The StateBank of India is the largest public sector banking entity in the country and it offers personal loans to individuals for various cash requirements in their day to day lives. SBI personal loans are quite popular due to the attractive rate of interest and low processing charges along with the seasonal offers provided by the bank from time to time. These offers further decrease the amount of EMI payable every month. No security or collateral is required to apply for SBI personal loan. A person can get a loan of up to 12 times his or her net monthly income whether you apply online or at a branch of the bank. Once you have submitted the necessary documents, the loan will be approved by SBI within 2-3 working days provided you meet the eligibility requirements and all the documents are in order. There is a wide range of personal loan products offered by SBI for different requirements like business expansion, foreign trip, debt consolidation, weddings, home renovation, emergency medical expenses and others.
Why you should opt for SBI Personal Loan?
The personal loan products offered by SBI are among the top choice for borrowers because of the following reasons:
- The procedure of loan transaction is transparent
- There is a minimal processing fee and no hidden charges
- The rates of interest on the different personal loan products are quite attractive
- The loan tenure ranges from 1 to 5 years
- You can apply online for the personal loan
- The bank provides dedicated 24x7 customer service for the customers
- You can get multiple options for personal loan products depending on your requirement
Features of SBI Personal Loan
- The amount offered as loan is high
- The SBI offers some of the lowest interest rates available in the market
- The approval and disbursal of the loan is quite fast
- There are specific loan schemes for every borrower
- You can apply for loan in any part of the country due to the wide network of operation
Eligibility Criteria:
There are slight variations in the eligibility criteria for different personal loan products offered by SBI. For instance for the SBI saral personal loan, you need to be a salaried individual employed in a reputable company or a self-employed person or professional like doctor, architect, engineer, MBA or chartered accountant with minimum of 2 years standing. On the other hand the eligibility for SBI Xpress personal loan is as follows:
The employees of the following bodies having a salary account in SBI:
- Central and state government
- Quasi government
- Profit making PSUs
- Central PSUs
- Selected companies
- Educational institutes of national repute
The following individuals are eligible for SBI festival Personal Loan
- Employees of the government, PSU, profit making public or private limited companies and institutions and others with a minimum of 2 years of service
- Self-employed individuals having 3 years of work experience
- A person who has a regular source of income from verifiable channels like pension or interest certificates from NSCs, TDR, government securities etc.
- The borrower should have a net monthly income of at least 3000
- If a spouse becomes a guarantor for the loan then his or her income will also be considered while calculating the loan amount
Documentation Required for SBI Personal Loan Application
- Passport size photograph
- Proof of official address for professionals and self employed individuals which includes shop and establishment certificate, lease deed or telephone bill
- Latest form 16 and salary slip for salaried individuals
- IT returns of the past two financial years for self employed individuals and professionals
You can apply for SBI personal loan on the official website of the State Bank of India or on various sites which provide such facilities for all the home loans available in the market. You can also visit a bank branch in order to apply for the loan.
EmoticonEmoticon