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sbi PERSONAL LOAN APPLY ONLINE

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About SBI Personal Loan

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. SBI has 20% market share in deposits and loans among Indian commercial banks.

Features & Benefits of SBI Personal Loan

Personal loan can be used for various purposes.

  • There are vast options for people choose from such as SBI Xpress Credit Loan, SBI Saral Personal Loan, SBI Loans to Pensioners, SBI Loans to Affluent Pensioners and Festival Loan.

  • State Bank of India does not seek any security or collateral requirements for personal loans.

    • The interest charged by the State Bank of India is on a daily recurring balance basis thereby ensuring maximum benefit to the loan borrower.

    • You can repay the loan in easy monthly instalments as per your convenience.

  • You can repay the amount through auto-debit.

  • The documentation process is simple, easy and quick.

  • The personal loan approval process is quick.

  • Loan is offered to every person who has a decent monthly income.

  • SBI personal loan can be availed of for any legitimate purposes such as expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets and other financial requirements if the borrower has the ability to pay back.

SBI Personal Loan Eligibility Criteria

State Bank of India Personal Loan is offered to self-employed individuals and salaried individuals as well as those involved in business and are aimed at fulfilling needs personal or otherwise that are not covered under traditional loan schemes.

For Salaried Applicants:
  • You must be at least 21 years of age and maximum 58 years of age.

  • Your personal loan limit would be determined by your income and repayment capacity. Minimum: Rs.24, 000/- in metro and urban centres. Rs.10, 000/- in rural/semi-urban centres. Maximum: 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lakhs in all centres.

  • Maximum allowed personal loan is Rs. 10, 00,000 lakhs.

  • EMIs of other loans lower your eligibility.

For Self-employed/Businessmen
  • You must be at least 21 years of age and maximum 65 years of age.

  • Self Employed individuals or working professionals earning a minimum of Rs.7000 per month.

  • You should be working in the same industry at least 2 years.

  • Maximum allowed personal loan is Rs. 10, 00,000 lakhs.

SBI Personal Loan Interest Rate

  • At State Bank of India, you can get personal loan at 12.50% to 16.60% interest rate.

  • For getting your loan approved, you need to pay a loan process fees which is up to 2% – 3% of the amount you are applying for. Additionally, you would have to pay service tax as applicable at the time of application of your loan.

  • If you are looking to prepay the loan, you would have to pay a penalty of 5% on the outstanding amount.

  • If you are late on the payment of your monthly instalment you would have to pay a 2% late fees every month.

  • Tenure of the lone can be between 48 months to 60 months depending upon which plan you’re going for.

SBI Personal Loan EMI Calculator

You can use our Personal Loan EMI Calculator tool to know the exact amount you would have to pay towards your loan repayment. You simply have to enter the total amount that you wish to avail, the interest rate, processing fees and the duration for which you want to apply the loan and the tool would give you’re the exact number.

Documents required for SBI Personal Loan

  • Signed application form with photograph

  • Proof of identity: Passport/voter ID card/driving license

  • Processing fee cheque

  • Last 3 months bank statement/6 month’s bank passbook

For Salaried Applicants:

  • Latest salary slip

  • Current dated salary certificate with the latest Form 16

For Self-Employed Applicants:

  • Latest Bank statement

  • Latest ITR or Form 16

Am I eligible for SBI personal loan?

SBI offers personal loans for both salaried and Self-employed/Businessmen. They must be earning more than Rs. 24,000 per month which is the minimum stipulated amount. The stipend amount varies depending on the city of their residence. They must be at least 21 years old and maximum 65 years. If you fall into this group, you can definitely apply for a SBI personal loan. The maximum amount of loan that SBI offers is Rs. 10 Lakhs, depending upon applicant’s Income.

How many personal loan products does SBI offer?

SBI offers a number of personal loan products, with individuals having an option to choose between the following. 1. SBI Saral Personal Loan 2. Festival Loans 3. Xpress Credit Personal Loan 4. Loans to pensioners

How do I repay SBI Personal loan?

You can repay the loan in Equated Monthly Instalments (EMI's) using the ECS facility or through post-dated cheques.

What is the tenure for SBI personal loan?

SBI offers personal loan with a tenure period 48 months making it suitable for all loan seekers.

Is there a facility to apply for a SBI personal loan online?

Yes, individuals can apply for a SBI personal loan through the internet by logging onto the official website of SBI and choosing the type of loan they require. One is expected to provide certain information like name, address, and contact details, purpose of loan, work details and date of birth in order to process this online application.

Can an applicant combine the income from multiple sources while applying for a SBI personal loan?

An applicant can combine his/her income with the income of her/his spouse, thereby increasing his/her chance of getting a higher loan amount.

What is the interest rate charged by SBI on its personal loans?

At State Bank of India, you can get personal loan at 12.50% to 16.60% interest rate. For getting your loan approved, you need to pay a loan process fees which is up to 2% – 3% of the amount you are applying for. Additionally, you would have to pay service tax as applicable at the time of application of your loan.

Is it possible for a borrower to prepay his/her loan? If so, are there any additional charges involved?

Yes, SBI provides an option for borrowers to prepay the loan. Such prepayment does not incur any additional charges or penalties.

How can a borrower get in touch with SBI if he/she has queries regarding a personal loan?

Individuals can contact SBI officials by calling on any of their customer care helpline numbers or by writing to their grievance cell, which is present in all local SBI head offices.