SBI PERSONAL LOAN

SBI PERSONAL LOAN

SBI offers Personal Loan, to customers at attractive interest rates and low processing charges plus you will also get benefit of seasonal offers from time to time, which further decreases EMI payable on the amount borrowed. SBI is one of the most preferred choices when it comes to Personal Loan due to unique benefits and facilities it offers its customers

  • Transparent loan sanctioning procedure
  • Availing services of the largest bank in India, which is also a Fortune 500 company.
  • Availability of the best in banking technology such as core banking in all the branches, mobile banking and also internet banking services which has also earned them several IBA Banking Technology Awards.
  • Attractive interest rates on various types of personal loans
  • Minimal processing fees and no hidden charges
  • Multiple personal loan options depending on customer requirements.

Types of Personal Loans by SBI

SBI Bank provides you with the facility to choose from varied forms of Personal Loans. These loans are designed to cater the needs of borrowers from different backgrounds with low interest rates and easy repayment options..

TYPES OF FEESCHARGES APPLICABLE
Interest Rate (Floating)General Borrowers - 8.80%
Women Borrowers - 8.70%
Processing FeesUp to 0.5% of the loan amount
Loan Tenure1 year to 30 Years
Guarantor RequirementNo Guarantor Required
Lowest EMIRs.790 per lac
Transaction Handling charges in Balance Transfer / Resale Home LoansRs. 2500/-
PDC / ECS Dishonor ChargesRs.500/- (Home Loans)

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by SBI Bank:
 For SalariedFor Self-Employed
Interest Rate10.75% onwards11.00% onwards
Loan TenureUp to 5 yearsUp to 5 years
Loan AmountMin. Rs. 24,000, Max. Rs. 15 lakhsMin. Rs. 24,000, Max. Rs. 15 lakhs
Processing Fee1% of loan sanctioned + Taxes1% of loan sanctioned + Taxes
Pre-Payment Charges3% of amount prepaid3% of amount prepaid
Foreclosure Charges3% of principal outstanding3% of principal outstanding

Advantages of SBI Personal Loan

SBI provides its customers with attractive advantages and offers which force you to choose SBI Bank as your Personal Loan lender

  •       Low interest rates that make Personal Loans affordable to everyone.
  •       High loan amount for personal finances
  •       Specific and individual loan schemes for every borrower
  •       Low processing time, which makes the loan available in time to meet any immediate requirement.
  •       Easy repayment options to make sure that you never miss an equated monthly installment (EMI).
  •      Wide network of operation enables loan applications at almost every location in India
  •       Fast disbursal and approval of loan
  •       Special plans are available to retired individuals, which provide varied interest rates and repayment tenures based on the age of the borrower.

Special concessions and subsidies are extended to the selected category of borrowers.

Eligibility Criteria for applying for SBI Personal loan

SBI guidelines with different eligibility criteria for each category of loan

SBI Xpress Credit Loan is available to those working in the following sectors:

  • 1. Central and state government
  • 2. Quasi government
  • 3. Central PSUs
  • 4. Educational Institutions of National Repute
  • 5. Profit making state PSUs
  • 6. Selected Corporates who have a business relation with the bank.
  • 7. Corporates who do not have a business relationship with the bank and also do not have ECR subject to certain terms and
    conditions.
  • 8. The minimum take home salary should be at least 5000 per month.
  • 9. The EMI/NMI ration must not exceed 50%.

Xpress Power Loan is available to individuals who are not current customers of SBI

  • 1. Loan is available to individuals who may not have a salary account with SBI.
  • 2. The individual should be employed by the state government/ central government/ defense establishments, Quasi Government bodies, PSUs, educational institutions of national repute, select rated corporates.
  • 3. The minimum gross monthly income should be 50,000.
  • 4. The NMI should not be less than 50% of the gross monthly income after making all deductions including EMI.

 

Loan to Pensioners vary from one category to another

For Central and State Government Pensioners:

  • 1. The applicant should not be more than 76 years of age.
  • 2. In case of pensioners who receive pension by means of a cheque drawn in favor of the bank from Government treasuries should also be mentioned, as per the mandate of the pensioner. In these cases, the original Pension Payment Order will remain in the custody of the treasury and the pensioner must give a mandate to the Treasury for payment of pension through a particular branch of the bank.
  • 3. The pensioner should furnish an irrevocable undertaking stating that he shall not amend his mandate to the treasury to pay his pension from the said branch during the tenure of the loan.
  • 4. The concerned treasury provides in writing that they will not accept any request from the applicant to transfer the pension payment to any other bank until the bank issues an NOC.

For Defense Personnel

  • 1. The applicant should be a pensioner of the armed forces, which includes Air Force, Army, Paramilitary Forces, Coast Guards, Rashtriya Rifles, and Assam Rifles.
  • 2. The Pension Payment Order should be with SBI Bank.
  • 3. The maximum age at the time of loan application should be 76 years.

For Family Pensioners

  • 1. The family pensioner, i.e., the spouse will receive pension after the death of the pensioner.
  • 2. The family pensioner must not be more than 76 years of age.

Documents required for applying for a Home Loan from Axis Bank

Before applying for Home Loan online please check you complete with the required documents.

TYPES OF FEESCHARGES APPLICABLE
Interest Rate14.50% to 16.25%
Processing FeesRs. 3500 - Rs. 5500
Loan Tenure5 years
Guarantor RequirementNo
Documentation ChargesRs. 500
Foreclosure Charges5% of the Principal Outstanding
Loan AmountRs. 1 Lakh Minimum
Cheque Bounce ChargesRs. 500
Cheque / Instrument Swap ChargesRs. 500
Stamp DutyAt actual
Loan cancellation / Re-bookingRs. 2500
Pre-Closure Charges10% of the principal outstanding (plus ST) up to 6 Months and 5% of the principal outstanding (plus ST) after 6 Months
Penal Interest2% per month
Registration Certificate Collection ChargeRs 200
Issuance of credit reportRs 50

Procedure for applying for SBI Bank Personal Loan Online

In order to apply for a loan through our website, you have to follow a few simple steps:

First, register with us by providing the following details:

  • Your gender
  • Name, phone number, and email ID
  • Nature of your current occupation
  • Details of your current income
  • Details of your current employer
  • Loan amount required

For further queries you can go through www.axisbank.com

Know more about SBI Personal Loans – FAQs

Q. What is the purpose of SBI Personal Loan?

A. In order to meet financial crises & expenses one can avail personal loan for marriage, medical treatment, education, foreign travel or any other general purpose other than any speculative activities.

Q. How rate of interest is calculated?

A. Rate of Interest is calculated in different ways:

  • Floating rate of interest – The interest on the loan is charged at the prevailing 1 year MCLR on a daily reducing balance at monthly rests. The rate of interest can be reset subject to 1 year of disbursement of the loan. Bank has an option of reducing or increasing the EMI amount or the repayment period or both can be done if there is any change or revision in the interest
  • Fixed rate of interest – Interest loan under this method will be charged at the prevailing 2 year MCLR as on the date of sanction on a reducing balance with the monthly rests. The rate of interest remains unchanged in the entire period of loan.
  • Interest rate on the personal loan against the term deposits {except against FCNR} is @1% above the relative term deposit rate.
  • Calculation of the rate of interest on the loan – The interest on the loan is calculated on the prevailing rate of interest per annum on daily reducing balance with monthly rests.
Q. What is the mode of repayment of loan?

A. You can repay through check-off facility, postdated cheques for the repayment period given or through SUI from the borrower’s salary account or pension account in the State Bank of India.

Q. What is the timeline for disposal of loan application?

A. SBI personal loan in metro cities is disposed in 3 days and for other semi-urban and rural areas it takes 2-3 days for disposal. If there is a requirement for SBI personal loan verification to be done through govt. bodies across many centers then additional 15 working days will be applicable.

Q. Is any security required against this loan?

A. There is no primary security required for Personal Loans with SBI Bank.

Q. Is third party guarantee required for SBI Personal Loans?

A. Third party guarantee is only needed for SBI Pensioner loans as follows:

  • TPG of spouse for family pension
  • In the absence of the spouse: TPG of any other family member or third party worth the loan amount.
QUICK OVERVIEW
Low interest rate starting from 10.75% to 11.00%
Loan amount varying from Rs.24,000 to 15 Lakhs
Processing fees up to 1%
Quick approval and disbursal rate
Lowest EMI