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State Bank Of India
State Bank Of India

Often touted as the people’s Bank, State Bank of India aka SBI is the largest commercial Bank of India. Ranking 216th position on the prestigious Fortune Global 500 list (2017) of World’s biggest Corporations, it is the most preferred Bank of most Public-Sector Companies and Subsidiaries. Armed with a workforce of 2,09,567 employees (2017), the Bank is easily one of the largest employment providers of our Country. The Bank also boasts of providing the largest ATM Network Services across India. As on 31st March 2017, 61.23% Equity shares of SBI is held by Indian Government. No wonder that such kind of background further consolidates the Public faith over the entity. Brand Trust report India places SBI in the 19th position among most trusted Brands of India. Apart from regular banking Services, the Bank offers –

         Home Loans

         Car Loans

         Personal Loans

         Agricultural Loans

         Jewellery Loans

         Education Loans

         NRI Loans

Home Loans: SBI Home Loans are the largest Mortgage providers in India. CNBC Awaaz Real Estate Awards 2016 recognised SBI as the Best Home Loan Provider. Currently, SBI is providing Home Loan services in 24000+ Branches across India with the help of 1600+ Members strong dedicated Team. SBI Home Loans comes with an array of benefits as:

-Low-interest rates with the facility of interest calculation on daily reducing balance

-Overdraft facility to make the maximum use of surplus funds

-Low, mostly nil Loan processing charges

-No prepayment charges/penalties

Apart from the regular Home Loans, SBI also offers FlexiPay Home Loans exclusively targeted at the Young Professionals. Tribal Plus Loans to encourage buying properties in Hilly/Tribal areas, Shaurya Loans dedicated to Army & Defence Personnel, Home Loan to non-salaried Professional are some of the notable products from SBI. The Bank also offers Balance Transfer facility, Top-Up facility, reverse Mortgage Loans and Commercial Real Estate Home Loans. Keeping the changing times and needs in mind, SBI has further modernized the Home Loan Schemes by introducing SBI Max gains, SBI Suraksha, SBI Green Homes etc.

Car Loans: Want to buy a Car but worried about the rising interest rates? Hidden Charges? Not anymore. SBI Car Loans brings you the best deal for financing your new car. The assured finance can be 90% of the On-road price of the Car. The Car Loan scheme offers-

         Cheapest Interest rates & EMI

         Longest repayment tenure (extending to 7 years)

         Financing is based on “on road price”

         No advance EMI or pre-closure charges

         Interest calculated on daily reducing balance

The Scheme is valid for buyers of new passenger Cars or SUVs & MUVs. You are eligible for the Loan as young as of 21 years. The documentation is simple and completely hassle-free.

Personal Loans: In their constant endeavour to serve the Society, SBI offers Personal Loans to meet any financial debt, Marriage expenses, Medical expenses and any other emergencies. Let’s have a look at the salient features of this Loan-

         Lowest EMI of Rs. 2658 per lakh (As on Jan’19)

         Loan tenure ranging from 1-4 years

         Both Salaried and Self-employed are eligible to apply provided they have the   

            required CIBIL Score

         The minimum amount of Loan is Rs.50000

         Varied Interest rate between 12.5%-16.6% (As of Jan’19) 

         Minimum processing fee applicable at the time of Loan application

A special Scheme has been introduced by the Bank to serve a special category of Borrowers from Specific Corporate Houses and Bank or PSU. Some of the popular ones are-

-SBI Saral Loan

-SBI Pension Loan

-SBI XPRESS Credit Personal Loan

-SBI Festival Loan

-Jai Jawan Pension Loan

Here, let us note that the amount of EMI would directly depend over-

Amount of the Loan

Prevailing Interest Rate

Tenure of the Loan

Agricultural Loans: Agriculture is the backbone of Indian Economy. Recognising the contribution of Farmers, SBI has devised Loan Schemes to cater the needs of Agriculturalists and Farmers with the help of its 16,000-odd Urban Branches. The Bank covers every type of Agriculture and allied activity by providing Loans at simple and affordable terms. Allied farming Activities as Poultry, Dairy, Fisheries have found a trusted aide in SBI for financial assistance. SBI Agricultural Loans comes with unique features as-

         No hidden cost or processing charges

         No intermediaries

         Low-interest rates

         Simple loan application and disbursement procedure

Crop Loan, Tractor Loan, Drip irrigation Loan are some of the noted Loan Schemes by SBI. In a bid to save Farmers from debt and poverty, SBI has introduced the Agri Debt waiver/relief scheme as per the directives of RBI.

Jewellery Loans:  Gold Loans are basically pledged loans for mobilizing the Stree Dhan. It is normally taken to meet the short-term or emergency requirement of funds. Given its Mortage nature, it carries lower interest than personal loan. The features of this Loan are-

         Only existing Customers of SBI are eligible for this Loan, none else

         Gold Ornaments, Jewellery, even Gold Coins issues by SBI/RBI, can be used for pledging for availing the Loan. The jewels are duly valued and verified by a qualified valuer at the time of pledge

         The minimum amount is Rs. 10000 to a maximum of Rs. 20 lakhs, the amount may differ depending over the City and Branch

         Lower Interest Rates than personal Loan

         Simple and easy documentation and disbursement

         Bank retains 25% of the value of the Gold as Margin and the balance 75% is sanctioned as Loan

         The repayment period varies between 12 months to 36 Months

         A minimum processing charge of 0.50% of the loan amount plus applicable GST, as the case may be

Education Loans: SBI is highly rated among Consumers seeking Educational Loan. The Bank offers Educational Loan for higher studies in India and abroad. Apart from that, the Bank also offers SBI Scholar Loan for Students seeking admission in premier Institutions as IIT, IIM etc. The recently introduced Skill Loans encourages to develop Skill Sets with the help of professional courses. The salient features of the Loans are-

  • Easy Application process & quick sanction
  • No Processing Fee
  • 100% Finance assured
  • Repayment period is up to 15 years after completion of course n a repayment holiday of 12 Months

NRI Loans: Being an NRI, getting Loans in India was never this easy. SBI NRI Services offer NRI Home Loans, Car Loans and Loan against deposits. The Loans have-

  • Low- Interest rates & processing fee
  • No Pre-payment penalty or hidden costs
  • Overdraft facility
  • Interest is calculated on daily reducing balance.

Phone Number 080-26599990, 18004253800, 1800112211
Fax State Bank Of India
Email contactcentre@sbi.co.in
Web Site https://sbi.co.in/
Head Office Mumbai
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.

Loan Type Interest Rate Minimum Age (in yrs.) Minimum Income (in Rs.)
Home Loan 10.3% to 10.5% p.a. (depending upon the amount) 18 to 70 years Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Business Loan 12.50-13.00% Not applicable Not applicable
Personal Loan 12.5%-16.6% Minimum 21 Years Rs. 2,00,000 p.a
Car Loan 10.75% Per Annum 21-65 Years Net Annual Income Rs. 400,000/- and above
Loan Against Property 15.25% to 15.50% Maximum 60 years Rs. 1,44,000 per annum
Education Loan 11.75% to 13.50% p.a; 0.5% concession for girls Co-Aaplicants should meet the age criteria Co-Applicants Minimum Net Monthly Income will be considered
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.