SBI Overdraft for All Salaried Employees with SGSP Account
In Salary Package Account, Corporate and Institutional Tie ups Overdraft. Employees with State Govt Salary Accounts SGSP for Employees of State Govt of Central Govt can get an overdraft from SBI. The following are the most recent guidelines for obtaining an SBI overdraft through SGSP. SBI Salary Package Over Draft Facility Latest Guidelines Rules. All Govt employees can avail OD facility under following manner.
Download SBI SGSP Account Application Click Here
OD facility of up to 2 times Net Monthly Salary
SBI currently offer an OD facility of up to 2 times Net Monthly Salary, with a maximum ceiling ranging from Rs. 40,000 to Rs. 2 lakh, depending on the Salary Package Account variant (Silver, Gold, Diamond, and Platinum) and a 6-month repayment period. All Salary Package clients can use the facility in branch up to the full extent of their eligibility, while pre-selected Diamond and Platinum version customers can use it via Internet Banking up to 50% of their eligible limits.
Procedure to get OD facility
- The OD facility will also be available to pre-selected Gold Variant Salary Package Account customers on digital Channels YONO and Internet Banking. It will enhance reach and convenience.
- The OD facility will not be available to Silver Variant Salary Package Account through any channel.
- OD Facility will be extended through YONO application, in addition to Branch and Internet Banking. Necessary development for rolling out the facility on YONO application is underway.
- Interest rate has been reduced and kept at 595 bps above 6 months MCLR, fixed interest rate without reset.
- Additional risk mitigants has been introduced e.g. CIC score 650 and above, mandatory PAN/ Aadhaar at CIF level, mandatory employer code linkage in CSP category, standard loan accounts at CIF level.
- Pre-selection criteria will also apply for Branch channel, as applicable to Internet Banking and YONO.
Features for SBI Overdraft Facility under SGSP
SGSP Eligibility Conditions
Branch channel : Regular salary credits in the Salary Package account for past 6 consecutive months (residual service should not be less than 6 month)
Internet Banking Channel: Age of the customer should not be more than 54 years.
Type of loan: Overdraft in existing Salary Package Savings Accounts.
Branch Channel: – Gold, Diamond and Platinum
Internet Banking Channel & YONO– Gold, Diamond and Platinum
Quantum of loan: – 2 times Net Monthly Income with Maximum Limit
Variant :: Branch, Internet Banking & YONO (Max Limit) Rs.
- Silver : NIL
- Gold : 75,000
- Diamond : 1,50,000
- Platinum : 2,00,000
Salary and SGSP Package Details:
- SILVER: BETWEEN Rs10,000/- AND UP TO `25,000/-
- GOLD: ABOVE Rs25,000 AND UP TO `50,000/-
- DIAMOND: ABOVE Rs50,000 AND UP TO `1,00,000/-
- PLATINUM: ABOVE Rs 1,00,000/-
Documents required for OD for offline application
- Passport Size Photo
- 3 Months Pay Slips
- Aadhar Xerox
- Pan Card
- Revenue Stamp