SBI, the country’s largest lender, offers personal loans with interest rates starting at 9.60 percent. To meet the needs of different borrowers, the bank offers a variety of personal loans. Personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. Although, personal loans can be used for a variety of purposes. Purposes such as business expansion, debt consolidation, foreign travel expenses, marriage, home renovation, medical emergencies, and many more. SBI offers different SBI Personal Loan for different purposes like, pre-approved personal loans are provided to the bank’s existing customers. However, SBI pensions loans are specially designed for pensioners’ borrowers and so on.
1 xbet
To avail an SBI Personal Loan, there are certain eligibility criteria that you need to be aware of. If you want to avail a personal loan from SBI. Below the eligibility criteria to avail an SBI Personal loan –
Eligibility to avail a SBI Personal loans
- For Salaried Individuals
- Individuals who have a Salary Account with SBI.
- A minimum monthly income of Rs. 15000/ and an EMI/NMI ratio of less than 50% is compulsory.
- Employees of the Central/State/Quasi-Government, Central PSUs and profit-making state PSUs, Nationally renowned educational institutions, and selected corporations with or without a banking relationship.
- The minimum loan amount for term loans is Rs. 25,000 however, the maximum loan amount is Rs. 20 lakhs or 24 times the NMI.
- Rules for Overdraft Loan Amount
- The minimum loan amount is 5 lakhs and the maximum loan amount is Rs. 20 lakhs or 24 times the NMI.
- The second loan is available at any time after the first loan is disbursed. With a 50 percent overall EMI/NMI ratio. The second loan is only available if the EMIs on the first loan is paid on time.
- For self-employed individuals
For self-employed borrowers, banks consider the various other factors. Factors such as the cash flow of your business, your credit score, your business stability, and the proof of your business existence. Because there is no fixed income in a self-employed business, banks consider your financial strength and your business’ profit and loss statement. If banks get convinced about the financial strength of your business, they will, as a result, provide you with a personal loan. However, to represent strong creditworthiness, you need to have a strong CIBIL score. Make sure to check and maintain your CIBIL score on a regular basis. Keeping track of CIBIL score is necessary if you are planning to take an SBI personal loan.
How can I apply for a personal loan from SBI?
- Obtaining a personal loan from SBI is a simple process and all you have to do is fill out an application form online or at a nearby location of SBI bank.
- Before applying for SBI personal loan, you must check your eligibility. You can check your personal loan eligibility by using SBI personal loan eligibility calculator. This tool helps you to know whether you are eligible or not to obtain a personal loan as based on your financial background. This tool can also help you to know the maximum personal loan amount you are eligible for. Moreover, it avoids the incidence of rejection of your personal loan application and you will be entertained about your eligibility on a prior basis if you use this tool. It is smart to know about your eligibility factors before opting for a personal loan.
- In addition, you must submit a few documents as requested by the bank and the bank will then check your credit score and verify the documentation you’ve provided.
- If the bank determines that you have a strong credit history, the SBI personal loan interest rate will be quite affordable.
- The loan is repaid through monthly installments, known as EMIs, at the bank’s yearly rate of interest for the term you requested when you took out the loan.
- The SBI personal loan EMI calculator can help you figure out how much you’ll have to pay in EMIs to the bank and this tool, however, is very helpful in planning your financial obligations and monthly budget. You need to enter your desired personal loan amount, the rate of interest provided by SBI, and the repayment period of your choice. After filling in all this information, as a result, you will be able to know your EMIs on a prior basis. You can also alter any of the numerics to get the most appropriate EMI based on your repayment capacity.
Documents Needed to Apply for an SBI Personal Loan
The documents required to obtain an SBI personal loan may vary depending on the type of personal loan chosen, so, you can look at the below necessities. However, the documents through which you can apply are as follows:
- Identity Proof – Passport, PAN card, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof – Ration Card, Bank Account Statement, Passport, Driving License, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card, Telephone Bill, Electricity Bill
- Income Proof – Bank Account Statement, Salary Slips, ITR, Form 16
Rates and other charges of SBI Personal Loans
| Interest Rates start at | 9.60% onwards |
| Minimum salary needed | 15000 INR per month |
| Loan Tenure | Upto 6 years |
| Loan Amount | 25000 to 20 Lakhs |
| Prepayment charges | 3% on prepaid amount |
| Processing charges | 1.50% of loan amount |
| Required age | 21-58 years |
The Bottom Line
SBI Personal loans are advantageous because they have low processing and prepayment fees and interest rates are also relatively low. They also have a festive offer running that includes a 100 percent waiver on processing fees from August 15th, 2021 to January 31st, 2022. However, the existing customers can apply using the SBI YONO application and it offers a simple process with minimal documentation requirements. Moreover, the prepayment charges can be as low as 3% as in the case of the State Bank of India and as high as 4% in the case of private sector banks.
SBI Personal loan interest rate are also attractive and reasonable starting at just 9.60%. You can apply for the loan directly at the bank’s website and by logging into the SBI YONO application. However, before applying for the loan, the borrower should be aware of the eligibility criteria. It is important to avoid the rejection of your application. Because personal loans are unsecure in nature, the most important factor that is taken into consideration is the borrower’s CIBIL score. You may be able to get a hassle-free personal loan If you have a high credit score.