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State Bank of India

State Bank of India (SBI) is a nationalized bank, and an Indian Multinational that caters for Public Sector Banking as well as Financial Services meeting financial needs of a million Indian lives across and beyond the Indian borders. SBI is a government-owned corporation head quartered in Mumbai, the commercial capital of India. SBI has been reported to have an asset value of INR 20,48,080 Crores in the financial year 2014-2015. The bank rules in many Indian hearts with its strong nexus of 16,333 branches spread across the Indian boundaries, and 191 foreign offices spread across 36 different countries making SBI the most approachable, strongest and largest financial organizations in the country. SBI is one of the India’s “Big Four Banks”. SBI is a century old bank having its origin in the era of British India from the establishment of the Bank of Calcutta in 1806. The bank is the oldest commercial bank in the Indian Subcontinent. Bank of Madras was merged into the other two "presidency banks" in British India i.e. Bank of Calcutta and Bank of Bombay, which gave birth to a new bank known as the “Imperial Bank of India”. The Government of India got to own the Imperial Bank of India in the year 1955, along with Reserve Bank of India (India's Central Bank) and took over 60% stake in it and renamed Imperial Bank of India as the “State Bank of India”. In 2008, the government took over the stake held by the Reserve Bank of India. State bank of India has 20% market share in loans and deposits among the Indian commercial banks.

Financial Products offered by SBI

Home Loans at 8.50 % interest

• SBI offers home loans for purchase and construction of your new house which can be a flat, house, apartment, repair as well as extension of an existing home at a very reasonable rate of Interest which is calculated on a daily reducing balance which can be paid back through overdraft facility. SBI charges low processing charges for Home Loans, with an additional feature of nil hidden as well as administrative charges.

• The bank offers facility of reduced rate of interest for all women under the “Her Ghar” scheme, which has been customized to encourage women empowerment in India.

• Bank offers customized Home Loans with higher loan amounts for young and salaried employees with easy pay back option .

• You can also apply for Home Loan balance transfer and lower down burden on huge interests and EMIs you are bearing.

• With Home loans at SBI you get a package of exclusive benefits.

• With SBI home loan you will have to bear no prepayment penalties for pre-paying your home loan amount and reduce the cost being incurred on the interest.

Personal Loan

• SBI offers personal loans at very reasonable rate of Interest which is calculated on a daily reducing balance which can be paid back through overdraft facility.

• SBI charges low processing charges for personal loans, with an additional feature of nil hidden as well as administrative charges.

• Along with hassle-free documentations you will have to bear no prepayment penalties for pre-paying your personal loan amount and reduce the cost being incurred on the interest.

• You can avail personal loans if you have a salary account with SBI under “X press Credit” Scheme.

• You can also unlock the value of your property with “Loan Against Mortgage of Property” scheme.

• You can also avail a loan by optimizing the benefit of your rental property which can be commercial, residential or even a private land under the “Rent Plus Scheme” i.e. loan against rent receivables.

Car Loans at 9.20% interest

• SBI car loans are the most Easiest and Fastest way of availing Car Loans with instant approvals to drive home your dream car.

• SBI car loan come with flexible repayment option with a long loan tenure of 7 years.

• You can choose your loan amount and repayment option as well as schedule.

Education Loan

• You education loan at SBI serves you with an opportunity to bear simple interest during Moratorium Period.

• You can avail a concession in rate of interests for female students and also in regular servicing of interest during the moratorium period.

• If you gave a good repayment history you can avail your Second Education Loan for your higher studies

• You can easily pay through a facility of Flexible Repayment Period which is up to 12 years.

• You can also avail benefit from the Income Tax rebate under Section 80(E) for the amount paid as interest towards your loans.

NRI Loan

SBI offers NRIs loan products to help you buy a home or a car. You can also avail a loan against your existing deposit account with SBI for your immediate financial needs. You can also avail loans by depositing your existing assets, income, and deposits as a loan security to avail cash for your needs.

Smart SME – E commerce loans

• Smart SME – E Commerce loans are collateral free loans with loan amount up to Rs. 10 Lacs

• You can easily avail Smart SME – E Commerce loan with convenient online services and quick online loan sanction.

• Only KYC documents are required to avail your Smart SME – E Commerce loan.

Agricultural Banking and Loans

• SBI is a leading Agri-Financing bank in the country. The bank has a strong portfolio of Rs. 1,20,000 Crores in agri advances which covers more than 1.1 lacs farmer families. SBI also caters to the needs of agriculturists and farmers through a large network of 10505 rural as well as semi-urban branches.

• SBI operated 428 Specialized Agricultural Development Branches (ADBs) and 18 Agri-Commercial Branches (ACBs) for extending high value credit to agriculturists across the country for development of hi-tech agriculture, agri-related SME, processing industry, etc.

• The specialized branches also assist agriculturists in execution of agricultural activities beginning from Farm to Fork, it helps agriculturists in preparation of land, post harvest management, processing and marketing.

• SBI gives special focus to agricultural lending by appointing agri-specialists in order to provide an end-to-end support and solution for all agri-ventures, right from the small activities to large scopes, irrespective of poor to hi-tech activities related to farming.

• SBI has an effective marketing and recovery team across the borders of the county that helps in marketing as well as building relationships with Agri-dealers for promotion of agri-products, sanction of loans, processing, monitoring and recovery.

• SBI with a collective effort of government and the people, the bank has led to tremendous growth in rural and agri areas with an aim to be a bank of choice for all Indians.

Eligibility and Documents for Salaried

Products Documents list Eligibility criteria and locations
Home Loan
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. Latest Bank Statement
  7. Existing Loan Tracks

• You should be minimum 18 yrs – 70 yrs.
• Subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Car Loan New
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. Latest Bank Statement
  7. Existing Loan Tracks
1. Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-
Car Loan Used
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. Latest Bank Statement
  7. Existing Loan Tracks

• Individual between the age of 21-65 years of age.
• A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment

Education Loan
  1. Proof of Fees structure
  2. Admission Latter
  3. Basic Qualification & mark-list
  4. Application Form with photographs
  5. Proof of Identity
  6. Address Proof
  7. Income Proof
  8. Latest Bank Statement
  9. Existing Loan Tracks
Loan Against Property
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Details of property proposed to be mortgaged
Your Net Monthly Income (salaried) is in excess of Rs.12,000/- or Net Annual Income (others) is in excess of Rs.1,50,000/-. The income of the spouse may be added if he/she is a co-borrower or a guarantor. Maximum age limit: 60 years.

FAQs for Salaried

What is the quantum of car loan?
Ans. 85% finance of on road price.
What is the repayment period for car loan?
Ans. 60 months
What is the quantum of Education loan?
Ans. • For studies in India - maximum Rs. 10 lacs • Studies abroad - maximum Rs. 30 lacs
What is the repayment period for education loan?
Ans. 10 years to 12 years depending on the loan amount.
What is the security to be provided for education loan?
Ans. Upto Rs. 4 lacs loan amount Only Parent/ Guardian as co-borrower Above Rs. 4 lacs to Rs. 7.50 lacs loan amount Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*. *Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount. Above Rs. 7.50 lacs loan amount Parent/ Guardian as co-borrower and tangible collateral security
What is the Quantum of personal Finance?
Ans. • 10,000/- to 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres
What is the repayment period for Personal Finance?
Ans. • 48 months

Eligibility and Documents for Self Employed

Products Documents list Eligibility criteria and locations
Home Loan
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. ITR
  6. Latest Bank Statement
  7. Existing Loan Tracks

• You should be minimum 18 yrs – 70 yrs.
• Subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Car Loan New
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. ITR
  7. Latest Bank Statement
  8. Existing Loan Tracks
1. Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. (income of co-applicant can be clubbed together) 2. For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.4.00 lacs. 3. For Corporate Clients (Firms/Companies): Rs. 4.00 Lacs (Last year income)- Minimum past 2 year ITR with supporting documents are mandatory.
Car Loan Used
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. ITR
  7. Latest Bank Statement
  8. Existing Loan Tracks

• Individual between the age of 21-65 years of age.
• A Professionals or self-employed individual who is an income tax assesses or
• Person engaged in Agricultural and allied activities.

Education Loan
  1. Proof of Fees structure
  2. Admission Latter
  3. Basic Qualification & mark-list
  4. Application Form with photographs
  5. Proof of Identity
  6. Address Proof
  7. Income Proof
  8. ITR
  9. Latest Bank Statement
  10. Existing Loan Tracks
Loan Against Property
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
• A Professional, self-employed or an income tax assesses or • Engaged in agricultural and allied activities. Your Net Monthly Income (salaried) is in excess of Rs.12,000/- or Net Annual Income (others) is in excess of Rs.1,50,000/-. The income of the spouse may be added if he/she is a co-borrower or a guarantor. Maximum age limit: 60 years.

FAQs for Self Employed

What is the quantum of Education loan?

Ans. Maximum 3,00,00/-

What is the repayment period for Education loan?

Ans. 36months