SBS Employees Personal Loan

Employees Personal Loan

All purpose Employees Personal Loan up to Rs. 10.00 lakhs. Low Interest Rate and Easy Disbursement. If you are in need to overcome an urgent financial crisis, planning a holiday or just facing minor financial exigency then apply for Employees Personal Loan now.


Loan under the scheme shall be granted to the permanent Government Employees of Government of Sikkim/Undertakings who have rendered minimum two years of continuous service.

Amount of Loan

The maximum amount loan under the scheme is restricted to Rs. 10,00,000/=.

Rate of Interest

The rate of interest on the loan shall be 13.00% on monthly rest basis and interest shall be calculated from the date of disbursement of loan


The loan will be disbursed to the borrower's Savings Bank Account maintained with State Bank of Sikkim after deduction of applicable charges.

Processing Fee

Loans shall be charged a processing fee @ 1% with minimum of Rs. 500.00


Application for SBS Employees Personal Loan will have to be made in prescribed loan application form available in branches and Head Office.

State Bank of Sikkim reseves the right to decline the application with or without any reason.

The applicant willing to avail of Employees Personal Loan will have to submit copy of latest Salary Certificate along with application on plain paper for the Employees Personal Loan Form in any branch or Head Office.

After submission of the application form and upon sanction of the loan, if approved, applicant will be informed via telephone.

Repayment of Principal and Interest

(i) The loans along with interest shall be repayable in maximum of 84 equated monthly installments.

(ii) The recovery will commence from the next month of disbursement out of deduction from pay, leave salary or sustenance allowance. In any case the period of repayment shall not exceed beyong the date of retirement.

(iii) The loanee can, if so desires, may repay before the due date with any amount against future installments payable to him.

(iv) If the repayment of principal and interest are not made as per the declaration / authorization made by the applicant in the application form, penal interest at the rate of 2 (two) percent shall be charged.

Security/Documents required

a. Application should be duly recommended by the Head of the Department and Certificate from the Drawing and Disbursing Officer of the Department concerned as per Appendix on Application Form.

b. Authorization to deduct the installment from salary.

c. Undertaking by the Drawing and Disbursing Officer.

d. Promissory Note in favour of the Bank by the applicant.

e. Surety acceptable to the Bank

f. N.O.C. from State Bank of Sikkim to ensure whether the applicant has taken any loan.

Other Conditions

a. The Bank reserves the right to reject any application without assigning any reasons thereof.

b. The applicant will undertake to inform the Bank as and when there is a change in his/her address, employment transfer and on transfer, the D.&D.O. should be mention about the loan and monthly deduction clearly in the LPC.

c. The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.

d. Takeover of earlier Smart loan by Employees Personal Loans shall be allowed.

e. No additional loan will be provided / facilitated / entertained in Employees Personal Loan.

f. The scheme shall be governed by the principal of One Man One Loan and The salary certificate of the surety / guarantor should be submitted.

Loan Eligibility Calculator

Enter Gross Salary Enter Total Deductions Net Salary 30% of Gross Salary Eligible EMI No. of Years left in service till retirement Eligible Loan Amount Eligible Loan Amount as per 30 times of net salary NET Eligible Loan Amount

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