State Bank of India Personal Loan
SBI Personal Loan Gets You Going
SBI Personal loans can be availed at nominal interest rates and meet loan requirements of all consumer segments. Whether you need a loan for a marriage ceremony or a health related emergency, personal loans offered by SBI would cover your cash needs in an instant.State Bank of India (SBI) is one of the largest banks in India that is owned by the Government of India and has net assets worth over 20, 000 billion rupees. SBI provides a variety of banking products to both Indian and international customers and has a wide network of branches and ATMs spread across the world. SBI has been in the service of Indian consumers since 19th century and has been ranked as the top bank in India as per tier 1 category by a popular magazine called The Banker. SBI offers a variety of loans to consumers and corporate base and is known for attractive schemes and offers during the festive season.
Overview Of SBI Personal Loan
SBI Personal Loans are much sought after for its attractive schemes and low interest rates. SBI Saral Personal Loan product gives you the flexibility to be in command of your growing financial needs by giving you access to funds with minimal documentation. With easy repayment schemes and zero prepayment charges makes it a popular personal loan product across the loan segment.
Why Pick SBI Personal Loan?
SBI Personal Loan may fit your needs as it offers a variety of benefits:
- Low Rate of Interest – SBI personal loans levy a nominal interest charge that is offered at a fixed rate of interest. The rates vary according to the loan scheme.
- Festive Offers and Schemes – SBI personal loans are best availed at the time of festive season when the bank offers loans at surprising rates.
- No prepayment charges - SBI personal loan can be availed without paying any prepayment penalty.
- Quick Loan Disbursal - The bank has restructured their loan division in a more efficient manner making the loan process quick and easy.
- No Hidden Costs - SBI Personal loans are highly transparent with no hidden charges that might trick the consumer.
Features of SBI Personal Loan
SBI Personal Loan offers a number of benefits that make it a promising choice for many:
- Substantial Loan Amount –SBI offers personal loan that can be based on 12 times your net monthly income as long as the cap is Rs. 10 lakhs.
- Customised Loan Offerings – SBI personal loans can be availed at attractive interest rates and additional discounts may be available during festive season in India, which happens, in the last quarter of the year.
- Dedicated Support Team – SBI has enhanced their support functions into a 24/7 environment so that questions and grievances can be promptly addressed at any time of the day.
- SBI Personal Loans have multiple functionalities and are divided as such into three categories: Express Credit Personal Loan, SBI Saral Personal Loan, SBI Pension Loan and SBI Festive Personal Loan.
Benefits of Applying SBI Personal Loan on Letzbank
Letzbank.com offers a lot of benefits when a customer applies for a loan on our website:
- Loan Comparisons – Letzbank makes a comparative list of all loan offerings by top banks and lets you customize your choices as per your needs so that you make the best decision with all the necessary information available under one roof.
- No service charge is placed on online applications that are processed through Letzbank website.
- You get the benefit of Instant Quote service that allows you to view a bank quotation and decide whether it fits under your budget and eligibility criteria.
- Check your Credit Score and file your IT Returns Online using Letzbank.com website.
- Get additional services such as different kinds of insurance plans such as a two-wheeler insurance, travel insurance, etc. all under one roof.
- Document Locker – Letzbank offers a unique way to safeguard your documents online. By storing your financial documents in the Document Locker at the time of processing any application on our website, you can instantly use your document another time by simply accessing this feature.
SBI Personal Loan Eligibility
SBI Personal Loan eligibility varies according to the loan category. However, the basic age requirements are 21-58 years for salaried and 21-65 years for self employed professionals. The eligibility according to loan category can be found here:
- SBI Xpress Credit Personal Loan –Monthly Income must be at least Rs. 7,500.The Equated Monthly Instalment or the Net Monthly Income ratio of the loan applicant must be less than 50.
- SBI Saral Personal Loan - SBI Saral Personal loan is only accessible to self-employed engineers, Doctors, MBA working class with two years of work experience, Chartered Accountants and Architects.
- SBI Pension Loan - Can be applied by a pensioner only whose age must be less than 76 years. They must be drawing pension from either the state or central government provided the pension is received in SBI bank accounts.
- SBI Festival Personal Loan –Any government employee or a private and public company employee can avail this loan that have been working in the current company for at least two years. For self-employed youth, a minimum of 3 years in the business is required. The net monthly income should be at least Rs. 3000 or above. Spouse income can also be clubbed as long as the spouse can guarantee the loan or club it into a joint loan.
SBI Personal Loan Documents
You must submit the following documents to avail SBI personal loan:
- Identity Verification - Elector ID, Driving License, Passport (any one of them).
- A Cheque to be submitted for processing fees.
- Income Proof - Latest salary slip or current salary certificate along with Form 16 for salaried individuals and latest bank statement plus Latest Income Tax Return or Form 16 for self-employed professionals.
- Last 3 months bank statement or 6 months passbook.
SBI Personal Loan Interest Rates
- SBI personal loan interest rates are 8.5% above base floating rate, which is currently 18.5% per annum.
SBI Personal Loan EMI Calculator
- You can now determine your monthly EMI for SBI personal loan by using this calculator: https://www.letzbank.com/emi-calculator/personal. All you need to do is input the loan amount,interest rate and loan duration and Letzbank EMI calculator will quickly calculate your monthly EMI.