loans. Various types of personal loans are offered by SBBJ ranges from SSBJ personal loan to salaried employees, SBBJ personal loans to employees form power sector and SBBJ personal loan to government of Rajasthan employee as well as SBBJ pension loan. The variants of personal loan from state bank of Bikaner and Jaipur have been uniquely designed to meet the expectation of every customer and enable them to lead their life with complete peace of mind and accord by fulfilling their any financial obligations and responsibilities. The variants of state bank of Bikaner & Jaipur personal loans are:
 

  1. SBBJ Personal Loan
  2. SBBJ Personal Loan for Power Sector Employees.
  3. SBBJ personal loan for Pensioners (Varisth Nagarik Pension Loan Yojana)
  4. SBBJ Personal Loan for Rajasthan Government Employees

SBBJ Personal Loan

Special Features of SBBJ personal loan
 

  • State bank of Bikaner & Jaipur offers personal loan to any of its existing salaried customer having monthly salary of Rs.9000.
     
  • Multipurpose- The personal loan provided by State Bank of Bikaner and Jaipur is a multipurpose loan which caters to different needs of the customer. The purpose could be of any general nature for various expenses
     
  • Low processing fee- The processing fee is very low. It is 1% of the loan amount.
     
  • High Loan Amount- The maximum Loan amount offered is up to Rs. 15 lakhs. The SBBJ personal loan amount eligibility is derived on various factors such as Net Monthly Income, age of the borrowers etc. The sanctioned loan amount is as per the original personal loan requirements; however borrower can get loans up to 24 times of their net monthly income.
     
  • Repayment- The maximum tenure for SBBJ personal loan EMI offered is upto 60 months. This ensures no excessive liability affects the financial planning of the borrower and doesn’t become a financial saddle at all to repay SBBJ personal loans.
     
  • Security- No security is needed in order to avail the loan facility.  Only post dated cheques or check off is required.
     
  • Interest Rate- SBBJ personal loan interest rates are not only competitive but also one of the best in industry.
     
  • The interested borrower can either apply for a SBBJ personal loan online or apply for this personal loan by visiting any of the nearest SBBJ branch.

SBBJ Personal Loan Eligibility
 

In order to apply for State Bank of Bikaner and Jaipur personal loan, the applicant should meet the below mentioned eligibility factors.
 

  • Any Salaried employees of Central government  or State Government, Quasi Government, Semi- Quasi Government agencies , Reputed Public Sector Units, Reputed Institutions and Private Limited Companies which has credit rating of SBBJ-1 and SBBJ-2 are eligible to get personal loan from State Bank of Bikaner and Jaipur.
  • The employees should have their salary accounts in State Bank of Bikaner and Jaipur and they should be drawing salaries in the same account from 2 years.
  • The minimum age of the applicant should be 21 years and maximum should be 58 years.  If the applicant’s age is between 21 years and 58 years and the other criterion are fulfilled, then he or she is eligible to get the personal loan.
  • Income required for SBBJ personal loan is INR 9,000
  • Self-employed employees are not eligible for availing personal loan from State Bank of Bikaner and Jaipur.

Documentation:-
 

The documents need to be submitted in order to avail State Bank of Bikaner and Jaipur  personal loan are as follows:-
 

  • Duly filled SBBJ personal loan Application Form with latest passport sized colored photograph
  • Identity Proof- Copy of PAN card/ Voter card/ Driving License. The applicant needs to submit any one of these documents. These documents contains photograph of the applicant along with her/her name which serves as the identity of the applicant.
     
  • Address Proof: - Copy of Passport/Electricity Bill/Rental Agreement. The applicant needs to submit any one of these documents. These documents contain the address of the applicant which could be used for address verification from the bank.
     
  • Income Proof:- Latest salary slip or current dated salary certificate with Form 16 which can be used as income proof in order to check the net salary of the applicant.
     
  • Copy of last 3 months bank statements or last 6 months bank passbook statement.
     
  • Passport sized photographs.

SBBJ Personal Loan for Power Sector Employees

This loan is specially designed for the salaried employees of power sector units.

Special Features of SBBJ personal loan Power Sector Employees
 

  • Purpose- SBBJ offers personal loan, exclusively to the employees of power sector towards Purchase of grocery, expenses towards festival or other celebration in family and towards the educational fees of their ward. The purpose has to be mentioned in the personal loan requests.
  • Eligibility - All permanent employees whose basic pay is not more than INR 16,290 per month can apply for this loan. An application cum recommendation letter is required as security.
  • Loan Amount - The loan amount could be 1.5 times of basic pay subject to maximum INR 8,000.
  • Rate of interest - Interest rate charge depends on the current rate applicable from time to time.
  • Repayment - Customers can repay the loan amount in 8 Equated Monthly Installments.
  • Security – The only acceptable security required for this loan scheme is the Application cum recommendation letter duly vetted by the employer.
  • Processing fee- No processing fee is levied for the SBBJ Personal Loan for Power Sector Employees.
  • Power Sector Employees can apply for a SBBJ personal loan either online or apply for this personal loan by visiting any of the nearest SBBJ branch.

Documents required to avail SBBJ Personal Loan for Power Sector Employees are
 

The documents need to be submitted for applying for a SBBJ personal loan.


Duly filled SBBJ personal loan Application Form with latest passport sized colored photograph.
 

  • Identity Proof- Copy of PAN card/ Voter card/ Driving License. The applicant needs to submit any one of these documents. These documents contains photograph of the applicant along with her/her name which serves as the identity of the applicant.
     
  • Address Proof: - Copy of Passport/Electricity Bill/Rental Agreement. The applicant needs to submit any one of these documents. These documents contain the address of the applicant which could be used for address verification from the bank.
     
  • Income Proof:- Latest salary slip or current dated salary certificate with Form 16 which can be used as income proof in order to check the net salary of the applicant.
     
  • Application cum recommendation letter duly vetted by the employer
     
  • Copy of last 3 months bank statements or last 6 months bank passbook statement.
     
  • Passport sized photographs.

State Bank of Bikaner and Jaipur Varisth Nagarik Pension Loan Yojana

 Key Points about this loan:-
 

  • SBBJ offers personal loan which are crafted exclusively to meet the financial needs of senior citizens drawing their pension in state bank of Bikaner and Jaipur. It’s a discounted personal loan schemes with lower interest rates and other special features.
  • The SBBJ personal loan for senior citizen is available to all the pensioners of Central and State Government and also of State Bank of Bikaner and Jaipur, whose pension account is with State Bank of Bikaner and Jaipur Bank can avail this loan. Moreover, in case of death of the pensioner, spouse who is authorized for pension (i.e family pensioner) can also get pension loan.
  • The pensioners whose pension is disbursed by Government treasuries through bills payable or cheque can also apply for SBBJ personal loan.
  • For pensioners or family pensioners other than State Bank of Bikaner and Jaipur pensioners, the age should not exceed 72 years at the time of applying for the loan.
  • In case of State Bank of Bikaner and Jaipur pensioners or family pensioners, the age should not exceed 75 years at the time of applying for the loan.
  • The Repayment of SBBJ pension loan has to be ensured by the age of superannuation.       
  • In the event of death of the pensioners/borrower, rescheduling of the actual loan tenor is allowed up to an additional period of 12 months. This is however subject to bank’s discretion and may vary on case on case basis.
  • In all such cases of loan rephasement, the family pensioner  or the erstwhile guarantor will have to apply for rephasement of repayment schedule and a new or additional guarantor, with good net worth for the loan amount& duly acceptable to the SBBJ Bank branch , will have to be made presented to the Bank.
  • All Pensioners are required to furnish their PAN number or Form 15H prior availing the personal loan under this scheme.
  • Apart from the regular pensioners withdrawing pension from SBBJ bank account directly, the scheme also cover such pensioners whose pension amount is disbursed by Government treasuries vide cheques or  bills payable, according to the mandate of pensioner. For such loan application, the original Pension Payment Order (PPO) is kept in custody of the respective Treasury office and the pensioner are required to furnish a mandate to their Treasury office for payment of pension amount through a particular SBBJ Bank branch.
  • Moreover inclusion of Such pensioners under the SBBJ Varisth Nagarik Pension Loan scheme is subject to few conditions:
  1. The applicant pensioner has to provide an irrevocable letter of undertaking that he / she will not change/ modify the mandate submitted to the treasury for the payment of their pension from a particular SBBJ branch, during the continuity of the loan availed by them from SBBJ.
  2. The respective Treasury office affirms their approval in writing that it would not accept any such request from the applicant pensioner to reassign his / her pension disbursement to any other bank / branch till a No Objection Certificate is issued by the SBBJ Bank.

Loan Amount

  1. Pensioners:
  1. The minimum loan amount is INR 10,000 and maximum loan amount is equivalent of 18 months of pension amount with a ceiling of INR 5 lakhs.
  2. However, age criteria are followed as well.
  3. For pensioners up to 65 years of age, up to INR 5 lakhs is the maximum loan amount that could be granted.
  4. For pensioners more than 65 years and up to 70 years of age, INR 4 lakhs is the maximum loan amount that could be granted.
  5. Similarly, for pensioners more than 70 years and up to 72 years of age, INR 3 lakhs is the maximum loan amount that could be granted.
  6. State Bank of Bikaner and Jaipur pensioners are eligible to get pension loan up to 75 years of age. The EMI/NMI ratio should be up to 40% of the net pension drawn amount.
  1. Family Pensioners:
  1. The minimum loan amount is INR 10,000 and maximum loan amount is equivalent of 18 months of pension amount with a ceiling of INR 3.5 lakhs.
  2. For Non State Bank of Bikaner and Jaipur family pensioners-
  3. For family pensioners up to 70 years of age, up to INR 3.5 lakhs is the maximum loan amount that could be granted.
  4. For family pensioners more than 70 years and up to 72 years of age, INR 2 lakhs is the maximum loan amount that could be granted.
     
  5. For State Bank of Bikaner and Jaipur family pensioners:
     
  6. For family pensioners up to 70 years of age, up to INR 3.5 lakhs is the maximum loan amount that could be granted.
  7. For family pensioners more than 70 years and up to 75 years of age, INR 2 lakhs is the maximum loan amount that could be granted.
  8. State Bank of Bikaner and Jaipur family pensioners are eligible to get pension loan up to 75 years of age. The EMI/NMI ratio should be up to 33% of the net pension drawn amount in all the above mentioned cases.

Security:


Primary security is not required. However, collateral security is required which is as follows:-


Pensioners- A third party guarantee, abbreviated as TPG is required which should be provided by the spouse who is eligible for a family pension. In case of spouse’s absence, any other member of the family or relative’s TPG is required provided he/she has net worth of the loan amount


Family pensioners- A third party guarantee of a relative of the family pensioner is required. In case the guarantor dies before the loan is paid, then another relative needs to become a third party guarantor. The condition will be same as the former guarantor; failing this the loan will be recalled.   


Repayment:-


For both State Bank of Bikaner and Jaipur and other pensioners:
 

  1. 60 EMIs for pensioners up to 70 years of age.
  2. 48 EMIs for pensioners more than 70 years and up to 72 years of age.
  3. 24 EMIs for pensioners more than 72 and up to 75 years of age.

The Repayment of loan commences after 1 month post disbursal of the loan amount. The bank branch will deduct the due EMI from the pension amount while crediting the payment of pension or may directly debit the equated monthly installment (EMI) from SB/CA A/c of the borrower
 

Interest rate for personal loans to pensioners: For State Bank of Bikaner and Jaipur pensioners, the interest rate is 9.95% whereas for other pensioners, the interest rate is 12.70%.


Processing Fee: - The processing fee is INR 500 per application.


Documentation: - The documents need to be submitted for applying for a SBBJ personal loans.
 

Identity Proof- Copy of PAN card/ Voter card/ Driving License

The applicant needs to submit any one of these documents. These documents contains photograph of the applicant along with her/her name which serves as the identity of the applicant.


Address Proof: - Copy of Passport/Electricity Bill/Rental Agreement. The applicant needs to submit any one of these documents. These documents contain the address of the applicant which could be used for address verification from the bank.
 

  • Copy of PAN card or Form 15H.
  • Duly filled SBBJ personal loan Application Form with latest passport sized colored photograph
  • Irrevocable Letter of Authority
  • Arrangement Letter
  • Authorization Letter

SBBJ Personal Loan for Rajasthan Government Employees

SBBJ is one of the banks to offer personal loans specially crafted for the employees under Rajasthan government. It is basically a discounted scheme for personal loans, wherein the rates of interest lower as comparatively lower and processing fee is waived off. The key features of the loan are


Eligibility:- All non-gazetted permanent employees whose basic pay is up to INR 16,290 per month are eligible to avail this loan.


Loan Amount:- The loan amount is 1.5 times of basic pay maximum up to INR 8,000.


Interest Rate:- As applicable from time to time.


Repayment:- Customers can clear the loan amount in 8 EMIs.


Security:-  Application cum Recommendation letter is required as security.


Processing Fee: - There is no processing fee for this loan.


Documentation:-
 

  • Identity Proof- Copy of PAN card/ Voter card/ Driving License. The applicant needs to submit any one of these documents. These documents contains photograph of the applicant along with her/her name which serves as the identity of the applicant.
     
  • Address Proof: - Copy of Passport/Electricity Bill/Rental Agreement. The applicant needs to submit any one of these documents. These documents contain the address of the applicant which could be used for address verification from the bank.
     
  • Income Proof:- Latest salary slip or current dated salary certificate with Form 16 which can be used as income proof in order to check the net salary of the applicant.
     
  • Copy of last 3 months bank statements or last 6 months bank passbook statement.
     
  • Passport sized photographs.

Existing Rate of Interest for SBBJ personal loans scheme

1 year MCLR Rate is 9.55% with effect from 1st September 2016
 

Sl no

Loan Scheme

Rate of Interest

1

Existing Home loan customer  (With or Without salary account with SBBJ)
At least one year of successful continuity of the home loan account  with no penal interest or overdue EMI from the period of  starting of repayment

13.05%

2

Salaried customers holding salary accounts with SBBJ and a written mandate from the respective employer for not to shift the salary account while the continuity  of the loan

13.30%

3

Salaried customers who doesn’t have any salary accounts with SBBJ however with full check off i.e. letter of undertaking from the respective employer to deduct the EMI amount of installment from
salary amount of the borrower and then to remit into the loan account directly.

  13.80%

4

With Standing Instruction and Post Dated Cheque , However Without any undertaking from employer

14.05%

5

Special Personal Loan Scheme for the State Government Employees

12.30%

6

Special personal Loan Scheme for the Power Sector employees

13.30%

7

Varisth Nagarik Pension Scheme

12.55%

8

Pension loan for SBBJ Pensioners (Ex-staff)

9.80%


SBBJ personal Loans Fees & Charges
 

Scheme Name

Processing Fee

Inspection Fee

Pre- Payment Charges

Other Fees & Charges

SBBJ Personal Loan

1.00% of loan amount (inclusive of Service tax).

 

NIL

NIL

  1. Rs.250/- plus service tax per cheque return as penalty will be collected in addition to the penal interest for any bounced cheque.
  2. Late EMI Charges
  3. Out of pocket expenses if any

 

SBBJ Personal Loan for Power Sector Employees.

 

Zero processing Fee

NIL

NIL

  1. Rs.250/- plus service tax per cheque return as penalty will be collected in addition to the penal interest for any bounced cheque.
  2. Late EMI Charges
  3. Out of pocket expenses if any

 

SBBJ Varisth Nagarik Pension Loan Yojana

 

0.50% of the loan amount or  minimum Rs.500

 

NIL

NIL

  1. Rs.250/- plus service tax per cheque return as penalty will be collected in addition to the penal interest for any bounced cheque.
  2. Late EMI Charges
  3. Out of pocket expenses if any

 

SBBJ Personal Loan for Rajasthan Government Employees

 

Zero processing Fee

NIL

NIL

  1. Rs.250/- plus service tax per cheque return as penalty will be collected in addition to the penal interest for any bounced cheque.
  2. Late EMI Charges
  3. Out of pocket expenses if any

 

 

EMI Calculator

The bank provides the facility of EMI Calculator to calculate EMI for SBBJ personal loan. Some examples of EMI Calculator are as follows:-
 

  • Mr. Gupta wants to go on a foreign trip to United States with his family. The tour operator quotes INR 3.5 lakhs for the all-inclusive trip for which Mr. Gupta needs a loan.  Mr. Gupta feels that he would be able to able to pay the amount within 4 years. He is an existing accountholder of the bank and inquires about the rate of interest chargeable and the EMI. He uses the EMI calculator which gives him the EMI figure of INR.9, 477 at an interest rate of 13.5%.
     
  • Mr. Singh has a daughter who is all set to marry. Being a grand celebration, Mr. Singh makes a budget. After the utilization of his savings, he found that there is a shortfall of INR 4 lakhs for which he needs a loan.  He approaches State Bank of Bikaner and Jaipur with the proposal and agrees to repay the loan in 5 years. The bank charges him an EMI of INR 9, 204 at an interest rate of 13.5%.
     
  • Sohail got a transfer and relocated to Bangalore. After purchasing a flat, he felt that he has spent a large part of his savings and he needs to spend at least INR 1.5 lakhs more to purchase new belongings for his new flat. He decides to take a loan from State Bank of Bikaner and Jaipur and gets the loan that will be repaid by him in 3 years.  The bank charges him an EMI of INR 5,090, at an interest rate of 13.5%.
     
  • The following table records the EMI of each of the above-mentioned cases for easy understanding:
     

Applicant

Loan Amount

Interest Rate

Term

EMI

Mr. Gupta

3.5 lakhs

13.5%

4 years

INR 9,477

Mr. Singh

4 lakhs

13.5%

5 years

INR 9,204

Sohail

1.5 lakhs

13.5%

3 years

INR 5,090

State Bank of Bikaner and Jaipur Personal Loan
(4/5 ) 2 Reviews
Personal LoanPersonal Loan
4/5

Good personal loan scheme

My personal loan application at SBBJ got approved in record time at a low interest rate and minimum documentation. The bank has very good schemes and the services are also very good.

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Posted on: Jan 19 , 2017
Personal LoanPersonal Loan
4/5

Great

I am very happy as a customer of State Bank of Bikaner and Jaipur. I have a savings account in this bank and the interest returns are really good. Last month I applied for a personal loan scheme and it got approved at minimum interest rate possible...Read more...

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Posted on: Jan 11 , 2017