Everyone needs money. Either for feeding his family, or for himself, or maybe for some other reasons so here is your solution ‘SBI Personal Loan’. Money is the essential thing that everyone needs. The world runs on “Give and Take.” A person earns money either by working hard or by taking loans from banks with some interest. A person who takes credit usually gets a specified period for paying his loan. As an individual, he should know about the personal loan to choose wisely on where to take a loan.
A personal loan is an amount granted by any bank for personal, family, medical, marriage, or household purposes. These types of credit are either unsecured or secured by assets purchased or by a co-signer.
SBI Bank provides personal loans at the meager interest rate and small processing amount. SBI offers personal loans up to Rs. 15 Lakhs, and the tenure for repayment is five years. While applying for SBI Personal Loan, an individual must bring a guarantor, as a security for repayment of money. The amount of loan will be processed to your account within 2-7 working days from the date of application.
How to apply for SBI Personal Loan
SBI Personal Loan is easy to use. An individual must provide the following documents:
- Two passport size photographs
- An identity proof which can be anyone from Voter ID/Driving license/PAN Card/Passport
- Address proof which can be anyone from Landline bill/Electricity bill/Ration card/Voter ID/Passport
- Income proof like latest salary slip/Form16/last 6 months account statement audited/ITR return for the last two years
- Other related documents like a check-off letter from employer
Eligibility criteria for SBI Personal Loan
To avail SBI Personal loan, one must fulfill the following requirements:
- For individuals working in government, private or MNCs companies
- Age criteria: 21-58 years
- Minimum eligible income: Rs. 24,000 per month
- Maximum allowable loan: 15x of monthly income
- Maximum loan amount eligibility: Rs. 15 lakhs
- Minimum work experience: 24 months
- For self-employed professionals like Doctors, CA, CS, Architects
- Age criteria: 21-65 years
- Minimum eligible income: Rs. Five lakhs gross annual receipt
- Maximum loan amount eligibility: Rs. 15 lakhs
- Minimum work experience: 24 months
Repayment to bank
SBI provides personal loans at a specific interest rate called SBI Personal Loan Interest Rate. An individual can repay the money from EMI’s over the term of the loan period or in the lump sum amount at the end of the tenure of personal loan as stated in the loan agreement. Some additional payment to the bank is as follows:
- For individuals working in government, private or MNCs companies
- Interest rate: 12.50%
- Processing fee: in the range of 2% to 3%
- Loan tenure: 6 months to 48 months
- Loan amount: Rs. 50,000 to Rs. 15 lakhs
- Part prepayment charges: allowed after 0 EMI’s, zero charges
- Pre-closure charges: Allowed after 1 EMI’s, zero charges
- For self-employed professionals like Doctors, CA, CS, Architects
- Interest rate: 11.20%
- Processing fee: in the range of 2% to 3%
- Loan tenure: 12 months to 48 months
- Loan amount: Rs. 50,000 to Rs. 15 lakhs
- Part prepayment charges: allowed after 0 EMI’s, zero charges
- Pre-closure charges: allowed after 1 EMI’s, zero charges
Benefits and Features of SBI Personal Loan
Customers of SBI Personal Loan can benefit from the following:
- The applicant will get the amount within 2-7 working days
- Minimal pre-closure charges for a personal loan
- No administrative expenses or other kinds of hidden costs
- Minimal documentation for the application
- Affordable interest rate
- Convenient mode of repayment
SBI Personal Loan is easy to avail, and the method of refund is also secure. Before taking any SBI Personal Loan, an individual must read all the documents carefully so that he may be aware of everything before submitting the form. He must check the market rate of interest then only he should avail this offer.
Read Also: Understanding the Basics of Personal Loans!
