SBI bank is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai. Even after retirement, you don’t have to worry about planning for your children's marriage, plan a trip, medical expenses, etc. you can do all such things with SBI personal loan feature.
1. No hidden charges :
SBI Bank personal loan is not required any hidden charges
2. Less documentation :
SBI Bank required less and simple documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast
3. Affordable interest rates :
The minimum interest rate of Indusind bank personal loans is 11.30% and the maximum interest rate is 16.40%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score.
4. Quick process :
The customers should be processing for the personal loan from SBI Bank in a very quick and an easy way. So customers do not have to wait so many times for the processing of personal loans.
5. Flexible tenure :
The SBI Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years.
|
TYPE |
CHARGES |
|
Processing fees |
1% of the loan amount plus GST |
|
Charges |
No charges apply |
1. SBI Xpress Credit Personal Loan
2. SBI Xpress Bandhan personal loan
Before applying for an SBI Personal loan must check whether you are eligible or not. Here listed down key features for eligibility criteria.
|
ELIGIBLE |
Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies. |
|
AGE |
21 years to 60 years at the time of loan maturity |
|
INCOME |
Minimum net monthly income should be Rs 5000 |
Without these crucial documents loan can’t be sanctioned. Here below list of the entire mandatory documents:
|
TYPE |
DOCUMENTS |
|
Identity proof |
Aadhar card, pan card, driving license, passport etc. |
|
Address proof |
Aadhar card, voter id, rental agreement, registry and utility bills |
|
Income proof |
Latest salary slip/Form 16/last 6 months account statement audited/ITR return for last 2 yrs |
|
BANKS |
INTEREST RATES |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.15% to 14.15% |
|
|
12.05% onwards |
1. SBI Bank Personal Loan
2. SBI Bank Business Loan
3. SBI Bank Car Loan
4. SBI Bank Holiday Loan
5. SBI Bank Commercial Vehicle Loan
By multiple ways you can apply for personal i.e.
1. OFFLINE METHOD : By visiting to the bank
2. ONLINE METHOD :
Go to SBI bank official portal
At home page go to “personal” and click on “Loan”
In loan section click on “ personal Loan”
Choose the personal loan that’s best suited to your demand
Fill the application form
Attached all required documents with application form
After submitting your application form you will get notification through bank about loan status
The following formula is used to calculate EMI of SBI Bank personal loan :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
The maximum interest rate charged by SBI Bank personal loan is 16.40%.
By Phone: You can call the bank at toll- free numbers 1800-425-3800 or 1800-11-2211
By email: You can send an email to contactcentre@sbi.co.in or you can visit the nearest SBI branch
The minimum amount that you can take as a personal loan is Rs. 25,000 and the maximum loan amount currently is Rs. 15 lakh.
No, there is no charges apply for SBI Bank personal loan
The age should be 21 years to 60 years required for SBI Bank personal loan
Last Updated on : 07/Nov/2020Know More About
You're eligible for a Sbi Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Sbi Personal Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.3% - 16.4% |
| Processing Fees | 1% of loan amount + applicable tax |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator