SBI Personal Loan
State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loan under four categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan and SBI Festive Season Loan. Compare SBI with other Personal loan banks for Interest Rates.
- They Provide loans to the employees of undernoted entitiesmaintaining salary account with us at zero margin, and very competitive interest rates with fast and easy processing.
- Second Loan can be taken after 1 years of disbursement of the 1st loan provided the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower.
Personal loans have shorter tenure range between minimum 12 months to maximum 5 years. Depending upon the individual applicant’s profile and lender, the APR (Annual Percentage Rate) of a personal loan may vary from 10.49% to 15% annually.
For Example, If you take a personal loan of Rs.1 lakh at rate of 10.49% with tenure of 5 years, then your EMI amount will be Rs. 2,149. The total payable amount at the end of 5 years would be Rs. 1,28,934/-. Therefore, you’ll be paying total interest amount of Rs 28,934/-
Other charges includes Processing fees – 0% to 2% of required loan amount. Documentation charges will be Rs. 500/- and Amortization Schedule charges are Rs. 200/-
Documents need to loan
- PAN Card + Aadhaar Card – they require PAN Number to check your information & Aadhaar Number as a proof of identity and Address.
- Bank Statements – they need bank statement for giving you the best offer. preliminary offers can also be given without bank statement.
- Profile Eligibility – They offer personal loans to Salaried Professionals. Minimum age for customer is 21 years and maximum age limit is 60 Years.
- Latest Salary slip and form 16 (salaried persons)
Eligibility , Rate & Fees
|Processing Fees||0% – 2%|
|Loan Tenure||6 to 84 months|
|Loan Amount||50k – 5cr|
Advantage of SBI Personal Loan
- Money in 24 hours – SBI offers India’s fastest personal loan with disbursal in just 24 hours.
- No Hidden Charges – Stay fully-informed about your loan by reading the Terms and Conditions.
- Minimal Documents – Follow the simple and submit the documents required for personal loan.
- 45% Lower EMI – Low interest rates. Further They charge interest on a daily reducing balance.
- Flexible Tenor – Repay your loan over flexible tenors ranging from 6 months to 84 months.
- Instant Approval – Get your online application approved in under 5 minutes.
- Loans upto Rs.5crore – No security required, minimal documentatio something that you had always wanted.
- Pre- approved offers – SBI offers a quick and easy pre-approved Personal Loan.
SBI Personal Loan Interest Rates – Updated as on 20 August 2021
SBI Personal loan Interest Rates under various categories & different schemes as follows:
|SBI Xpress Bandhan Loan||Xpress Credit Personal Loan||SBI Pension Loan|
|12.15% – 15.15%||11.65% – 14.65%||11.60%|
|Xpress Credit Loan (IT Employees)||SBI Salary Package Ac holders||Non-Permanent Employees (NPEs)|
|13.05% – 15.05%||10.65% – 12.15%||12.55% – 14.90%|
|Jai Jawan Pension Loan||Pension loans to Coal Mines PF||Clean Overdraft Loan|
|OD for E-commerce purchases||Loan against shares||Loan against NSC / KVP|
Three easy steps to disbursal
- Online Sanction – Fill you information online, and validate your Mobile.
- Partners Match – Spoctree will match best partner as per your need. Connect and hand over the documents
- Seek Disbursal – Once the Document Reaches Systems, post Verification the system will activate disbursal
How to avoid a Personal Loan rejection
- Personal Loan Will Worsen Your Debt
No, it does so otherwise. A Personal Loan is an excellent way to consolidate your debts under one interest rate. Personal Loan rates are cheaper than Credit Card interest rates.
- Poor Credit Score – No Loan
Don’t believe whoever says this. If you have a poor credit score, you can still apply for a secured Personal Loan. It means you can take a loan against the security of a collateral.
- Amount – No Limit
Just like with all loans, there is a limit on the Personal Loan amount you can borrow. The maximum amount will depend on your eligibility factors, such as income, age etc.
- Tedious Approval Process
They are living in the 21st century – technology, internet. You can now apply for a Personal Loan online and get approval the very same day. Disbursal follows soon.