Beginner guide for SBI personal loan

SBI personal loan

State Bank of India provides personal loans up to Rs 20 lakhs @ 9.60% per annum for the tenure periods up to 5 years. The bank offers pension loans up to Rs 14 lakhs for the tenure period of 7years. It also provides pre-approved personal loans with the instant loan disbursal.

Types of SBI personal loan

 SBI Personal loan products includes;

  • SBI Xpress Credit Personal Loan
  • SBI Xpress Bandhan Loan
  • SBI Quick Personal Loan
  • SBI Pension Loan
  • SBI Pre-approved Loans

Documentations required for SBI personal loan application

  • Person’s identity proof such as pan card/voter ID/Passport/Driving License
  • Address Proof – Electricity bill/Ration card/Voter ID/Landline bill/Passport
  • Latest salary slip/Form16/ last six months account statement/ITR return for the past 2 years.
  • And other documents required by the SBI .

SBI personal loan interest rate for salaried people

PARTICULARSSELF EMPLOYED
Interest rate9.60%per annum to 15.65% per annum
Loan amountMinimum amount Rs 25,000 Maximum amount Rs 2 lakhs
Loan TenureIs upto 72 months
AgeStarts from 21 to 58 years
Processing feesLoan amount of 1.5% plus added tax
incomeFrom Rs.15000
Credit score750 and above
Prepayment charges3% on prepaid amount

SBI personal loan interest rate for pensioners

PARTICULARSPENSIONERS
Interest rate9.75% per annum to 10.25% per annum
Loan amountMinimum amount Rs.25,000 Maximum amount Rs.14 lakhs.
Loan TenureIs upto 84 months
AgeUp To 78 years
Processing feesloan amount of 0.5%+ added tax minimum of Rs.500
incomeAt the bank discretion
Credit scoreAt the bank discretion
Prepayment charges3% on prepaid amount

The Credit score required to avail SBI personal loan

The SBI bank will expect the applicant to have a credit score of 650 or more for personal loan approval. The chance of rejection is quite high for candidates with low credit scores.

SBI Personal Loan Eligibility

 A person to avail a SBI personal loan should be in the age of less than 76 years with a minimum gross monthly income of Rs.50,000 and should be an Indian resident having an account in SBI.Includes EMI/NMI ratio not above than 50%.

Toll free customer care number for SBI personal loan

  •     1800 11 2211/1800 425 3800

Conclusion

Taking a SBI personal loan is a good decision to meet extra financial needs. But before taking any loan, make a wise decision and check the service charges, foreclosure charges and the hidden fees related to this provided by the institutions.

Leave a Reply

Your email address will not be published.